Aug. 30, 2015 SIGN IN | REGISTER

Banking Archive

Swipe Fee Reform Is a Success for Consumers | Commentary

Five years ago, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act to curb the abuses and rigged games of the financial services industry — and it included landmark reform that cut the average big bank debit card swipe fee in half and saved billions for Main Street businesses and consumers.

On Fifth Anniversary, Dodd-Frank Financial Regulations Appear to Be Here to Stay

Backers of the 2010 financial overhaul point to numerous attempts to repeal Obamacare as one of their chief arguments the banking law is here to stay. They note there have been dozens of attempts to repeal the health care law, but Congress has not taken a single vote to repeal the greatest changes in financial regulation since the Great Depression.

Caviar and Airplane Sales Sweeten Iran Deal

In exchange for lifting crippling U.S., European and U.N. oil and financial sanctions, Iran agreed to a historic deal that limits its nuclear production capacity and fuel inventory over the next 15 years.

Confederate Flag Flap a Death Knell for Appropriations Work

The fiscal 2016 appropriations process effectively screeched to a halt Friday, the day after bitter divisions over a Republican Confederate flag provision sunk the Interior-Environment appropriations bill and apparently laid claim to the rest of the spending measures as well.

Treasury to Put a Woman on $10 Bill; Plans Summer-Long Search

Congress may not have much say about who will be the first woman to grace United States currency in a century despite a push by lawmakers to give a founding mother equal billing with the likes of George Washington and Abraham Lincoln.

Chances of Changing Dodd-Frank Appear to Rest With Handful of Moderate Democrats

A handful of moderate Senate Democrats will probably determine whether Congress can pass legislation making the most significant changes to the Dodd-Frank financial overhaul since it was enacted five years ago, in the wake of the economic crisis.

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Supporters Say Schumer's Ties, Interests Go Beyond Wall Street

Sen. Charles E. Schumer, the presumed next Democratic leader in the chamber, has deep ties in the lobbying and influence sector — and a reputation for being cozy with Wall Street. 

A Message to Congress, Regulators: Installment Loans Work | Commentary

Traditional installment loans are the safest and most affordable way for American families to borrow small dollar amounts.

Federal Debt: The Value Obama Didn't Address | Commentary

Under Article 2, Section 3 of the Constitution, the Founding Fathers indicated the president must brief Congress with information about and recommendations for the union. To me, this tradition represents an act of transparency, yet the president was not transparent about the federal government’s true debt in his State of the Union Address.

Schumer Passes on Top Democratic Banking Spot

Wall Street is losing the opportunity for a Democratic ally to take the party’s top spot on the Banking Committee, but the financial sector seems to be banking on that friend playing an even bigger role in leadership.

House Eyes Terror Insurance Vote as Negotiators Near Agreement

Majority Leader Kevin McCarthy said the House will vote next week on a plan to extend the Terrorism Risk Insurance Act ahead of a year-end deadline, as congressional sources reported significant progress Thursday toward a compromise agreement.

Time is Right for Real Housing Reform that Protects Property Rights | Commentary

A monumental opportunity has presented itself as Julian Castro, former mayor of San Antonio, takes over as the new secretary of Housing and Urban Development and Congress looks ahead on the critical issue of housing finance reform.

Don't Put Retirement Savers on the Hook for Bailouts | Commentary

Since the financial crisis, Washington’s mantra has been simple: no more taxpayer bailouts. This makes it curious and alarming that U.S. and international regulators are proceeding down a path that could put America’s savers—retirement plan participants, parents saving for college and young adults saving for homes—on the hook some day to bail out a “too big to fail” bank.

IRS: Bitcoin is Property, Not Currency

Virtual currencies such as bitcoin will be taxed as property rather than currency, the Internal Revenue Service said Tuesday in long-awaited guidance on online tender.

Obama Announces New Penalties on Russia as Moscow Sanctions Lawmakers

President Barack Obama ordered new sanctions Thursday on top Russian officials and supporters of the Russian government over the “illegal” annexation of Crimea, while urging Russia to change course and recognize Ukraine’s sovereignty.

Undoing the Influence of Rising College Costs | Commentary

The rising cost of college is unduly influencing our nation’s future.

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Data Breach Response May Be Limited to Notification

In the aftermath of major hacking attacks at retail giants Target and Neiman Marcus, lawmakers have been searching for a way to move forward on data security legislation and seem to have arrived on one area of limited bipartisan consensus — creating a federal standard requiring companies to disclose data breaches.

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Financial Industry Warily Looks to Tea Party Conservatives for Tax Support

With Democrats and Republicans offering proposals to hit the financial sector with new taxes or fees, financial executives and lobbyists say they are re-evaluating how they will direct their political cash this election cycle and where they will seek allies on and off Capitol Hill.

Investing Student Loan Profits in Borrower Education | Commentary

According to recent reports from both the U.S. Government Accountability Office and the Congressional Budget Office, the federal student loan program will continue to turn a profit through at least 2024. The GAO reports that federal student loans originated between 2007 and 2012 will bring in $66 billion in revenue for the federal government, while the CBO projects that student loan interest revenue will result in an additional $9 billion in profit over 10 years.

Federal Framework Needed to Expand Credit Access for Americans | Commentary

For a large swath of Americans, living paycheck to paycheck is nothing new. Accessing credit or bank loans have never been an option. This segment of the population is commonly referred to as the unbanked or underbanked. In 2009, the Federal Deposit Insurance Corporation started to publish surveys of unbanked and underbanked households. The data reflected what many already knew: A quarter of U.S. households were considered unbanked or underbanked.

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