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Credit Card Solicitations on the Decline, USPS Hurting
As recently as three years ago, there were a total of 8 billion new credit card solicitations mailed out each year to consumers. At the time, it was a major revenue source for the US Postal Service, and now that those numbers have... More of this article »
New Rules Pass Regulating Conflict of Interest for Regional Federal Reserve Board of Directors
New rules were put into place to better handle conflicts of interest in regard to the board of directors of the 12 regional Federal Reserve banks. The new rules were put into immediate effect. Much of this impetus behind the rules... More of this article »
Federal Reserve Wants Bank of America (NYSE:BAC), Wells Fargo (NSYE:WFC), Citigroup (NYSE:C) to Submit TARP Repayment Plans
It seems the Federal Reserve has had mounting pressure to pressure banks like Bank of America (NYSE:BAC), Wells Fargo (NSYE:WFC), Citigroup (NYSE:C) to submit repayment plans concerning the TARP funds they received. Along with the... More of this article »
Federal Reserve Wants Bank of America (NYSE:BAC), Wells Fargo (NSYE:WFC), Citigroup (NYSE:C) to Submit TARP Repayment Plans
It seems the Federal Reserve has had mounting pressure to push banks like Bank of America (NYSE:BAC), Wells Fargo (NSYE:WFC), Citigroup (NYSE:C) to submit repayment plans concerning the TARP funds they received. Along with the three... More of this article »
Federal Reserve Minutes Detail Gov’t Liquidity Programs, State of Economy
The Federal Reserve released the minutes from its last Federal Open Market Committee meeting held on September 22. Comments leaned toward an improving economy with improving retail sales and stabilizing unemployment. The report listed... More of this article »
Is a Tobin Tax in Store for Large Banks Goldman Sachs (NYSE: GS), Citigroup Inc (NYSE: C) and Bank of America (NYSE: BAC)?
The phrase “too big to fail” may get retired in 2010, but for banks such as Goldman Sachs (GS), Citigroup Inc. (C) and Bank of America (BAC), they may face a new round of punitive legislation to deal with the political fallout. According... More of this article »
Deposit Insurance Fund in Red by $8.2 Billion
As of the end of the third quarter, the Deposit Insurance Fund, the fund that backs up the guarantee that deposits in bank are secure up to $250,000, has dropped into the red to the tune of $8.2 billion. This is no surprise, as the... More of this article »
JPMorgan Chase & Co. (NYSE:JPM) Drops Arbitration Clause From Card Contracts in Antitrust Lawsuit
JPMorgan Chase & Co. (NYSE:JPM), the largest credit card lender in America has agreed to drop the use of an arbitration clause in order to move forward in settling an antitrust lawsuit which included a number of other large financial... More of this article »
Lending Club Hosts Webcast about New IRA Product
Lending Club recently hosted an online conference with its investors about its new IRA product. During the conference, hosted on Instant Presenter, Scott Langmack presented on Lending Club’s new IRA option to over 100 of the company’s... More of this article »
Congressmen Ron Paul and Alan Grayson Announce Amendment Based on HR 1207 Passes in Financial Services Committee
Concerns were raised after highly supported HR 1207 was gutted by Mel Watts, who offered a version of the bill so different as to not to be taken seriously, in response, Congressmen Ron Paul and Alan Grayson added an amendment to HR... More of this article »
Capital Injections to Bank of America (NYSE: BAC) and Citigroup (NYSE: C) Under Scrutiny as TARP Losses Increase
Huge capital injections to giant banks such as Bank of America Corp. (BAC) and Citigroup Inc. (C) are coming under even closer scrutiny as taxpayers are at risk of losing $5.1 billion invested in the Troubled Asset Relief Program (TARP). In... More of this article »
How Many Rules Does it Take to Regulate Overdraft Fees?
When the Federal Reserve introduced new rules last week which would ban banks and credit unions from charging overdraft fees to consumers at ATMs or debit cards unless they’re giving option of accepting or declining the service,... More of this article »
Obama’s ‘Worker, Homeownership and Business Assistance Act of 2009’ Provides Tax Breaks Worth Billions to Big Business
Nowhere has the bailout funds been seen as useless than the billions thrown around by the Obama administration in the name of creating more jobs. Now that it has been exposed as either a hoax, or at minimum – incompetence, the... More of this article »
China Criticizes U.S. Monetary Policy, Says Could Risk Global Recovery
Liu Mingkang, China’s top banking regulator, speaking at the International Finance Forum in Beijing on November 15, said that U.S. monetary policy is generating a tremendous amount of speculation in global asset markets, and... More of this article »
U.S. Trade Deficit Soars 18.2 Percent In September
The Commerce Department announced Friday that the U.S. Trade Deficit hit $36.5 billion in September, the largest amount since this past January. The figure topped the $31.5 billion economists’ were expecting and marks the largest... More of this article »
Lending Club Offers No-Fee IRA Option for P2P Lenders
P2P Lending Firm, Lending Club, has recently announced an option to for investors making P2P loans to invest through an individual retirement arrangement (IRA), allowing tax-free investing in the fledgling peer-to-peer loan industry. Lending... More of this article »
FDIC Board Unanimously Approves $45 Billion Prepay for Banks to Shore Up Deposit Insurance Fund
In an expected move, the board of the Federal Deposit Insurance Corp. unanimously approved a 3-year prepayment by banks to the tune of $45 billion in order to put liquidity back into the Deposit Insurance Fund, which ran out of money... More of this article »
Bank Customers Must Give Consent Under New Overdraft Rules
In response to complaints from consumers over unexpected overdraft fees from banks, the Federal Reserve instituted a new rule which forces banks to secure consent from the consumer before allowing them to overdraft their accounts,... More of this article »
Pay Czar Concerned AIG (NYSE: AIG), Bank of America (NYSE: BAC) and Other Firms Could Lose Top Talent
The Treasury Department’s “pay czar”, Kenneth Feinberg, commented on Thursday that he is concerned about scaring away some of the best talent at seven firms, including Bank of America (NYSE: BAC) and American International Group... More of this article »
Report from ‘Pew Center on the States’ Confirms U.S. Economic Recovery a Myth and Need for Limited Government
In a devastating report on the fiscal condition of states across America, a report from the Pew Center on the States found that, along with California, nine other states are approaching similar crises. This of course raises the question... More of this article »
Editorial: Are We Still Missing the Lessons from Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) Disaster?
As Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) have grown even more “too big to fail” in the eyes of many industry watchers, the... More of this article »
Lloyds Banking Group (LON: LLOY) Prospectus Reveals Reliance on Government Support
Lloyds Banking Group Plc (LON: LLOY) has been “heavily reliant” on the England’s central bank and other government-sponsored liquidity schemes, according to a newly released company fundraising prospectus. The prospectus stated... More of this article »
Citibank (NYSE: C) and UBS (NYSE: UBS) To Advise British Government on Railway Asset Sales
Investment banks Citibank (NYSE: C) and UBS (NYSE: UBS) will be retained as advisers to the British government during the sale of Government and London & Continental Railways, when its Channel Tunnel rail link is sold in 2010. The... More of this article »