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Jump to: 2017; 2018;
-- 2013 --
March 21: Big Banks Offer Payday
Loans At 300 Percent Interest: Study
“Despite federal banking regulators’ recognition of the abuses of payday lending
and aggressive action blocking previous bank partnerships with payday lenders, a
few large banks have begun offering payday loans directly through checking
accounts,” the study says. Large banks offering the service include Wells Fargo,
U.S. Bank, Regions Bank and Fifth Third Bank.
The average annual percentage rate on a bank payday loan is 225 to 300 percent,
the study says. Banks that offer payday loans extract payments automatically
from the borrowers’ checking accounts on the next pay cycle. In some cases, that
withdrawal cleans out a borrower’s checking account, leading to bounced checks.
According to the study, users of paycheck advances are twice as likely to
overdraw their bank accounts, leading to even more fees for the banks. And
that’s just the start of the potential problems.
https://www.huffingtonpost.com/2013/03/21/big-bank-payday-loan_n_2924657.html
-- 2017 --
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February 3: Trump's executive order directs
Treasury to submit a report on possible financial regulation changes within 120
days
https://www.cnbc.com/2017/02/03/trump-signs-executive-order-on-financial-regulation.html
April 6: United States Senators Elizabeth Warren (D-Mass.), John
McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine) today will
re-introduce the 21st Century Glass-Steagall Act, a modern version of the
Banking Act of 1933 (Glass-Steagall) that protects American taxpayers, helps
community banks and credit unions compete, and decreases the likelihood of
future financial crises. Reinstating Glass-Steagall has broad bipartisan support
from the public and policymakers, including from
President Trump,
Treasury Secretary Steve Mnuchin, and
National Economic Council Director Gary Cohn. Both the 2016 Democratic and
Republican party platforms supported reinstating Glass-Steagall.
https://www.warren.senate.gov/?p=press_release&id=1533
May 5: President Trump's hint this month of a breakup of big Wall
Street banks such as JPMorgan Chase (JPM), Bank
of America (BAC), Goldman
Sachs (GS)
and Wells Fargo (WFC)
hit their stocks hard — for maybe 30 minutes. Then the stocks recovered and
finished higher for the day.
Capital requirements, stress-test thresholds, fee
limits and trading curbs are some of the weights that Trump likely will lighten.
https://www.investors.com/news/economy/will-trump-unleash-the-banks/
June 12: The Treasury Department on Monday called for scrapping or
softening some of the rules for banks and other financial firms put in place
after the 2008 financial crisis.
In a nearly 150-page report, Treasury recommends more than 100 changes to
financial rules, some of which could have a major impact on the type of credit
made available to American families and businesses.
Specifically, the report says the White House should have the ability to fire
the head of the Consumer Financial Protection Bureau -- an independent consumer
watchdog agency created in 2010 -- and calls for giving Congress the ability to
slash that agency’s budget.
https://www.washingtonpost.com/news/wonk/wp/2017/06/12/treasury-calls-for-scaling-back-banking-rules-citing-need-for-growth/?utm_term=.6994005b006d
August 25: Donald Trump has been rebuked by the US central bank
chief, Janet Yellen, for
planning to scrap tough banking regulations that made the system
“substantially safer” and did nothing to restrict growth or lending.
https://www.theguardian.com/us-news/2017/aug/25/us-central-bank-boss-janet-yellen-rebukes-trump-over-plan-to-lift-regulations
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October 24: Wiping out the [new bank and
credit card] rule would affect tens of millions of Americans who often don't
know they are covered by an arbitration clause when they sign up for a credit
card, checking account or prepaid card.
Many companies tuck arbitration clauses into contracts as a way to resolve
disputes outside the court system, making it harder for an individual to bring a
case against a bank or credit card company.
http://www.cnn.com/2017/10/24/politics/senate-cfpb-arbitration-repeal/index.html
October 24: The Senate voted 51-50 on
Tuesday, October 24 to repeal a rule put in place by the Consumer Financial
Protection Bureau (CFPB) that banned mandatory arbitration clauses in certain
financial contracts.
All 48 Democrats, along with Republicans Lindsey Graham and John Kennedy, voted
against the resolution. Vice President Mike Pence cast the tie-breaking vote
late Tuesday night, allowing big banks to enjoy absolute immunity from customer
lawsuits of any kind.
https://www.investorclaims.com/Blog/2017/October/Congress-Votes-in-the-Middle-of-the-Night-to-Giv.aspx
October 24: Republican lawmakers argue the
CFPB's [Consumer Financial Protection Bureau's] own study shows consumers get more money in their pockets when they use
arbitration as opposed to hiring expensive class-action trial lawyers.
http://www.cnn.com/2017/10/24/politics/senate-cfpb-arbitration-repeal/index.html
November 1: President Donald Trump signed a
Congressional resolution on Wednesday that lets banks block customers from
filing class action lawsuits, partly delivering on his election campaign promise
to lighten U.S. financial regulation.
https://www.reuters.com/article/us-usa-consumers-trump/trump-kills-class-action-rule-against-banks-lightening-wall-street-regulation-idUSKBN1D15WX
November 19: President
Donald Trump promised fewer
regulations for business in general, and banks specifically — and events over
the past week have pushed that intention closer to reality.
The president didn't have a major direct hand in any of the moves, but each
nudges the business climate closer to the environment he envisioned while
campaigning.
https://www.cnbc.com/2017/11/19/the-anti-regulatory-environment-that-trump-promised-just-got-a-big-boost.html
November 26: Why Big Banks Should Continue
to Face Regulations in Trump’s America
http://www.northeastern.edu/econpress/2017/11/26/why-big-banks-should-continue-to-face-regulations-in-trumps-america/
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November 28: Bank Sector Not in Ruins,
Despite Trump Beef ... Federally insured commercial banks and savings
institutions reported more than 5 percent growth in the third quarter from a
year earlier. Of more than 5,700 institutions reporting, more than two-thirds
(67 percent) had year-over-year growth in quarterly earnings. The proportion of
unprofitable banks fell. Quarterly net earnings also were up in the second
quarter.
Similar earnings growth — 4.9 percent — was reported in 2016. As well,
litigation expenses — one possible sign of distress — were down by almost $3
billion at a selection of large banks.
https://www.voanews.com/a/fact-check-bank-sector-not-in-ruins-despite-trump-beef/4140548.html
December 5: Deutsche Bank has provided
Robert Mueller with bank records of affiliates of US president Donald Trump
as part of the special counsel’s investigation into whether the Kremlin
conspired with the Trump campaign during the 2016 election.
A person close to the bank told the Guardian that
Deutsche Bank received a subpoena for documents several weeks ago but that
the subpoena did not directly target Trump. Bloomberg and other media outlets
said the subpoena related to people who were “affiliated” with the president.
https://www.theguardian.com/us-news/2017/dec/05/donald-trump-bank-records-handed-over-robert-mueller
December 8: President Donald
Trump's longtime relationship with Deutsche
Bank is receiving renewed attention.
http://www.businessinsider.com/trump-deutsche-bank-mueller-2017-12
December 12:
The troubled German bank is
Trump's top lender and has been for years.
When the rest of Wall Street essentially abandoned
Trump years ago, apparently frustrated by
his business tactics, Deutsche Bank stuck by
the celebrity developer.
http://www.motherjones.com/politics/2016/12/guide-donald-trump-debt/
December 19: Maxine Waters Connects the
Dots on Trump, Deutsche Bank, and Russia ... Special counsel Mueller’s bank
subpoenas could shed light on Trump associates’ ties to Russian money
laundering.
https://www.thenation.com/article/maxine-waters-connects-the-dots-on-trump-deutsche-bank-and-russia/
December 20:
Trump commutes sentence of rabbi convicted for bank fraud
https://nypost.com/2017/12/20/trump-commutes-sentence-of-rabbi-convicted-for-bank-fraud/
December 21: Is Donald Trump’s Dark Russian
Secret Hiding in Deutsche Bank’s Vaults?
As
a result of [shady maneuvers to avoid paying back bank loans], by the mid-2000s,
U.S. financial institutions had stopped lending to Trump for his building
projects. Deutsche was the only one still willing to work with him.
After Trump burned the bank, Deutsche shunned him as well.
[But he next bypassed] its real estate team—which wanted nothing to do with
him—and got a loan from its private wealth division ... it not only lent him the
money he owed its real estate team but also
reportedly gave Trump another $25 million to $50 million in credit.
[See Jan.10 2018]
http://www.newsweek.com/2017/12/29/donald-trump-russia-secret-deutsche-bank-753780.html
-- 2018 --
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January 1: The first year of the Trump
administration’s changes to bank regulations was focused on studying the rules
that were in place and putting a new team atop the agencies that oversee
financial institutions, setting the stage for a rollback of rules that will gain
steam in 2018, experts say.
https://www.cov.com/-/media/files/corporate/publications/2018/01/2018_should_see_trumps_bank_rule_rollback_gain_steam.pdf
January 2: How a Maryland bank is quietly
solving the marijuana industry’s cash problem
Most banks refuse to open accounts for cannabis-related businesses even in
states where pot is legal, citing federal laws that outlaw the drug and consider
it on par with cocaine and heroin.
https://www.washingtonpost.com/local/md-politics/how-a-maryland-bank-is-quietly-solving-the-marijuana-industrys-cash-problem/2018/01/02/a6317088-e0ec-11e7-bbd0-9dfb2e37492a_story.html?utm_term=.e5ac6d0062e6
January 9: Trump Administration Waives
Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions
http://www.ibtimes.com/political-capital/trump-administration-waives-punishment-convicted-banks-including-deutsche-which
January 10: The Labor Department granted
Deutsche Bank a waiver from punishment allowing it to continue to manage pension
funds and individual retirement accounts for another three years, according to
an announcement in the Federal Registry soon after the decision last month. Four
other banks convicted in criminal cases were also granted waivers.
[See Dec 29 2017]
https://www.usatoday.com/story/news/politics/2018/01/10/convicted-bank-reprieves/1023062001/
January 10: Trump Administration Seeks to
Change Rules on Bank Lending to the Poor ... Regulators plan to revamp rules
governing banks under the Community Reinvestment Act
https://www.wsj.com/articles/trump-administration-seeks-to-change-rules-on-bank-lending-to-the-poor-1515624418
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January 11: Banks are ascendant in
Washington, scoring major wins and enjoying the support of a friendly White
House a decade after the financial crisis.
The banks are reeling in record profits, thanks to the growing economy and the
booming stock market, the just-passed Republican tax-overhaul bill has slashed
their tax rate and ... a bipartisan Senate coalition is fighting to loosen the
post-crisis rules meant to curb risky behavior in the financial industry.
http://thehill.com/policy/finance/368424-banks-rack-up-big-wins-in-trumps-washington
January 12: Trump may weaken 'outdated'
rules that force banks to lend to the poor
http://money.cnn.com/2018/01/12/investing/bank-lending-poor-cra-trump/index.html
January 12: President Donald Trump’s nominee
to lead the
Federal Reserve is being asked to give assurance he would shield the central
bank from any White House effort to influence its oversight of
Deutsche Bank AG, a troubled lender that has been drawn into investigations
of Russian meddling in U.S. politics.
https://www.bloomberg.com/news/articles/2018-01-12/fed-s-powell-urged-to-keep-trump-from-meddling-on-deutsche-bank
January 19: The Federal Reserve's regulatory
czar laid out his plans Friday to relax regulations on Wall Street banks.
http://money.cnn.com/2018/01/19/news/economy/federal-reserve-quarles-bank-regulation/index.html
January 19: The blame for financial
meltdowns often focuses on
irresponsible traders and greedy bankers. But politicians, whose policies
sometimes fan the flames, deserve scrutiny as well, according to a
fascinating analysis of booms and busts since the 18th century by Jihad
Dagher, an economist at the IMF [International Monetary Fund]. The research
serves as a warning, of sorts, as the Trump administration seeks to relax
banking regulations introduced after the last crisis.
The cycle of booms followed by deregulation, crises, and re-regulation has
repeated itself over the past 300 or so years.
https://qz.com/1181498/rolling-back-regulations-often-comes-before-a-financial-meltdown-according-to-the-imf/
February 6: The Trump administration's top
fiscal official appeared to voice support for letting marijuana businesses
store their profits in banks.
https://www.forbes.com/sites/tomangell/2018/02/06/trump-treasury-secretary-wants-marijuana-money-in-banks/
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May 16: American banks angling to get relief
from post-crisis rules may soon be breathing easier.
After nearly two months of tough negotiations, House Republicans brokered a deal
last week with the Senate to move forward on a vote, ending a deadlock that
would have jeopardized a bill backed by the White House, Republicans and some
Democrats.
http://money.cnn.com/2018/05/16/news/economy/house-vote-dodd-frank-rollback-bill/index.html
May 24: Trump signs the biggest rollback of
bank rules since the financial crisis
The measure designed to ease rules on all but the largest banks
passed both chambers of Congress with bipartisan support. Backers say the
legislation will lift burdens unnecessarily put on small and medium-sized
lenders by the Dodd-Frank financial reform act and boost economic growth.
Opponents, however, have argued the changes could open taxpayers to more
liability if the financial system collapses or increase the chances of
discrimination in mortgage lending.
https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html
May 24: “We Are Lurching Toward Plutocracy”:
Rep. Ellison on Rollback of Key Dodd-Frank Banking Regulations
https://www.democracynow.org/2018/5/23/we_are_lurching_toward_plutocracy_rep
May 24: Your neighborhood bank may now offer
short-term, small dollar loans
Unlike payday loans, which are typically due all at once with the next pay
check, short-term, small-dollar loans would give consumers two to 12 months to
pay off their balance over several installments, according to Horowitz.
Short-term loans generally also come with a two-digit annual percentage rate,
versus the three-digit APR that payday loans typically demand.
https://www.cnbc.com/2018/05/24/big-banks-get-green-light-to-make-short-term-small-dollar-loans.html
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July 20: President
Donald Trump has multiple
reasons as to why he should take control of the Federal Reserve. He will do so
both because he can and because his broader policies argue that he should do so.
The president is anti-overregulating American industry. The Fed is a leader in
pushing stringent regulation on the nation. By raising interest rates and
stopping the growth in the money supply it stands in the way of further growth
in the American economy.
https://www.cnbc.com/2018/07/20/trump-poised-to-take-control-of-the-federal-reserve.html
August 3: Russian Bank Hit With Sanctions
For Helping North Korea
https://www.npr.org/2018/08/03/635465039/russian-bank-hit-with-sanctions-for-helping-north-korea
August 19: 8 banks entangled in
Trump-related probes
https://www.americanbanker.com/list/8-banks-entangled-in-trump-related-probes
September 20: Wells Fargo plans to cut as
many as 26,500 jobs over three years as the troubled bank grapples with the rise
of online banking and soaring legal bills.
https://money.cnn.com/2018/09/20/news/companies/wells-fargo-job-cuts/index.html
September 26: President Donald Trump isn't
happy with the latest hike in interest rates.
The Federal Reserve on Wednesday
raised rates for the third time this year, reflecting a strong economy with
low unemployment. Hours later, the president again broke with tradition by
criticizing the central bank.
https://money.cnn.com/2018/09/26/news/economy/powell-trump-federal-reserve/index.html
October 11: Trump says he knows economy
better than Federal Reserve chair
“I think I know about it better than they do,”
Mr. Trump
said, again criticizing
Fed
interest-rate hikes. “I think the
Fed is
far too stringent, and they’re making a mistake, and it’s not right.”
Asked about
Fed Chairman Jerome Powell,
Mr. Trump
said, “I’m not going to fire him.”
“I think the
Fed is
out of control. I think what they’re doing is wrong,”
Mr. Trump
said.
https://www.washingtontimes.com/news/2018/oct/11/trump-says-he-knows-economy-better-federal-reserve/
October 17: President Trump: 'My biggest
threat is the Fed'
https://www.wtva.com/content/national/497744971.html
December 17: Malaysia files charges against
Goldman Sachs over 1MDB scandal
The US investment bank and four individuals — two of them former Goldman
employees — are accused of "grave violations" of Malaysia's securities laws,
Attorney General Tommy Thomas said in a
statement Monday.
The Wall Street firm has become a central figure in a damaging scandal involving
billions in missing money, Malaysia's former prime minister and a high-rolling
financier with ties to Hollywood. But this is the first time Goldman Sachs has
faced criminal charges for its role in the saga
https://www.cnn.com/2018/12/17/business/goldman-sachs-1mdb-malaysia/index.html
-- 2019 --
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May 20: President Donald
Trump lashed out at The New York Times on Monday, disputing the paper’s
reporting on his relationship with Deutsche Bank and launching into a broader
criticism of the news media.
The president appeared to be responding to a Times
report that anti-money laundering experts at the German bank noticed
suspicious activity in accounts belonging to Trump and his son-in-law, Jared
Kushner, in 2016 and 2017. According to the Times, bank executives blocked
employees from reporting the suspect transactions to the U.S. Treasury, and one
former employee says she was fired for raising concerns about the bank’s
scrutiny of certain clients.
https://www.politico.com/story/2019/05/20/donald-trump-twitter-deutsche-bank-1334358
May 21: Deutsche Bank denies New York
Times Trump report
An article asserted Deutsche Bank failed to forward suspicions about
transactions involving Trump to US authorities. Deutsche Bank said legal
restrictions mean they cannot reveal "numerous inaccuracies" in the article.
https://www.dw.com/en/deutsche-bank-denies-new-york-times-trump-report/a-48810399
May 22: Why Did Deutsche Bank Keep
Lending to Donald Trump? — “Trump, Inc.” Podcast
The bank kept writing checks even after Trump defaulted on loans worth hundreds
of millions and sued it. Now Congressional investigators are going to court to
uncover the financial records behind their relationship.
https://www.propublica.org/article/trump-inc-podcast-deutsche-bank-donald-trump
May 22: Judge says Deutsche Bank,
Capital One can give Trump financial records to House Democrats
https://www.cnbc.com/2019/05/22/judge-says-deutsche-bank-can-give-trump-financial-records-to-democrats.html
May 22:
In an Odd Move, Trump Shifts His Banking Business to a Small Firm in Florida —
With his relationship with Deutsche Bank under scrutiny, the president turned to
a little-known bank.
https://www.reddit.com/r/politics/comments/bs1udw/in_an_odd_move_trump_shifts_his_banking_business/
May 23: Banking executive indicted in
alleged loan scheme with Manafort wanted top role in Trump administration
Chicago-based financier Stephen Calk was indicted in
New York on Thursday for his alleged role in a loan scheme with former Trump
campaign chairman
Paul Manafort, federal prosecutors announced.
Prosecutors charged Calk, a banking executive, with a single count of financial
institution bribery after investigators found he allegedly extended a $16
million loan to Manafort in exchange for a senior-level position in the Trump
administration.
In his indictment, prosecutors recount how Calk, who is expected to appear in
federal court later on Thursday, provided the loans to Manafort during the 2016
campaign before sending the former campaign chief “a ranked list of the
governmental positions he desired.”
“Calk believed that [Manafort] could use his influence with the Presidential
Transition Team to assist Calk in obtaining a senior administration position,”
prosecutors said. Calk extended the loans despite the “significant red flags” in
Manafort’s ability to pay, according to the FBI and, as such, put his bank at
risk.
https://abcnews.go.com/Politics/banking-executive-indicted-alleged-loan-scheme-manafort-wanted/story?id=63227771
May 24: Trump signs the biggest rollback of
bank rules since the financial crisis
The measure designed to ease rules on all but the largest banks
passed both chambers of Congress with bipartisan support. Backers say the
legislation will lift burdens unnecessarily put on small and medium-sized
lenders by the Dodd-Frank financial reform act and boost economic growth.
Opponents, however, have argued the changes could open taxpayers to more
liability if the financial system collapses or increase the chances of
discrimination in mortgage lending.
https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html
-- 2020 --
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