Scrambling For More Security

At the same time the federal government is levying billion dollar fines on banks for mortgage dealings that preceded the Great Recession, banks are facing sophisticated cyberattacks from Russia that may cost billions more. It is not clear that banks can move swiftly enough to escape Russian cyber-piracy.  So far, they have been slow to […]

Daily Caller: Without Bank Participation, Order Falls Short For Consumers

President Obama recently signed an executive order that requires government-issued credit and debit cards to be equipped with new chip and PIN technology aimed at reducing fraud.  Given the persistent rash of data breaches aimed at American consumers and businesses, the security measure was met with applause. But despite this progress, the vast majority of […]

Justice for Profit

The automobile industry has a disreputable track record of rolling out flawed vehicles that threaten consumer safety.  The inevitable recalls burden consumers with worry and wasted time.  No manufacturer has a monopoly on faulty cars. Over the past several years, GM recalled 1.4 million cars due to a faulty ignition switch involving 13 deaths.  Ford […]

The Hill’s Congress Blog: Protecting Banks is Not the Answer

Some banks are asking state legislators to pass resolutions calling on the U.S. Congress to eliminate the nonprofit status of credit unions, effectively imposing new taxes on the banks’ smallest of rivals.  Said differently, “too big to fail” banks – those first to get in line for federal help and bailouts – are coming to […]

ACI in Real Clear Policy: Are Banks Too Big To Compete?

This article written by ACI president Steve Pociask discusses so called “too big to fail” banks and their attempts to squash competition with the help of Congress.  It raises the question — are big banks are too big to compete?  The article, published in Real Clear Policy, can be downloaded on their website.

ACI Blog in Huffington Post: Deficit-Free Economic Stimulation

Congress has it hands full again. With the potential of cutting government spending and raising taxes, most Democrats and Republicans have one thing they can agree on – either option could jeopardize an already weak economic recovery. But there is one win-win solution that can encourage economic investment, help small businesses grow, create jobs, and […]

When Washington Abandons Routine Business it Harms Banks and Depositors

Washington is playing Kabuki Theater on too-much versus too-little spending on entitlements. This ideological snit is so intense and chronic that little else gets done.  Deposit insurance for non-interest bearing transaction accounts was approved before and has worked very well for community banks, commercial depositors, and indirectly for consumers.  Banks pay for the insurance, so […]

The Real World Quest for Mortgages

Before Dodd-Frank, banks faced strong pressure to lend so that more people could own a home regardless of their ability to repay.   Dodd-Frank will spawn byzantine regulation enacting bank capital requirements, retention of 5% interest in securitized mortgages  and other mortgage reforms.  Most regulations required under Dodd-Frank have yet to be proclaimed, so banks are […]