Co-published by Splinter
The Treasury Department not only sided with banking lobbyists’ definition of “financial services,” but its new rule’s fine print echoed their interpretations of the 2017 federal tax law.
A coalition of elected officials, local residents and community leaders are encouraging Los Angeles’ City Council to require that any bank it does business with not engage in the kinds of unethical practices that helped mire the city’s current bank, Wells Fargo, in scandal.
Everyone struggles with what appear to be questionable overdraft fees, along with hidden credit card and cellphone fees. But low-income communities are particularly targeted for predatory practices.
With the failings of large banks in the news, Capital & Main assembled a panel of bankers and advocates last week to discuss an alternative vision for an industry that affects the lives of nearly everyone in the country — at a time when the Republican Congress is stripping away consumer protections at every turn.
Jamie Dimon, CEO of JPMorgan Chase, knows something about pay increases. Last year, JPMorgan Chase’s board gave Dimon a 35 percent pay increase, from $20 million to $27 million, even though the bank’s profits fell two percent and it laid off 6,671 employees.