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It is imperative that banks incorporate climate change risks in every aspect of their day-to-day risk management so that they are adequately capitalized and liquid to sustain unexpected losses, and so that they do not pose a threat to financial stability or to the communities they operate in.  Read more here. … [Read more...] about All U.S. Bank Regulators Should Require Banks To Incorporate Climate Change Risks Into Their Risk Management Frameworks And Disclosures

According to a study released yesterday by the Americans for Financial Reform, The Center For Popular Democracy, and United For Respect, private equity-owned retailers slashed over half a million jobs even before the pandemic. “They cost nearly 542,000 jobs and closed nearly 18,000 stores by February 2020.”  Total job losses have been substantial and widespread with more than 10,000 retail jobs lost in 20 states and more than 30,000 jobs lost in California, Florida, and New York. Read more … [Read more...] about Legislators Should Require Supervision And On-Site Examination Of Private Equity Firms

In analyzing the leveraged lending and Collateralized Loan Obligation (CLO) markets, the U.S. Government Accountability Office found there are more opportunities for the Financial Stability Oversight Council (FSOC) to prepare and respond to financial stability threats. FSOC has been monitoring risks that arise in the leveraged lending market, through its monthly Systemic Risk Committee meetings. In its report released today, the GAO stated that “FSOC does not conduct tabletop or similar … [Read more...] about Financial Stability Oversight Council Is Missing An Opportunity To Enhance Preparedness And Response To Financial Stability Risks

The pandemic has exposed many vulnerabilities and challenges that the United States needs to confront immediately. On a daily basis, I see those vulnerabilities in the area of financial literacy, that is, knowledge about earnings, expenditures, savings, investments, and long-term financial planning.  According to studies compiled by the U.S. Financial Literacy and Education Commission, only one-third of adults could answer at least four of five financial literacy questions on fundamental … [Read more...] about Financial Literacy Is More Essential Than Ever

For decades, numerous academics, consumer advocates, and legislators have pointed out the importance of consumer credit scores on individuals’ ability not only to obtain credit, but also on housing and loan affordability. The fact that the three credit reporting companies, Equifax, Experian, and Transunion, are practically an unregulated and unsupervised oligopoly, has led to a system that has had a destructive impact on millions of Americans and which is in dire need of reform for the good of … [Read more...] about America’s Consumer Credit Reporting System Desperately Needs Reform