The Finance and Leasing Association (FLA), which represents the credit arms of the car manufacturers as well as the banks, said: “It’s early days in terms of quantifying the impact on arrears, but the number of forbearance requests has grown significantly in recent weeks.” … [Read more...] about Fears of crisis in UK car finance market as owners seek payments help
Used cars trade in deals
Acting comptroller of the currency Keith Noreika, meanwhile, told senators that smaller banks could be solely overseen by his agency; that new banks should not require approval from the Federal Deposit Insurance Corporation (FDIC); and that supervision of lenders should be removed from the Consumer Financial Protection Bureau and placed under banking regulatory bodies. … [Read more...] about Trump could use alternate routes to roll back bank reforms
“When people question that proposition they lash out and historically one of the places people lash out is against outsiders. And I don’t think it’s a surprise to see that when people are anxious they lash out on issues like immigration. But the answer is not to put up borders that are impermeable … but it’s also not to ignore the anxieties,” Lew told his audience in Oxford. … [Read more...] about Liberal democracy is at risk unless inequality is tackled, says Jack Lew
Since 2000, though, banks don’t have their “own money” in that way. Banks now almost purely consist of other people’s money. Almost all the big banks are public companies, listed on major stock exchanges. JP Morgan, Citigroup, Goldman Sachs, Morgan Stanley – all public companies, just like Apple or GM. Their owners are not rich bankers; their owners are anyone who buys their stock. The benefit of being public is that banks have a lot more money to play with – all those delicious billions from shareholders! It’s a nice little cushion for stupid bets. … [Read more...] about Everything you need to know about the Volcker Rule
Indeed, advanced-country politicians today still seem to be ignoring the limitations of an economic model that relies excessively on finance to create sustainable, inclusive growth. Though those limitations have been laid bare over the past 10 years, policymakers did not strengthen adequately the growth model on which their economies depend. Instead, they often acted as if the crisis was merely a cyclical – albeit dramatic – shock, and assumed that the economy would bounce back in a V-like fashion, as it had typically done after a recession. … [Read more...] about Why haven’t politicians learned from the financial crisis?