Banking regulation

How the financial crisis eroded public trust

Wall Street bull statue
Photo: Erik McGregor/Pacific Press/LightRocket via Getty Images

Back in September, Axios published a special report on the 2008 financial crash. As part of it, we asked nine U.S. economic and financial experts to name the greatest fallout.

Their most frequent answer: The loss of public trust and the conspiratorial and paranoid thinking that has surged into politics since. Adam Tooze, author of “Crashed: How a Decade of Financial Crises Changed the World,” agrees. When Tooze, a Columbia history professor, observes the political upheaval in the U.S. and Europe, he sees the continuing reverberations of the crash and the oblivious financial elite that was supposed to have policed the system, writes Christopher Leonard, author of the forthcoming "Kochland."

CFPB report shows college-promoted bank accounts rip students off

Data: Consumer Financial Protection Bureau; Chart: Andrew Witherspoon/Axios

Very few people actually like their bank, which is quite likely to be the same bank they've had since college. This chart shows why that isn't going to change anytime soon.

The big picture: A CFPB report — written earlier this year and finally made public last week after Allied Progress obtained it through a Freedom of Information Act request — studies the fees levied by bank accounts held by college students. Roughly a third of them now attend schools where a single bank or credit union pays the college a fee to promote its products. If you attend a college that accepts such a deal, your average annual fee is $36.52, more than three times the average fee for students at colleges that don't accept paid account promotion.

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