BofA and Lewis Looking at Lawsuits »
Lawyers for Ken Lewis, the former CEO of Bank of America, said that lawsuits being filed against him accusing him of misleading investors when Bank of America merged with Merrill Lynch would be highly implausible. They stated that these lawsuits should be thrown out of court and not investigated any further.
The filings were in response [...]
Chicago’s ShoreBank Fails »
For more than 30 years the ShoreBank, based in Chicago, has helped those people that weren’t able to find lending assistance anywhere else to purchase homes, start businesses, and apartment buildings. But, on Friday, they failed making it, the 118th bank to fail so far this year.
The good news is that its deposits and quite [...]
World Bank Helps Pakistan Flood Victims »
After the devastating flooding in Pakistan, the World Bank has agreed to send aid in the way of $900 million. The floods have affected over 14 million people and the financial aid is greatly welcomed by the Pakistani people. The funds are supposed to come from the Fund of the Poorest, which is the International [...]
Citi Financial Doors Left Open »
Police in Vancouver have sent out a warning that anyone who is a customer of Citi Financial in Vancouver should keep a sharp eye on their credit reports due to the fact that the business was found unsecured on Saturday afternoon.
A customer was reported to have gone to Citi Financial to leave a payment a [...]
110th US Bank Fails for 2010 »
Federal regulators took it upon themselves to shut down yet another bank on Friday. The Palos Bank and Trust in Illinois was the 110th bank to fall in 2010 and the fourteenth in the state of Illinois, so far.
The FDIC stated that it entered into an agreement with Itasca, a subsidiary of the First Midwest [...]
No More Overdraft Fees? »
New Federal overdraft rules will be going into effect on August 15th that no longer allows banks to automatically force customers into overdraft protection plans. These plans usually come along with a fairly hefty fee when the bank has to pay out an overdraft on debt or ATM cards.
The new regulation will make the banks [...]
New Sanctions, No Money »
New regulations were released on Friday by the Treasury Department that could potentially bar foreign banks from having access to the US financial system. The regulations state that any foreign bank that does business with countries that the United Nations and the US have sanctions on would not be allowed access to US financial systems.
This [...]
China Banks Told to Put Loans On Record »
The China Banking Regulatory Commission has told banks in China that they must account for close to $340 billion in loans that were off the books. This could have some lenders feeling the stress, and incur another round of money-raising. The loans that have been transferred or sold to lighter regulated trust companies are to [...]
Wells Fargo to Reimburse Customers »
Customers in California that do their banking with Wells Fargo may be seeing a paycheck heading their way soon. A judge has made a ruling stating that Wells Fargo must pay back hundreds of millions of dollars in overdraft charges of its customers.
Consumers went to court over the extreme over draft system that Wells Fargo [...]
Overhauling Rating System, Public Comments Welcome »
Over the next year, the Dodd-Frank bill will require banks to use an alternative to the private credit rating they have been using to assess banks. The first steps were taken on Tuesday by the US banking, although they were a bit nervous about the transaction.
Moody’s and Standard & Poor have faced mounting criticism for [...]
