Banking

2023-05-12 21:39:09
by Tom Ramstack
Banks Threatened With Tougher Rules After Collapses Deplete Accounts

WASHINGTON — The Federal Deposit Insurance Corporation announced Thursday the nation's banks will be required to replenish the backup funds... Read More

WASHINGTON — The Federal Deposit Insurance Corporation announced Thursday the nation's banks will be required to replenish the backup funds depleted by two recent big bank failures. The FDIC made the announcement on the same day the Government Accountability Office... Read More

G7 Finance Ministers Seek Ways to Spur Global Economy as Debt Risks Loom

NIIGATA, Japan (AP) — Financial leaders of the Group of Seven advanced economies are discussing ways to support Ukraine and... Read More

NIIGATA, Japan (AP) — Financial leaders of the Group of Seven advanced economies are discussing ways to support Ukraine and pressure Russia to end the war as they meet in Japan starting Thursday. Ukraine's finance minister, Serhiy Marchenko, was participating... Read More

2023-04-27 21:53:17
by Dan McCue
Renewed Bipartisan Effort Aims to Open Banking to Cannabis Industry

WASHINGTON — Just days after an extraordinary cannabis policy summit in the U.S. Capitol, a bipartisan group of lawmakers has... Read More

WASHINGTON — Just days after an extraordinary cannabis policy summit in the U.S. Capitol, a bipartisan group of lawmakers has reintroduced a bill aimed at ensuring legal cannabis businesses have access to banking and other financial services. The SAFE Banking... Read More

2023-03-28 13:53:30
by Kate Michael
Senators Consider Potential Crypto Regulation

WASHINGTON — There may be a bipartisan cryptocurrency regulation coming. But of course, there are partisan differences over how to... Read More

WASHINGTON — There may be a bipartisan cryptocurrency regulation coming. But of course, there are partisan differences over how to protect consumers while maintaining an industry-friendly environment.  Cryptocurrencies, and the blockchain foundation these currencies run on, have experienced greater volatility... Read More

2023-03-17 21:27:44
by Dan McCue
President Calls for Stronger Penalties for Execs of Banks That Fail

WASHINGTON — President Joe Biden is urging Congress to give the Federal Deposit Insurance Corporation more power to punish bank... Read More

WASHINGTON — President Joe Biden is urging Congress to give the Federal Deposit Insurance Corporation more power to punish bank executives whose institutions failed due their own mismanagement or excessive risk taking. Biden’s remarks, issued as a statement from the... Read More

Class Action Suit Filed Against Silicon Valley Bank Parent

A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief... Read More

A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn't disclose the risks that future interest rate increases would have on its business. The... Read More

Biden Tells US to Have Confidence in Banks After Collapse

NEW YORK (AP) — President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the... Read More

NEW YORK (AP) — President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval. “Americans can have confidence that the... Read More

2022-12-20 19:55:29
by Dan McCue
Wells Fargo to Pay $3.7B Over Consumer Banking Violations

WASHINGTON — Wells Fargo has agreed to pay a total $3.7 billion to settle claims that it engaged in widespread... Read More

WASHINGTON — Wells Fargo has agreed to pay a total $3.7 billion to settle claims that it engaged in widespread banking violations over the last decade that harmed millions of consumers. According to the Consumer Financial Protection Bureau, roughly $1.78... Read More

2022-10-25 23:25:54
by Dan McCue
Record Number of Americans Have Bank Accounts, FDIC Says

WASHINGTON — Despite a global pandemic that stalled state and local economies for months, a record 96% of Americans had... Read More

WASHINGTON — Despite a global pandemic that stalled state and local economies for months, a record 96% of Americans had bank accounts in 2021, according to a new survey released Tuesday by the Federal Deposit Insurance Corporation. The FDIC’s “2021... Read More

Fraud, Scam Cases Increasing on Zelle, Senate Report Finds

NEW YORK (AP) — Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle,... Read More

NEW YORK (AP) — Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into... Read More

2022-06-03 17:25:39
by Dan McCue
Bank Economists Foresee Economic Soft Landing, But Concerns Linger

WASHINGTON — A panel of the nation’s top bank economists sees the U.S. economy continuing to expand through 2024, though... Read More

WASHINGTON — A panel of the nation’s top bank economists sees the U.S. economy continuing to expand through 2024, though at a slower pace than its long-term potential. Perhaps of even greater interest to U.S. consumers at the moment, the... Read More

2022-05-23 20:40:24
by Tom Ramstack
Bank of America Loses Effort to Dismiss Investor’s Lawsuit

WASHINGTON — A federal court ruled last week that Bank of America can be sued over an investment manager’s decision... Read More

WASHINGTON — A federal court ruled last week that Bank of America can be sued over an investment manager’s decision to sell a customer’s stock in what appears to be a sign of the times as the U.S. economy tilts... Read More

Biden Picks Michael Barr for Fed's Bank Regulation Post

WASHINGTON (AP) — President Joe Biden said Friday he plans to nominate Michael Barr, the dean of the University of... Read More

WASHINGTON (AP) — President Joe Biden said Friday he plans to nominate Michael Barr, the dean of the University of Michigan's public policy school, to be the Federal Reserve's vice chairman of supervision. The selection of Barr comes after Biden’s... Read More

2022-01-27 14:44:00
by Dan McCue
Fed Leaves Interest Rate Unchanged, But Signals Increase ‘Soon’

WASHINGTON — The Federal Reserve left interest rates unchanged on Wednesday, keeping them near zero, but signaled a raise in... Read More

WASHINGTON — The Federal Reserve left interest rates unchanged on Wednesday, keeping them near zero, but signaled a raise in rates could come soon if inflation continues to run above its preferred target and the job market remains strong. The... Read More

2021-12-07 22:44:05
by Dan McCue
Biden Pick to Lead Major Banking Regulator Drops Out

WASHINGTON — Saule Omarova, a law professor at Cornell University who was President Biden’s pick to be the next head... Read More

WASHINGTON — Saule Omarova, a law professor at Cornell University who was President Biden’s pick to be the next head of the Office of the Comptroller of the Currency, has withdrawn her name from consideration after several Republicans accused her... Read More

Biden to Keep Powell as Fed Chair, Brainard Gets Vice Chair

WASHINGTON (AP) — President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal... Read More

WASHINGTON (AP) — President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies... Read More

2021-10-19 21:23:09
by Dan McCue
Administration Scaling Back Plan to Deepen IRS Scrutiny Into Bank Accounts

WASHINGTON - The Biden administration is reversing course on a proposal that would have required banks to flag private accounts... Read More

WASHINGTON - The Biden administration is reversing course on a proposal that would have required banks to flag private accounts to the Internal Revenue Service when an individual deposit or withdrawal exceeded $600. A revised plan, expected to be announced... Read More

2021-10-12 17:18:19
by Dan McCue
IMF Downgrades Global Growth Outlook on Supply Chain Woes, Uncertainty

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing... Read More

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing supply chain concerns and uncertainties related to the pandemic. However, the global financial institution suggests growth should rebound next year.... Read More

2021-03-11 16:55:35
by Victoria Turner
Historic Hearing on Racial Inequality

Paulina Gonzalez-Brito’s grandfather bought a house in a southeast neighborhood of Los Angeles in the 1930s that was designated a... Read More

Paulina Gonzalez-Brito’s grandfather bought a house in a southeast neighborhood of Los Angeles in the 1930s that was designated a “yellow area” under the U.S. Housing and Urban Development redlining map of the time, which singled out neighborhoods based on... Read More

2020-08-20 15:35:05
by Gracie Kreth
Senate Committee on Aging Reports on Financial Challenges Women Face

WASHINGTON - United States Senators Susan Collins, R-Maine, and Bob Casey, D-Penn., the chairman and ranking member, respectively, of the... Read More

WASHINGTON - United States Senators Susan Collins, R-Maine, and Bob Casey, D-Penn., the chairman and ranking member, respectively, of the Special Committee on Aging, released a report last week examining the challenges older women face preparing financially for retirement.  During... Read More

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