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Biden - 1 Sen - 1 Thom Tillis - 1 Brian Johnson - 1 Johnson - 1 Donald Trump - 1 Elizabeth Warren - 1 JP Morgan Chase - 1
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☆ Senators spar over whether CFPB has the power to root out junk fees
  + stars: | 2023-07-26 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +4 min
The committee's first hearing comes as the Biden administration takes a range of steps to root out junk fees, which the CFPB says includes credit card late fees, overdraft fees and surcharges on ticket purchases. Among other actions, the agency recently fined Bank of America $150 million for charging its customers multiple overdraft fees. In his testimony, Brian Johnson, managing director of financial regulatory consultancy Patomak Global Partners, said the CFPB "has been the most enthusiastic among regulators" in targeting junk fees. Democrats argued the power to target junk fees fits within the CFPB's core duties. "And let's not forget, these are the same banks that are bankrolling the attacks on the CFPB," Warren added.
Persons: Biden, Sen, Thom Tillis, Brian Johnson, Johnson, Donald Trump, Elizabeth Warren, JP Morgan Chase, Warren, Wells, Michelle Henry, Henry, Raphael Warnock, Warnock Organizations: WASHINGTON, Financial, Biden, Bank of America, prudential, Consumer Protection, Patomak Global Partners, CNBC, Pennsylvania, Georgia Democrat Locations: Wells Fargo, Georgia
☆ Banking fallout proves nothing's free from risk, says Patomak Global Partners' Keith Noreika
  + stars: | 2023-03-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanking fallout proves nothing's free from risk, says Patomak Global Partners' Keith NoreikaKeith Noreika, Patomak Global Partners, joins 'The Exchange' to discuss the SVB collapse and banking regulation.
☆ Crunch time for Credit Suisse talks as UBS seeks Swiss assurances
  + stars: | 2023-03-19 | by ( Stefania Spezzati Oliver Hirt John O'Donnell | Stefania Spezzati | Oliver Hirt | ) www.reuters.com   time to read: +5 min
March 19 (Reuters) - Talks over rescuing Credit Suisse (CSGN.S) rolled into Sunday as UBS AG (UBSG.S) sought $6 billion from the Swiss government to cover costs if it were to buy its struggling rival, a person with knowledge of the talks said. The guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters. Credit Suisse, UBS and the Swiss government declined to comment. U.S. President Joe Biden's administration moved to backstop consumer deposits while the Swiss central bank lent billions to Credit Suisse to stabilise its shaky balance sheet. There were multiple reports of interest for Credit Suisse from other rivals.
☆ Analysis: Bank panic raises specter of 2008, may bring lasting change
  + stars: | 2023-03-18 | by ( Pete Schroeder Saeed Azhar | Pete Schroeder | Saeed Azhar | ) www.reuters.com   time to read: +8 min
He now faces renewed criticism over his agenda at the Fed, where he oversaw efforts to reduce regulations on regional banks. U.S. regional banks are expected to pay higher rates to depositors to keep them from switching to larger lenders, leaving them with higher funding costs. In 2008, regulators had to contend with billions of dollars in toxic mortgages and complex derivatives sitting on bank books. Currently, regional banks below $250 billion in assets have simpler capital, liquidity and stress testing requirements. "SVB is not a very complicated bank," said Dan Awrey, a Cornell Law professor and bank regulation expert.
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