BuzzFeed News and the International Consortium of Investigative Journalists published the FinCEN Files, revealing more than $2 trillion in suspicious banking transactions reported to the U.S. Financial Crimes Enforcement Network between 1999 and 2017. The files contained over 2,100 Suspicious …
FinCENBuzzFeed NewsInternational Consortium of Investigative Journalists (ICIJ)Deutsche BankHSBC+4 moremoney-launderingbankingfinancial-crimeregulatory-failuresuspicious-transactions+2 more
President Trump signs the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155), dramatically weakening post-2008 financial regulations by raising the asset threshold for ‘systemically important financial institution’ (SIFI) designation from $50 billion to $250 …
Donald TrumpGreg BeckerSilicon Valley BankMike CrapoMark Warner+3 morederegulationbankingdodd-frankregulatory-capturelobbying+2 more
Agha Hasan Abedi established the Bank of Credit and Commerce International (BCCI) in Luxembourg, creating an international bank with initial capital from Bank of America and Sheikh Zayed bin Sultan Al Nahyan. BCCI rapidly expanded to become the seventh-largest private bank in the world before being …
Agha Hasan AbediSheikh Zayed bin Sultan Al NahyanBank of Americabankingfinancial-crimeinternational-bankingmoney-launderingregulatory-capture
The Office of Alien Property Custodian seizes the assets of Union Banking Corporation (UBC) in New York on October 20, 1942, under the Trading with the Enemy Act. Among the bank’s directors is Prescott Bush, father and grandfather of two future presidents, whose firm Brown Brothers Harriman …
A second wave of banking panics erupts in June 1931 centered in Chicago, where depositor runs beset networks of banks that had invested in declining real estate assets, resulting in approximately 2,300 bank suspensions during 1931—significantly more than the 1,350 failures in 1930. The crisis …
Herbert HooverFederal ReserveAmerican bankersdepositorsfinancial-crisisbankinggreat-depressionderegulationinstitutional-failure
The Federal Reserve Board issues a public warning that banks should not make loans for stock market speculation, expressing concern about the use of Federal Reserve credit to finance the securities boom. The announcement signals regulatory awareness that margin lending and speculative excess pose …
Federal Reserve BoardBenjamin StrongCharles MitchellAndrew MellonNational City Bankregulatory-failurefinancial-speculationbankinginstitutional-capture
President Calvin Coolidge signs the McFadden Act, one of the most contested pieces of banking legislation in U.S. history, which recharters the twelve Federal Reserve District Banks into perpetuity but prohibits interstate branch banking for national banks. Named after Representative Louis Thomas …
Louis Thomas McFaddenCalvin CoolidgeU.S. CongressFederal Reservefinancial-deregulationbankingregulatory-capture
American agriculture enters a decade-long depression beginning in summer 1920 as commodity prices collapse following the end of wartime demand. Wheat prices fall from $2.50 per bushel to under $1.00; cotton drops from 35 cents per pound to 13 cents; corn collapses from $1.50 to 42 cents. Meanwhile, …
Andrew MellonFederal ReserveFarm BureauU.S. Congresseconomic-crisisregulatory-failurerural-americabankingagricultural-policy