Otting was working as a banking executive during the mounting subprime lending debacle years at U.S. Bancorp and OneWest Bank, where he was CEO. OneWest came under heavy criticism for how it handled foreclosures after the subprime crisis. Because of a federal finding of “deficiencies and unsafe or unsound practices,” the bank operated under a federally supervised four-year consent order beginning in 2011 while Otting was CEO. … [Read more...] about Fed Watchdog Calls Banks His ‘Customers,’ Gushes: ‘I Like Banks’
“What a lot of organizers are worried about is how these broad anti-trafficking initiatives are often applied in a targeted manner that hurts more vulnerable people rather than helps them,” Liara Roux, a sex worker and producer of independent adult media, told HuffPost. “If this bill is passed in a climate where sex work is so stigmatized that no distinction is made between a trafficked individual and someone who is just trying to survive, you’re just as likely to see vulnerable people’s bank accounts closed as actual traffickers caught.” … [Read more...] about First Congress Took Sex Workers’ Websites. Now It’s Coming For Their Bank Accounts.
She is a genuine financial expert whose academic research into consumer bankruptcy revolutionized the study of economic inequality in the 1980s. She has decades of experience communicating complicated financial ideas to the public. Democratic voters trust her. Multiple Democratic Senate staffers told HuffPost that once she started speaking out about the bank bill, there was just no way for its supporters to overcome her framing. Whatever anybody else says, Warren always has the final word with Democratic voters when it comes to the financial sector. … [Read more...] about Behind The Scenes Of The Bruising Bank Fight That Divided Senate Democrats
That Thursday, Moshfegh went to his local branch near South Miami. He was told that the documentation he had provided could not be accepted. Bank officials insisted he produce a different form, according to Moshfegh. The bank was wrong, he maintains, because the form he had supplied was the correct one based on his current status as a student nearing graduation. … [Read more...] about Bank of America freezes account of immigrant Ph.D. candidate who’s studied in U.S. for seven years
Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New York, Seattle, Los Angeles, San Diego, San Jose, Boston, Minneapolis, Kansas City and Pittsburgh all enacted ordinances of this type. Their actions were, in many instances, motivated by concerns that federal and state regulatory bodies were not doing enough to seek compensation from the large banks—thought by many to be most responsible for the economic meltdown. … [Read more...] about Banks Get Big Win in Challenge to New York Ordinance