The Federal Reserve contributes to inequality: Former FDIC Chair

The Federal Reserve contributes to inequality: Former FDIC Chair

Sheila Bair, the former head of the FDIC during the financial crisis, said the Federal Reserve contributes to inequality in the U.S. and that monetary policy, which largely helps the wealthy, fails to adequately trickle down to other demographics.  “I think it would be good for the Fed to acknowledge that and try to find […]
Overdraft fees have forced the poor out of banks: former FDIC chair

Overdraft fees have forced the poor out of banks: former FDIC chair

In 2019 Americans paid $11.68 billion in bank overdraft fees. Most of these fees (80%) were paid by just 9% of the customers, who are often the bank’s poorest, with balances of around $350 or less, according to the Center for Responsible Lending.  This tends to have a...
FDIC would have made Great Depression a ‘much different experience’

FDIC would have made Great Depression a ‘much different experience’

Warren Buffett said on Saturday the Federal Deposit Insurance Corporation is an under-appreciated part of the U.S. economy, arguing that the Great Depression would have been a “much different experience” if the FDIC had been created 10 years earlier. “One very, very,...
FDIC warns of bank scams amid coronavirus pandemic

FDIC warns of bank scams amid coronavirus pandemic

The FDIC issued an unusual message on Wednesday, reassuring consumers that “insured bank deposits are safe” and warning people of scams using the government agency’s name. “In light of recent developments related to the coronavirus, the Federal Deposit...