Wells Fargo’s board of directors is “considering whether to claw back pay from former retail-banking head Carrie Tolstedt as well as from Chief Executive John Stumpf.” This deliberation comes in the wake of the bank’s recent scandal (read our post about it here). “The board wants to take action before Mr. Stumpf returns to Capitol Hill;… Continue reading Wells Fargo Board Actively Considering Executive Clawbacks
The Wall Street Journal posted an interesting article yesterday about how the soaring student debt has prompted lobbying from numerous private sectors. The concern is not surprising: student debt has tripled over the last ten years to more than $1.3 trillion. For some perspective, the federal government’s loan portfolio (topping $1 trillion) “is big enough… Continue reading Soaring Student Debt Prompts Calls for Relief
The Consumer Financial Protection Bureau released a new proposal today that states that debt-collectors would no longer be allowed to call consumers multiple times a day and that consumers would have more ability to dispute their bills. Furthermore the new rules would require that “collectors […] have more documentation to prove a debt is owed, and… Continue reading Regulators Propose Massive Overhaul of Debt-Collection Industry
“The Supreme Court on Monday refused to revive a Puerto Rico debt-restructuring law, putting the U.S. territory at risk of a messy default unless Congress this month passes legislation to help the Caribbean island survive its crippling fiscal crisis.” http://finance.yahoo.com/news/top-court-rejects-puerto-ricos-150942735.html
“Following months of internal wrangling, the US House of Representatives, on Thursday passed legislation creating a federal control board to help Puerto Rico cope with crip-pling debt that is wreaking havoc throughout the island’s economy…” http://www.reuters.com/article/us-puertorico-debt-house-idUSKCN0YV2CL
If President Obama gets his way it won’t be just the executives at Fannie Mae and Freddie Mac that will pay higher taxes. A report from the Federal Finance Housing Committee reveals that more than 2,000 non-executive senior managers at the two firms were paid over $200,000 in 2011. This report is sure to draw… Continue reading Fannie and Freddie Employees Rake in the Big Bucks!
Congress is investigating whether regulators (specifically, the New York Fed) did enough to protect the public when it discovered that some were mis-stating interest rates to boost the bottom line. “But Mr. Geithner on Wednesday also acknowledged that he did not alert federal prosecutors to the wrongdoing. The revelation prompted lawmakers to question whether his… Continue reading Geithner Faces Congress on LIBOR Scandal