Banking industry
As American consumers and businesses face increasing debit card fees, Vermont Representative Peter Welch and House colleagues have called on Attorney General Eric Holder to investigate whether big banks are coordinating their fee strategies in violation of federal anti-trust laws. The lawmakers pointed out public statements by banks and banking
Banking industry
Stock markets around the world closed sharply lower late in the day, with the Dow Jones Industrial Average (DJIA) dropping 258 points (-2.4%) to 10,655.30, the S&P 500 down 32.19 (-2.9%) to 1,099, and the NYSE down 220 points (-3.2%) to
Banking industry
Stock markets are trading down at mid-day as investors grapple with news that Greece's new budget falls short of austerity targets, potentially jeopardizing European aid. Meanwhile, US manufacturing activity showed a modest pickup, with the Institute for Supply Management's September manufacturing index rising to 51.6%
Banking industry
Bank of America's recent decision to charge customers a $5 monthly fee for debit card purchases has caused a stir in the banking industry, with smaller community banks taking a stand against the move. Green Bank, NA, an interest-income-driven bank, has declared that it will not follow suit,
Banking industry
A recent report from Moody's Analytics suggests that credit default swap (CDS) spreads widened on the debt of Bank of America, Citigroup, and Wells Fargo following a ratings downgrade by Moody's Investors Service on September 21. The report, which notes the arm's length relationship
Banking industry
The US Justice Department has filed a complaint accusing several online poker companies and individuals of defrauding online players and tricking banks into processing illegal transactions. Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup are among the banks unwittingly holding deposits of these companies. The Justice Department alleges that
Banking industry
Despite the financial news media's fixation on troubled banks like Bank of America and the Dodd-Frank regulatory overhaul, profitable life insurers are flying under the radar, according to analysts. With many life insurers trading below book value and facing far less risk than banks, investors can find attractive
Banking industry
The U.S. Department of Labor's Occupational Safety and Health Administration has found Bank of America Corp. in violation of the whistleblower protection provisions of the Sarbanes-Oxley Act for improperly firing an employee. An investigation by OSHA's San Francisco Regional Office revealed that the employee was
Banking industry
As the European debt crisis continued to plague global investor sentiment on Monday, the NYSE and DJIA indices managed to end the day slightly higher despite choppy trading and significant losses in various sectors. The S&P 500 and Nasdaq indices also saw gains, with the S&P
Banking industry
Goldman Sachs, one of the world's leading investment banks, has completed the sale of its mortgage-servicing subsidiary, Litton Loan Servicing, to Ocwen Financial Corp. for $264 million. The sale comes amid heightened regulatory scrutiny of the mortgage-servicing industry, with Goldman agreeing to conduct an independent review of Litton&
Banking industry
Bank of America has unveiled two new credit cards, BankAmericard Cash Rewards(TM) and Cash Rewards for Business MasterCard(R), designed to reward customers with up to 3 percent cash back on their purchases. The cards aim to give customers more value in the spending categories that matter most to
Banking industry
The US government on Friday sued 17 financial firms, including major US banks and large European banks, for selling Fannie Mae and Freddie Mac mortgage-backed securities that turned toxic during the housing market collapse. The Federal Housing Finance Agency (FHFA) is seeking to have the securities sales canceled, compensation for
