Archive for October, 2009
Wells Fargo (NYSE:WFC) Customer Seeking ‘Class-action’ Status in Lawsuit Against Bank
In a move that could come back to haunt them, Wells Fargo (NYSE:WFC) sent a letter to a client saying her home equity line of credit had been suspended based on her credit rating. The problem was her credit rating was actually very good, and the only blemish, which had been disputed, was a $28 [...]
Major Banks Releasing Quarterly Results This Week – Starting with JPMorgan Chase (NYSE:JPM)
How will people respond to the release of most major bank earnings this week? Speculation is all over the place as JPMorgan Chase (NYSE:JPM) leads things off on Wednesday morning. Preliminary thoughts are everyone will pick among the data and use them to support their particular viewpoint. Personally I’m a little suspicious of those types [...]
Virgin Money Brings New Twist to Peer-to-Peer Lending
Companies such as Prosper and Lending Club have provided a marketplace to individuals wishing to lend each other money over the internet, now Virgin Money hopes to formalize loans made between friends and family members. Virgin money is a dramatic departure from other companies that facilitate peer-to-peer lending. With Lending Club and Prosper.com, there’s a [...]
Bank of America (NYSE: BAC) To Re-Launch Merrill Lynch Wealth Management
Bank of America (NYSE:BAC) announced last week that it will re-launch the Merrill Lynch Wealth Management brand after research and a survey showed many affluent American are unsure how to invest back in the markets following the economic downturn. Along with the brand re-launch, will be the “Affluent Insights Quarterly,” a new survey provided by [...]
ICBA Urges Congress To Focus Consumer Protection On Too-Big-To-Fail Firms
The Independent Community Bankers of America (ICBA) addressed Congress in regard to the proposed Consumer Financial Protection Agency (CFPA), urging them to set the agency’s sights on the unregulated firms that hold systematic risk. The ICBA has been very vocal over the past year as Congress looks to reform the banking sector and how it [...]
American Banking News Twitter Updates for the Week of 2009-10-11
Report on Bailouts Says Treasury Misled Public – New York Times http://tinyurl.com/yb7u5dd #Econ # US banking regulator eyes bank creditor claims – Reuters http://tinyurl.com/ychbnks #Econ # First job for new Bank of America CEO? – FierceFinance http://tinyurl.com/yeplpo2 #Econ # Dutch Govt Still Talking To Deutsche Bank Over ABN Remedy – Wall Street Journal http://tinyurl.com/y9mdm2b #Econ [...]
Retirement Savings Contribution Credit Offers Tax Benefits for Retirement Savers
In the last several years, Congress has made it much more desirable to save for retirement. One of the tax credits which was introduced provides tax credits for low income earners that are putting money away for retirement, called the “Retirement Savings Contribution Credit.” If you save money into a 401(K) plan or invest through [...]
Wells Fargo (NYSE: WFC) Raising Interest Rates on Credit Cards
Wells Fargo (NYSE: WFC) is planning on raising interest rates on their credit card customers and home equity line of credit customers on December 1st. Wells Fargo is rushing through an interest rate increase before a new federal ban comes that prevents companies selling credit card products from raising interest rates on existing balances that [...]
Consumer Borrowing Drops for 7th Consecutive Month
As the unemployment rate climbs dangerously close to 10%, Americans are saving more, spending less and getting their personal financial situations in order. According to statistics published by the Wall Street Journal the amount that consumers are borrowing has dropped for seven consecutive months—the fist time since 1991. The amount of credit card debt that [...]
JPMorgan Chase (NYSE:JPM), Bear Stearns, Morgan Stanley (NYSE:MS) and Credit Suisse (NYSE:CS), Settle for $100 Million with American Business Financial Services Trustee
An attorney announced yesterday that JPMorgan Chase (NYSE:JPM), Bear Stearns, Morgan Stanley (NYSE:MS) and Credit Suisse (NYSE:CS) agreed to an overall $100 million settlement over the lawsuit filed by trustee George Miller of American Financial Services Inc. According to the lawsuit, these banks empowered and enabled American Business Financial Services to continue operations by allowing [...]
Labor Union Wants Pay Czar To Cut Bank Of America (NYSE: BAC) CEO Lewis’ Pension
The Service Employees International Union sent a formal letter to the pay czar, Kenneth Feinberg, requesting he stop Bank of America’s retiring CEO Ken Lewis from receiving a pension and severance package worth about $125 million. The SEIU called Lewis “one of the chief architects of the most severe economic crisis since the Great Depression.” [...]
Top Female Bankers Defend and Support Their Industry
In celebration of ‘The 25 Most Powerful Women in Banking,’ industry leaders gathered at the Plaza Hotel on Tuesday evening to honor the top women in banking, who were selected by the editors of U.S. Banker and American Banker. While it was enjoyable and celebratory, when the top banking women came to the stage, they [...]
Is the Federal Housing Administration Next to be Bailed Out?
In testimony before a House committee in Washington yesterday, former chief credit officer for Fannie Mae said that the Federal Housing Administration (FHA) could need to be bailed out by the taxpayers sometime in the next 24 to 36 months, saying its has $54 billion over the amount of losses it can sustain. The FHA [...]
Wells Fargo (NYSE:WFC) Raising Credit Card Interest Rates 3 Percentage Points Before New Limits Put in Place
Wells Fargo & Co., of which Warren Buffett has a large stake via his Berkshire Hathaway (NYSE:BRK.A) holding company, has decided to raise its interest rates on credit cards by 3 percentage points before the upcoming rules are put in place, which will limit credit card rates when they are put into effect. Wells Fargo [...]
Housing Market Continues to Look Good for Buyers in 2010
2009 was one of the best summers for home-buyers to purchase a new home since the 1960’s. Interest rates were at record lows, home prices were depressed, and there was an $8,000 tax credit from the federal government to buy a home. Because of actions by the Federal Reserve and Congress, 2010 will continue to [...]
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