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Senator Schumer Pushes Change In SEC Funding Following Madoff Failures
New York Senator Charles Schumer, Democrat, released a statement on Thursday listing his intent to push a proposal that would change the Securities and Exchange Commission’s method of funding, providing the agency access to millions... More of this article »
Citigroup Shareholders Authorize Common Stock Increase, Gov’t Stock Conversion Begins
Citigroup (NYSE: C) announced Thursday that shareholders approved a proposed authorization to substantially increase the number of outstanding common stock. The move was needed for Citigroup to proceed with a share exchange, giving... More of this article »
Bank of America Looks To Repay Gov’t Aid, Exit Loss Share Agreement
Bank of America said on (NYSE: BAC) Tuesday that it has offered to pay back a portion of the government aid it has received, which has reached $45 billion. The bank is also looking to end the loss sharing agreement it has with the... More of this article »
Obama’s Pay Czar Is A “Paid” Man
In early June President Barack Obama appointed Kenneth Fienberg to act as the pay czar for the Treasury Department and essentially policing Wall Street Compensation. Fienberg is probably most known for overseeing the government’s... More of this article »
FDIC Eases Investor Guidelines Ahead Of Quarterly Briefing
The Federal Deposit Insurance Corporation approved a softer set of investment requirements on Wednesday in its quest to expand the pool of eligible and interested investors. The current changes are aimed at bringing in private equity... More of this article »
Judge Seeks Explanation In SEC’s Bank Of America Probe
A District Judge has ordered the Securities and Exchange Commission to explain its investigation, or lack thereof, on Bank of America and whether the bank misled shareholders and omitted information in regard to Merrill Lynch bonuses. Bank... More of this article »
Report: Obama To Nominate Bernanke For Second Term
President Barack Obama plans to nominate Federal Reserve Chairman Ben Bernanke for a second term, according to a report by Associated Press. The announcement is likely to come on Tuesday while Obama is on break from a vacation on... More of this article »
FDIC’s Deposit Fund May Need 25% of U.S. Banking Profit in 2010
With the 80th bank failure occurring in just the first eight months of 2009, the U.S. banking industry’s fee burden from the FDIC is continuing to be pressured as the Deposit Insurance Fund shrinks. Richard Bove, an analyst with... More of this article »
Mortgage Delinquencies Continue Rise In Q2, Top Q1 Record
The rate of delinquent U.S. mortgages continues to grow sequentially and that did not change in the second quarter as even more struggling borrowers fell at least 30 days behind on their loan payments. The Mortgage Bankers Association... More of this article »
JP Morgan Provides California $1.5 Billion Loan To Repay IOUs
The California State Treasurers office announced late Tuesday that JP Morgan Chase is supplying a $1.5 billion loan that will allow it to end its IOU program come September 4, when the state’s new cash-flow borrowing plan kicks in. The... More of this article »
U.S. Credit Card Defaults Ease In July
The ever-increasing rate of credit card defaults in the U.S. finally showed signs of easing in July as evidenced by regulatory filings from several large U.S. banks. The pullback was marginal in most cases, but the data is yet another... More of this article »
NCUA Warns Of Fraudulent Credit Union Advertisements
The National Credit Union Administration learned earlier this month of a fraudulent lending scheme by parties that claim to be credit unions. The scheme is done by placing false advertisements that offer to help potential customers... More of this article »
FDIC Seizes Colonial Bank, Four Others
The Federal Deposit Insurance Corporation announced Friday that it was appointed receiver of five more banks that were shutdown by State Commissions this week. The biggest name of which is Colonial Bank, which has been in the news... More of this article »
Federal Reserve To End Treasury Buying In October
Following the latest Federal Open Market Committee meeting, the Federal Reserve said it plans to slow its purchases of U.S. Treasuries and end the buying program in October, one month later than originally planned. The Federal Reserve’s... More of this article »
Freddie Mac Posts Q2 Profit, Does Not Seek Additional Aid
Freddie Mac surprised Wall Street by announcing that it swung to a profit in the second quarter, its first profit in the past two years. The mortgage company also said it does not require additional financial aid from the government... More of this article »
Wells Fargo Ramps Up Home Loan Modification Effort
Wells Fargo announced last week that is has modified more than 220,000 home loans over the first seven months of 2009. 20,219 of those loans are trial modifications being executed under the government’s Home Affordable Modification... More of this article »
Banks Cutting Home Equity Credit Lines; 5 Tips To Deal With It
The fallout from the slumping real estate market has taken a new twist as thousands of U.S. homeowners have seen their home equity line of credit either cut or frozen by their bank without warning. The kicker is it’s all completely... More of this article »
Fannie Mae Posts $15.2 Billion Loss, Seeks $10.7 Billion In Gov’t Aid
Fannie Mae announced plans Thursday to access another $10.7 billion in government aid. The move follows a second quarter earnings report that showed the mortgage giant lost $15.2 billion during the period. Last year, the government... More of this article »
U.S. Banks Barely Active In Home Loan Modification Program
A report released by the U.S. Treasury Department showed that the nation’s nine largest banks have not been very active in conducting loan modifications under the Obama Administration’s “Making Home Affordable Program.” The... More of this article »
Bank of America To Pay $33 Million Penalty Over Merrill Lynch Bonuses.
Bank of America announced Monday that it has agreed to pay a $33 million fine to settle charges brought on by the Securities and Exchange Commission. The complaint was in regard to its disclosure of Merrill Lynch bonuses paid to... More of this article »
House Passes Bill Too Limit Wall Street Compensation, Give Shareholders Say
The U.S. House of Representatives passed a bill on Friday that will give regulators additional power to limit compensation of banking and financial institution executives. The move comes in an effort to minimize the incentives for... More of this article »