Two signal events occurred in the financial policy space this week. The big bank CEO hearings this week in the House Financial Services and Senate Banking Committees are becoming an annual event featuring both chieftains of banking and important consumers of other public policy issues. CEOs of seven major U.S. banks appeared before Congress and …
Update 624 — Another 75 bp Hike by FedRole of Consumer in Recession Risk Ahead The Federal Reserve announced by unanimous vote an increase in its target interest rate by 75 basis points for the second month in a row this afternoon. Though expected, this and last month’s rate hikes— both the largest since 1994 …
Update 623 — Saying Finito to Fees:Overdraft Overhaul Bill Long Overdue Next Wednesday, the House Financial Services Committee will mark up and vote on Rep. Carolyn Maloney’s Overdraft Protection Act of 2021. Maloney, consumer protection advocates, and progressive policymakers have long sought to rein in high and random bank overdraft fees. Per the Consumer Financial …
Update 605 — Consumer Finance:Chopra’s Reform Agenda at CFPB The nation’s consumers — aided by robust fiscal stimulus — have been the driving force of economic recovery from the pandemic recession. This is a teachable moment for advocates of consumer protection, where progressive priorities have a greater chance of fruition than most economic policy agenda …
