Federal officials unveiled new regulations Wednesday aimed at protecting users of prepaid cards, But industry officials don’t see it that way. This financial sector is expected to be worth as much as $112 billion by 2018.... Read more»
Nogales officials hope that a meeting Tuesday between local banks and regulators from the Federal Deposit Insurance Corp. can help reverse a string of bank closings that have hamstrung businesses along the border.... Read more»
On March 11, 2008, Christopher Cox, former chairman of the Securities and Exchange Commission, said he was comfortable with the amount of capital that Bear Stearns and the other publicly traded Wall Street investment banks had on hand. Days later, Bear was gone, becoming the first investment bank to disappear in 2008 under the watch of Cox’s SEC. By the end of the year, all five banks supervised by the SEC were either bankrupt, bought or converted to bank holding companies.... Read more»
At least six federal agencies including the Justice and Treasury departments are coordinating a broad probe of online payday lenders that charge enormous interest and fees to low-income borrowers who need quick cash.... Read more»
Outgoing Federal Deposit Insurance Corporation Chairwoman Sheila Bair's revealing exit interview by the New York Times has generated plenty of buzz. But while the interview provided a comprehensive look at Bair's role from 2006 to 2011, what caught our attention was her characterization of the foreclosure crisis.... Read more»
No top banking executives have been successfully prosecuted in connection with the financial crisis: not for making the bad loans that fed the mortgage machine, not for lying about the quality of the mortgages, and not for foreclosing improperly when homeowners struggled to make loan payments.... Read more»
Major banks with at least $50 billion in assets and any other companies that are designated as systemically important will be subject to stricter regulation to protect the U.S. financial system from another meltdown. ... Read more»
General Electric's tax department is famous for inventing ways to pay Uncle Sam less. So it should come as no surprise that its CEO, Jeff Immelt, is in the crosshairs as the new chairman of the President's Council on Jobs and Competitiveness.... Read more»
Some struggling homeowners are currently getting a temporary reprieve from foreclosure sales and evictions during the holiday season, but that doesn't mean all foreclosure cases have stopped moving through the courts — and it doesn't mean we're done covering the developments in the foreclosure scandal either.... Read more»
75 percent of Mexican immigrants – legal and illegal – don't have bank accounts. A lack of legal identification, a history of mistrusting banks in their home country and the perceived complexities of banking in another language keep many outside the financial system, with long-term effects.... Read more»
As the financial crisis worsened, CEO Immelt and other leaders at GE repeatedly assured the public that there was no need to worry about the company’s ability to access credit.... Read more»
Sheila Bair, one of the chief regulators overseeing Bank of America’s federal rescue, took out two mortgages worth more than $1 million from the banking giant last summer during ongoing negotiations about the bank’s bailout and its repayment.... Read more»
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