Too Big Banks Try End Run to Kill Growing Public Banking Movement
The Trans-Pacific Partnership (TPP) is an international treaty negotiated in secret – hidden even from congressmen who oversee such treaties – which threatens to destroy national sovereignty.
Public banks – such as the Bank of North Dakota – can provide low-cost loans to Main Street, when Wall Street insists on high interest rates … or won’t even extend credit.
More and more states are considering launching their own public banks.
It’s hard to get politicians from different sides of the aisle to cooperate in Washington these days. Thus our surprise when we read a letter from two members of the Senate banking committee, Sen. David Vitter (R-LA) and Sen. Sherrod Brown (D-OH), asking the Ben Ben Bernanke to do something that will make Wall Street howl (h/t Politico).
From the letter (which you can download here):
Your proposed rule on capital standards misses a huge opportunity to address [...]
The thousands of community banks have often said their much larger counterparts have trampled on them. Now some hope the latest Wall Street scandal could give them ammunition to strike back.
Big banks’ alleged manipulation of interest rates has become the subject of a deepening global investigation by regulators. It has also led one small bank in Wisconsin to file a lawsuit accusing JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc [...]
Nine U.S. Banks Said to be Examined for Overdraft Practices
By Carter Dougherty and Margaret Collins
The Consumer Financial Protection Bureau is scrutinizing nine banks including JPMorgan Chase, Wells Fargo, and Bank of America on how they persuade customers to enroll in overdraft protection and their justification for fees. Planning enforcement against banks that “exploit consumers with deceptive marketing”, the agency will examine marketing material and customer service scripts to determine whether [...]
The Fed Chairman, who is too busy to tweet at the moment, has just released his pre-recorded speech on Community Banking. In its we find the following pearl: “Despite some recent signs of improvement, the recovery has been frustratingly slow, constraining opportunities for profitable lending.“ Wait, hold on, yesterday the same Chairman told an eager headline scanning robotic world that economic growth was upgraded from “modest” to “moderate” – so which is it? [...]
Rep. Barney Frank, D-Mass., received a day-long ban from speaking on the House floor today, and the comments he had made were removed from the record, after he violated House rules with a personal attack on Rep. Jeb Hensarling, R-Texas.
“I have never seen truth stood on its head more rapidly than my colleague from Texas [just did],” Frank said today after Hensarling spoke on the House Floor. “For the gentleman from Texas [...]
by Noelia de la Cruz
A group of 128 community banks and credit unions have linked up with Kasasa, an online money management service, to lure new customers from big banks, reportsCNN Money’s Blake Ellis.
Customers banking with Kasasa receive free cash back rewards checking accounts and high-interest savings accounts in addition to regular banking services.
The program seems to be working. One Minnesota bank saw a 25 percent uptick in checking and savings deposits [...]
Bank Transfer Day on November 5 and the earlier Move Your Money movement have succeeded in inspiring millions of fed-up consumers to dump their mega-bank accounts and take their business to locally owned community banks and credit unions. But the truth of the matter is, their actions won’t make much difference in the grand scheme of things: any financial institution that makes loans is contributing to the gigantic Ponzi scheme [...]
Uploaded by democracynow on Nov 1, 2011
www.democracynow.org -As participants in the Occupy Wall Street movement continue protesting the record profits made by banks bailed out by taxpayer money, a group of grassroots activists are hitting America’s largest banks — including JP Morgan Chase, Bank of America and Wells Fargo — where it hurts most: The wallet. Dubbing this Saturday, Nov. 5 as “Bank Transfer Day,” activists are urging people to [...]
Forum Post: Goldman Sachs threatens OWS credit union bank.
I haven’t heard about the Credit Union being under investigation but seems like GS is panic mode:
Goldman Sachs has threatened to to transfer credit union funds, worth about 1 billion dollars, if credit union does not shut down OWS bank account. I think we need to devise another banking system for OWS. A system that cannot be threatened by the likes of [...]
Uploaded by democracynow on Oct 25, 2011
www.democracynow.org – Democracy Now! talks to investigative reporter Greg Palast about a controversy in the banking community around the Occupy Wall Street movement. Palast investigates the story behind Goldman Sachs’ recent decision to pull out of a fundraiser for the Lower East Side People’s Federal Credit Union in New York City after it learned the event was honoring the protesters at Occupy Wall Street. The [...]
Joe Price is also making millions… for getting fired.
Sallie and Joe are executives who just got fired from Bank of America. They are set to collect over $10 million as part of their severance packages. Meanwhile, Bank of America is going to charge customers $5 a month to use their debit cards. It’s also laying off thousands upon thousands of workers.
It’s a crazy situation. The big banks took billions in taxpayer-funded [...]
By Jim Rubenstein
Credit unions across the land are “seizing this marketing opportunity”, as CUNA officials put it Tuesday, to take advantage of the favorable industry media coverage following the announcement of Bank of America’s $5 monthly debit fee.
There also appeared to be stepped-up online chatter—even spreading internationally on blogs and Twitter—about the so-called “Bank Transfer Day” Nov. 5 when consumers are exhorted to move [...]
August 20, 2011
The Obama administration announced Wednesday that 37 community banks have received a total of $418 million in funds under a program designed to encourage local banks with less than $10 billion in assets to increase their lending to small businesses.
The $30 billion Small Business Lending Fund, established under the Small Business Jobs Act of 2010, so far has provided about $1 billion to [...]
By David Frum, CNN Contributor
April 11, 2011 10:29 a.m. EDT
Editor’s note: David Frum writes a weekly column for CNN.com. A special assistant to President George W. Bush from 2001 to 2002, he is the author of six books, including “Comeback: Conservatism That Can Win Again,” and is the editor of FrumForum.
Washington (CNN) — You might think the big banks would be too embarrassed to ask Congress for [...]
More than 2 years after the financial crisis, a weak residential and commercial real estate market remains the biggest threat to the economy, according to ValuEngine’s Richard Suttmeier.
Looking out into 2011, Suttmeier warns residential housing could fall another 15-30%. “The housing market is still overpriced relative to where we began the new millennium,” he tells Aaron in this segment. “Prices are still about 50% [...]
The troubled U.S. housing market is not a place where Americans should speculate or look to invest, the chief of the Kansas City Federal Reserve said Monday.
“If the American people are looking at the housing market to be their investment opportunity, I think they are making a mistake,” said Thomas Hoenig, president of Federal Reserve Bank of Kansas City.
The housing market remains burdened by excess supply, a condition that was [...]
If the FDIC sells any of a closed banks assets, they also cause writedowns in any bank that was a partner in that asset.
Almost half of the loans were originated by Silverton Bank NA, whose collapse in May was the biggest in Georgia history. Community banks that joined Silverton in providing $80 million for the hotel-condo complex, as well as backing for 39 other projects, could be forced to write [...]
March 10, 2010 By Rieva Lesonsky
For many small business owners in the Great Recession, community banks have been a lifeline.
But that lifeline could be about to snap. The Congressional Oversight Panel, which monitors the financial bailout, just released a report on the state of commercial real estate lendingÃ¢â‚¬â€and the news is not good.
Ã¢â‚¬Å“ThereÃ¢â‚¬â„¢s been an enormous bubble in commercial real estate, and it has to come down,Ã¢â‚¬Â panel chair Elizabeth [...]