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JP Morgan Chase (NYSE: JPM), Disney (NYSE: DIS) Offer New Disney Rewards Debit Card
JP Morgan Chase (NYSE: JPM) announced Wednesday that its Chase banking unit has joined up with Disney (NYSE: DIS) to offer the Disney Rewards Visa Debit Card. The card joins the family of existing Chase Disney Rewards Visa cards... More of this article »
President Obama Meets With Community Bankers, Discuss Small Business Lending
Eight members of the Independent Community Bankers of America (ICBA) met with President Obama on Tuesday to discuss concerns over banking regulations that slow the increase in small business lending that the White House so desires. The... More of this article »
Commerce Department Reports 2.2 Percent Third Quarter GDP Growth
The Commerce Department released its final revision of third quarter Gross Domestic Product (GDP) on Thursday. According to the report, the U.S. economy grew by 2.2 percent on an annual pace, snapping a streak of four straight quarters... More of this article »
Microsoft (NSDQ: MSFT) CFO Liddell To Become Finance Chief Of General Motors (OTC: MTLQQ.PK)
General Motors (OTC: MTLQQ.PK) announced Monday that it has appointed Chris Liddell as chief financial officer and vice chairman. Liddell, 51, will leave his position as CFO of Microsoft, a role he has held since May 2005. Liddell... More of this article »
Capital One (NYSE: COF) Introduces “InterestPlus” Online Savings Account
Capital One Financial Corporation (NYSE: COF) announced late last week that it added InterestPlus Online Savings to its line of high-yield direct banking products. The savings account currently offers a 1.6 percent annual percentage... More of this article »
2009 Bank Failures Hit 140 As Seven More Close; FDIC Unable To Find Buyers For All
The Federal Deposit Insurance Corporation (FDIC) announced Friday it was named receiver of seven more banks that were shutdown by the Office of Thrift Supervision (OTS). The closures now bring the 2009 failed bank list to 140. Georgia,... More of this article »
Prudential (NYSE: PRU) To Sell Wachovia Securities Stake To Wells Fargo (NYSE: WFC), Net $1.5 Billion
In a regulatory filing with the Securities and Exchange Commission, Prudential Financial Inc. (NYSE: PRU) stated on Wednesday that it expects to gain about $1.5 billion from the sales of its minority stake in Wachovia Securities. The... More of this article »
TIME Chooses Fed Chairman Ben Bernanke As 2009 Person Of The Year
After much consideration, TIME Magazine announced that Federal Reserve Chairman Ben Bernanke has been names its 2009 Person of the Year. According to TIME managing editor Richard Stengel, Bernanke edged out General Stanley McChyrstal,... More of this article »
U.S. Credit Card Defaults Rise In November; Citigroup (NYSE:C), Bank Of America (NYSE: BAC) Lead The Way, While AMEX (NYSE: AXP) Improves
After falling a month earlier, financial institutions reported rising credit card defaults in November. Bank of America (NYSE: BAC) still leads all big banks with a 13 percent default rate, but Citigroup (NYSE: C) posted the largest... More of this article »
Bank Of America (NYSE: BAC) To Increase Lending By $5 Billion In 2010, Follows JP Morgan’s (NYSE: JPM) Similar Pledge
Shortly after President Obama finished telling big bank executives they need to explore every option available to increase lending, Bank of America (NYSE: BAC) announced it will increase lending to small and mid-sized business by $5... More of this article »
Independent Community Bankers Want TARP Focused On Main Street Banks
The Independent Bankers Association of America (ICBA) urged the Obama Administration last week to focus Troubled Asset Relief (TARP) funds on main street community banks. TARP was recently extended to October 3, 2010. The ICBA believes... More of this article »
JP Morgan Chase (NYSE: JPM) Helps Feeding America Org., Donates $5 Million
JP Morgan Chase (NYSE: JPM) announced Thursday that its Chase unit has donated $5 million to Feeding America, which is the country’s largest hunger relief organization. According to Feeding America, the donation marks the largest... More of this article »
Wells Fargo (NYSE: WFC) Says Home Loan Modification Efforts Progressing
Wells Fargo & Company (NYSE: WFC) issued a press release on Thursday detailing how it continues to reduce the number of home foreclosures throughout the nation with the use of the federal Home Affordable Modification Program (HAMP) Through... More of this article »
Bank Of America (NYSE: BAC) Completes $45 Billion TARP Repayment
Bank of America (NYSE: BAC) announced late Wednesday that it has completed its repayment of government funds received from the Troubled Asset Relief Program (TARP). The bank sent the U.S. Treasury Department a $45 billion payment... More of this article »
U.S. Mortgage Applications Rise On Refinancing Activity
The Mortgage Bankers Association released a report Wednesday that showed home loan applications jumped last week to the highest levels in a couple months as homeowners actively pursued refinancing as rates sit near historically lows. The... More of this article »
CIT Group To Emerge From Bankruptcy On Thursday
Just over a month after filing for Chapter 11 bankruptcy protection, CIT Group Inc. announced Tuesday that a judge approved its reorganization plan and the small and mid-size business lender will emerge from bankruptcy protection this... More of this article »
Bank Of America (NYSE: BAC) Mortgage Modification Efforts Help 600,000 Borrowers Since Inception
Bank of America (NYSE: BAC) announced late Monday that it has provided relief for more than 600,000 homeowners since January 2008 through loan modification efforts. The Treasury Department’s most recent Making Home Affordable... More of this article »
U.S. Gov’t To Slash Estimate Of TARP Cost By $200 Billion
The Obama Administration is expected to announce a drastic reduction to its cost estimate of the Troubled Asset Relief Program (TARP). The new estimate will reportedly be for a cost of $141 billion, well lower than the $341 billion... More of this article »
FDIC Shutters Six More Banks, Total ’09 Failures Hit 130
The Federal Deposit Insurance Corporation announced Friday it shuttered six more banks, bringing total bank failures in 2009 to 130. The FDIC did not report any bank closures a week ago, November 27. Georgia, which has seen a large... More of this article »
Treasury Prices Capital One (NYSE: COF) Warrants, Taxpayers To Make $146 Million On Deal
The U.S. Treasury Department announced Friday the Capital One (NYSE: COF) warrants it is auctioning off have been priced at $11.75 per issue. The warrants have received authorization to be listed on the New York Stock Exchange under... More of this article »
FDIC Study Shows One In Four U.S. Households Are Not Using Banks
The Federal Deposit Insurance Corporation (FDIC) released the findings from its FDIC National Survey of Unbanked and Underbanked Households on Wednesday. Results from the study showed that about one of every four U.S. households... More of this article »
Wells Fargo (NYSE: WFC) To Close 122 Branches In California
A report hit the wires early Wednesday morning that stated Wells Fargo (NYSE: WFC) intends to shutdown 122 of its banking branches in California due to overlaps from the acquisition of Wachovia. The locations being shuttered are... More of this article »
Treasury Department To Auction Off Capital One (NYSE: COF) Warrants, JP Morgan (NYSE: JPM) Warrants Likely Next
The U.S. Treasury Department announced Tuesday it plans to auction off 12.66 million warrants it holds for stock in Capital One Financial Corp (NYSE: COF). The credit card company received $3.55 billion in government bailout money... More of this article »