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04 Jan 2012 10:51


Politics: Obama: Forget Congress; Richard Cordray’s my consumer agency chief!

Obama named Cordray to the Consumer Financial Protection Bureau in a recess appointment while Congress was out of town. Some feel Cordray’s stalled nomination was less about Congress’ dislike of Cordray but their hatred of Dodd-Frank. source

28 Oct 2011 08:35


Biz: Not every financial outlet trying Bank of America’s debit card fees

  • cause Last month, Bank of America decided that it would start charging monthly for the use of debit cards. Some companies (including SunTrust and Regions) followed suit. Consumers freaked out and totally got up on arms.
  • reaction With some time and distance away from the original decision, a number of large banks have chosen not to follow suit — among them J.P. Morgan Chase, which tested them for months and found that they weren’t working. source

12 Oct 2011 10:20


Politics: Barney Frank rips Newt Gingrich for his Dodd-Frank assessment

  • I wish I knew that he was willing to listen to my advice, I would have given him some: I would have told him not to impeach Clinton, I would have told his successors not to go to war with Iraq, and I would have told [Tom] DeLay not to go on the dance show.
  • Rep. Barney Frank • Getting in an ice burn on Newt Gingrich, who ripped him and fellow Dodd-Frank architect Christopher Dodd, suggesting they should go to jail for daring to pass a financial reform. “If you want to put people in jail, you ought to start with Barney Frank and Chris Dodd,” Gingrich claimed during Tuesday night’s debate. As you might guess, Frank took umbrage with that assessment: “This notion we caused the problem that started while they were in charge even by Gingrich’s standards is very odd.” source

05 Oct 2011 01:01


Biz, Tech: Could Bank of America’s debit card charge push us to digital wallets?

  • It may be too early now to talk about the Law of Unintended Consequences, but years from now, we may owe a debt to reforms like Dodd-Frank for finally weaning us off the physical wallet and encouraging us to experiment with the new technologies helping to create the Digital Wallet.
  • The Washington Post’s Dominic Basulto • Arguing that Dodd-Frank’s side effects — such as Bank of America‘s decision to start charging people for the right to use a debit card — will be great in the long run, because it will push consumers and businesses to stop relying on banks for these sorts of services, instead going for phone-based options, provided by companies such as Google or Square, instead. Basuito compares Bank of America’s controversial move to Netflix‘s price-raising scheme, and suggests it will hurt them long-term. source