And doing business as a too-big-to-fail bank means more money transactions by volume, compared to smaller banks. Mix that with a perception that the big bank is too-big-to-fail and investors show favoritism.
The New York Federal Reserve announced Tuesday it selected William C. Dudley as its new president and CEO. Dudley, 56, will succeed Timothy Geithner, who was sworn in as the new Treasury secretary late Monday.
They've been called "the dream team" -- dubbed by supporters as brilliant, outstanding and exceptionally talented, President-elect Barack Obama unveiled nominations for his administration's economic team Monday. Among them is current New York Federal Reserve President Timothy Geithner, who Obama has tabbed as the next secretary of the U.S. Treasury, a position that will undoubtedly shape the tenor of the mortgage financial market for the next four years.
As Ben Bernanke delivered largely unsurprising remarks Tuesday suggesting that a formalized regulatory structure was needed to manage future potential failures of large investment banks, lawmakers in the House of Representatives said they would hold the first of a series of hearings on growing systemic risk in the nation's financial markets.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More