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CFPB releases second annual workforce report

The CFPB recently issued its second annual report to Congress on the recruitment, training and development of its staff and resources. Under Section 1067 of the 2010 Dodd-Frank Act, the CFPB is required to submit an annual report detailing its efforts to the Senate Committee on Banking, Housing and Urban Affairs and the House Financial Services... Read More...

Geithner to Congress: Treasury to take measures to postpone U.S. default

Treasury Secretary Timothy Geithner told Congress in a letter last week that the Treasury will begin taking certain lawful measures aimed at postponing the date that the U.S. would default on its financial obligations. “These extraordinary measures…can create approximately $200 billion in headroom under the debt limit,” Geithner said.... Read More...

Native Americans to receive payments in Cobell v. Salazar settlement

Native Americans recently began receiving the first payments related to the Cobell v. Salazar settlement, in which the federal government was accused of mismanaging individual Indian lands held in trust. In 1996, Elouise Cobell, the treasurer of Montana’s Blackfoot Tribe, filed suit against the federal government after she discovered the... Read More...

Singapore’s Monetary Authority cracks down on consumer credit

The Monetary Authority of Singapore proposed tightened regulations on consumer credit cards last week in order to curb consumer borrowing. Singaporeans, with a household debt-to-GDP ratio lower than that of developed nations, have increased their borrowing. New credit card loans totaled $6.9 billion in October, up from $4.4 billion in October... Read More...

U.K. consumers post record online traffic during Boxing Day

Ten million U.K. consumers spent almost $4.7 billion on Dec. 26, and online retailers posted record traffic of 113 million visits, a lower-than-predicted number because retailers cut prices before Christmas. Experts predicted more than 125 million visits to online retail sites and expected U.K. consumers to spend 17 million hours shopping... Read More...

FDIC releases progress report on Community Bank Initiative

The FDIC released a progress report on its Community Banking Initiative last week, detailing the steps taken to respond to banker concerns voiced at roundtable discussions earlier this year. Launched in February, the CBI examined the evolution of community banks over the past 25 years, paying specific attention to the challenges and... Read More...

U.S. credit unions issue rebates to members

Some of America’s credit unions recently paid out extra dividends and rebates to their members ranging from $50 to thousands per member, an occurrence rarely seen since the 2008 financial crisis. The payouts are normally based on a member’s total deposit and loan relationship with the financial institution, Credit Unions Online... Read More...

“Bankers’ New Clothes” examines bankers, politicians arguments against financial reform

"The Bankers’ New Clothes," a book set to be released in March, examines arguments and rationalizations used by politicians, bankers and regulators against the need for reform. Written by Anat Admati, a professor of finance and economics at Stanford University’s Graduate School of Business, and Martin Hellwig, an economics professor and... Read More...

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