No banks are safe (bail ins, FDIC limits, systemic risks)

[searcher]

If you think banks aren't safe now just imagine them without the FDIC.

Trump team mulls axing Great Depression-era agency that guards against bank failures: WSJ

President-elect Donald Trump's advisers, alongside tech billionaire Elon Musk's Department of Government Efficiency task force, are soliciting opinions from nominees on whether it would be possible for Trump to abolish the Federal Deposit Insurance Corporation, the Wall Street Journal reported Thursday.

For now, at least, the idea appears to be reorganizing its function rather than eliminating it outright. Trump's advisers "have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said," reported Gina Heeb.

More:

https://www.msn.com/en-us/money/oth...S&cvid=cd6a565b390b457da8af5197ba1641cb&ei=14

 

[pmbug]

^^ That doesn't mean the deposit insurance would be axed - just the current group of nincompoops managing it.

 

[searcher]

If you think banks aren't safe now just imagine them without the FDIC.

Trump team mulls axing Great Depression-era agency that guards against bank failures: WSJ

President-elect Donald Trump's advisers, alongside tech billionaire Elon Musk's Department of Government Efficiency task force, are soliciting opinions from nominees on whether it would be possible for Trump to abolish the Federal Deposit Insurance Corporation, the Wall Street Journal reported Thursday.

For now, at least, the idea appears to be reorganizing its function rather than eliminating it outright. Trump's advisers "have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said," reported Gina Heeb.

More:

https://www.msn.com/en-us/money/oth...S&cvid=cd6a565b390b457da8af5197ba1641cb&ei=14

^^ That doesn't mean the deposit insurance would be axed - just the current group of nincompoops managing it.

No More FDIC Under Trump? What's NEXT For Your Money?​

Dec 15, 2024 #jenniferlammer #bondbeginners #bondmasters

Why does Trump want to abolish the FDIC & will the deposit insurance at your bank go away? Plus, what should you do now?


13:45

SOURCES & REFERENCED VIDEO:

- LEARN MORE ABOUT HOW FDIC INSURANCE WORKS: https://youtu.be/txmXJBGU_70
- https://www.wsj.com/finance/regulation/trump-advisers-bank-regulations-fdic-efa761dc?mod=hp_lead_pos1
- https://newrepublic.com/post/189377/trump-economy-bank-regulator-plan
- https://nypost.com/2024/12/13/business/trump-aides-mull-abolishing-fdic-as-part-of-deregulation-spree/
- https://www.cato.org/blog/financial-alphabet-soup
- https://www.fdic.gov/https://x.com/SheilaBair2013/status/1867549143855431689

 

[searcher]

US consumer watchdog sues big banks over 'widespread' fraud on Zelle payment app​

(Reuters) -The U.S. Consumer Financial Protection Bureau said on Friday it filed a lawsuit against JPMorgan Chase, Bank of America and Wells Fargo for failing to protect consumers from alleged "widespread fraud" on payments platform Zelle.

The lawsuit was initiated as the watchdog moves ahead with an aggressive agenda in the final weeks of Joe Biden's Democratic administration in a bid to advance consumer protections before President-elect Donald Trump overhauls the agency, said three people familiar with the agency's thinking. The moves defy congressional Republicans, who have called for agencies to cease rulemaking.

The CFPB seeks to stop the alleged unlawful practices, secure redress and penalties, and obtain other relief for consumers, it said in a statement.

"What they built became a goldmine for criminals," making it easy for fraudsters to drain accounts, while providing insufficient protections for consumers or making them whole for losses, CFPB Director Rohit Chopra told journalists in a briefing. "These banks broke the law by running a payments system that made fraud easy, while refusing to help the victims."

More:

https://www.msn.com/en-us/money/new...S&cvid=feaee75ba4ec40cfa034189d8fbf2ec0&ei=15