Money
Inside the New York Fed: Secret Recordings and a Culture Clash
Carmen Segarra became a polarizing personality inside the New York Fed — and a problem for her bosses — in part because she was too outspoken and direct about the issues she saw at both Goldman and the Fed. In a tense, 40-minute meeting recorded the week before she was fired, Segarra's boss repeatedly tries to persuade her to change her conclusion that Goldman was missing a policy to handle conflicts of interest. more »
Some States Buck National Trend of Stagnant Incomes: How Did Your State Do?
In one state, a high-school dropout can land a six-figure job. In another area of the country, only college graduates can compete for that kind of salary. Nevada's median household income fell 9 percent to $51,230 between 2008 and 2013, the largest percentage decrease among states. Maryland has the top median income in the nation, at $73,022, followed by Alaska at $72,626 and New Jersey at $70,223. Since 2008, Alaska has overtaken New Jersey and Connecticut to become the state with the second highest median income, thanks to a 6 percent increase. more »
Ageism and Car Loans: CFPB Proposes New Federal Oversight of NonBank Auto Finance Companies
The Consumer Financial Protection Bureau (CFPB) is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. The Bureau also released a supervision report that details the auto-lending discrimination that the Bureau has uncovered at banks. The Consumer Financial Protection Bureau (CFPB) is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. The Bureau also released a supervision report that details the auto-lending discrimination that the Bureau has uncovered at banks. more »
Overdrawing Your Account? Small Debit Purchases Lead to Expensive Overdraft Charges
The Consumer Financial Protection Bureau released a report that raises concerns about the impact of opting in to overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees are incurred on transactions of $24 or less and that the majority of overdrafts are repaid within three days. If a consumer borrowed $24 for three days and paid the median overdraft fee of $34, such a loan would carry a 17,000 annual percentage rate. more »