July 20, 2011 |
Just a year ago, banking executives argued vehemently against the most sweeping overhaul of financial regulations since the Great Depression, saying the law enacted then would stifle innovation and erode profits. But in the last two weeks, they have been reporting billions of dollars in profits — including a record quarter for Wells Fargo & Co. — with nary a word about how the so-called Dodd-Frank financial reform law was hindering them. "Name me one significant thing that Dodd-Frank has done to alter the behavior of these banks," said Ted Kaufman, a former U.S. senator from Delaware who led the push for stronger financial regulations last year.
August 22, 2013 |
WASHINGTON -- Five large banks said they have given $51.3 billion in relief to consumers under a landmark settlement of foreclosure-abuse complaints that is almost finished providing assistance to homeowners, the official monitor of the deal said Thursday. The aid, including lower monthly payments, forgiven mortgage principal and short sales, has gone to 643,726 people from March 1, 2012, through June 30, according to a report from the Office of Mortgage Settlement Oversight.
August 13, 2010 |
Say this about big banks: They're persistent. A federal judge this week ordered Wells Fargo & Co. to pay more than $200 million to customers for having processed debit card transactions in such a way that virtually guaranteed higher overdraft fees. What does Wells have to say? Julia Tunis Bernard, a bank spokeswoman, said the practice in question is "consistent with customers' interests" and that Wells will appeal the judge's decision. Representatives of Bank of America Corp.
July 23, 2010 |
Seven of 91 European Union banks subject to stress tests failed with a combined capital shortfall of $4.5 billion, stirring concern the evaluations weren't strict enough. Hypo Real Estate Holding AG, Agricultural Bank of Greece SA and five Spanish savings banks have insufficient reserves to maintain a Tier 1 capital ratio of at least 6% in the event of a recession and sovereign-debt crisis, lenders and regulators said Friday. The banks are in "close contact" with national authorities over the results and the need for more capital, said the Committee of European Banking Supervisors, which coordinated the tests.
February 14, 2014 |
WASHINGTON - The Obama administration, taking the first regulatory step to accommodate the country's growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash. The step was a cautious one, reflecting conflicting pressures on the administration. On one side, many states now allow the sale of marijuana for medical or recreational use. Atty. Gen. Eric H. Holder Jr. said last month that law enforcement agencies were increasingly concerned about marijuana sellers who are forced to deal in cash because the banks' unwillingness to deal with them prevents them from using credit cards.
September 4, 2012 |
WASHINGTON -- While the majority of banks have improved their finances during the last four years, looming economic threats mean the outlook for the industry remains negative over the next 12 to 18 months, Moody's Investors Service said Tuesday. "Our negative outlook ... reflects a challenging domestic operating environment, with prolonged low interest rates, high unemployment, weak economic growth and fiscal policy uncertainties," said Sean Jones, Moody's senior vice president. "Additionally, the threat of contagion stemming from the European sovereign debt crisis undermines economic recovery in the U.S. and exposes banks to a heightened risk of shocks," he said.
November 19, 2012 |
WASHINGTON -- The country's largest mortgage servicers said they had provided $26.1 billion in relief to struggling homeowners through September, half through short sales, as part of a national settlement of foreclosure problems, the deal's monitor reported Monday. The aid has gone to more than 300,000 borrowers from March 1 to Sept. 30, for an average of about $84,385 per person, according to the Office of Mortgage Settlement Oversight, which was set up to monitor the progress of the banks.
May 22, 2013 |
SAO PAULO, Brazil -- Brazilian authorities are trying to determine the source of rumors that led thousands of people concerned about their government assistance payments to make a run on banks last weekend. Word spread that the government would be canceling its Bolsa Familia program, which provides cash transfers to poor families, and crowds began to form Saturday around banks in at least 12 states, and in some cases smashed windows, local press reported. The reaction to the rumors demonstrated the importance of the government's flagship antipoverty program, which has been the subject of sometimes heated political debate.
January 28, 2009 |
Savers have long been able to take advantage of the above-average interest rates that weak banks pay to attract deposits. But those days may soon be over. The Federal Deposit Insurance Corp. on Tuesday proposed new limits on rates paid by banks that have less-than-adequate capital. The agency would throw out its current complicated formulas for determining maximum interest rates at weak banks and replace them with a relatively simple formula: The new cap for each product would be 0.