If you were under any illusion that the nation’s financial institutions would be the first line of resistance against the federal government’s nativist turn, a story in the Miami Herald about Bank of America should help rid you of that notion real quick.
Banking giant Wells Fargo admitted last week that as many as 400 homeowners were accidentally foreclosed upon after a “calculation error” in their accounting software which “affected certain accounts that were in the foreclosure process between April 13, 2010, and October 20, 2015, when the error was corrected.”
In America today, for every $100 of white family wealth, black families only have about $5.04. It’s a direct result of centuries of racist banking policies that have systematically kept black Americans from being able to prosper.
Mick Mulvaney doesn’t want his own job to exist, and has readily said so. On Wednesday, Mulvaney, who serves as the Consumer Financial Protection Bureau’s acting director, fired his 25-member advisory board en masse, honoring his commitment to dismantling the bureau from the inside.
On Tuesday, while speaking at the Center for American Progress Ideas Conference, Senator Kirsten Gillibrand made a rhetorical boo-boo.
Earlier tonight, the Senate officially voted 67–32 to roll back parts of Dodd-Frank, the bank regulation bill passed in 2010 in the midst of the recession. We knew this was coming, and the red state Democrats who voted for it are trumpeting an odd line in defense of their votes: They need the optics of working across…
Chuck Schumer is dealing with what’s probably the biggest intra-party crack-up of his tenure leading the Senate Democrats yet, a division laid bare over the banking deregulation bill. As Senate Minority Whip Dick Durbin told Politico on Wednesday, “It’s a painful and challenging issue for him.”
It’s been 10 years since the financial crisis devastated pretty much everyone besides America’s biggest banks, which were mostly bailed out and left unpunished. Now, thanks to a crucial assist from some Democrats in the Senate, we may be due for a repeat.
During the 2016 presidential election, Virginia Senator Tim Kaine touted his experience as a former civil rights attorney and, in particular, his experience representing people of color who faced housing discrimination. Now, Kaine—along with 11 of his Democratic colleagues in the Senate—is supporting a financial…
The Consumer Financial Protection Bureau (CFPB) has been extremely on one since Mick Mulvaney, a Grimms’ Fairy Tales creature made real, took control of the agency and ground all its actions to a halt. Among other things, it has slowed its investigation of credit reporting agency Equifax; dropped a lawsuit against a…