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NEWS ABOUT: banking industry

Watch Out for These New Credit Card Traps

Banks invent ways to circumvent regulations

(Newser) - As expected , banks are coming up with creative new ways to recoup money lost to new regulations on credit cards. The Wall Street Journal runs down a handful:
  • "Professional" cards: These are being aggressively marketed to, well, professionals. The catch: They're not covered under the new consumer regulations.
... More »

Senate Finance Bill Could Trim Big Banks' Profits 20%

New rules on derivatives could be costly for Wall Street

(Newser) - To their surprise, the financial reform bill approved by the Senate last night has some real teeth, financial analysts tell the Wall Street Journal . Although specifics depend on what emerges from the confab with the House, some of Wall Street's biggest institutions could see profits decline by as much as... More »

Feds Open Criminal Probe Into Goldman Trades

Prosecutors investigate possible securities fraud

(Newser) - Goldman's legal troubles are deepening. Federal prosecutors at the US Attorney's Office in Manhattan have opened a criminal probe into the Wall Street giant's mortgage trading, reports the Wall Street Journal . Prosecutors are looking for evidence of securities fraud but haven't decided whether to bring charges. The SEC, which has... More »

Democrats Defy Wall Street, GOP on Bank Reform

Banks trying mightily to kill restrictions on derivatives

(Newser) - Democrats defied Wall Street lobbyists’ push to kill new reforms on derivative trading yesterday, and got an earful from Republicans for their troubles. Goldman Sachs, JPMorgan, and Morgan Stanley have been leaning heavily on Blanche Lincoln’s Agriculture Committee to scrap a plan to force derivatives—which, incidentally, played a... More »

WaMu 'Poisoned' Financial System: Senate Report

Senate panel says lender knowingly built 'mortgage time bomb'

(Newser) - Washington Mutual made subprime loans it knew would go bad, then packaged them into risky securities, creating a “mortgage time bomb,” according to a Senate report. The permanent investigations subcommittee is grilling former WaMu execs this morning. The report also says the bank packaged and sold loans it... More »

Forget About 'Too Big to Fail'

Size doesn't matter; the real problem is unregulated 'shadow banking'

(Newser) - Paul Krugman doesn't buy the "too big to fail" argument for a simple reason: "It’s perfectly possible to have a financial crisis that mainly takes the form of a run on smaller institutions." Big banks aren't the problem, he writes in the New York Times . We... More »

Obama Signs Health Reform Law (Yes, Again)

Final version of legislation enacted along with student loan overhaul

(AP) - Finalizing two major pieces of his agenda, a beaming President Obama today signed legislation sealing his health care overhaul and making the government the primary lender to students by cutting banks out of the process. Both domestic priorities came in one bill, pushed through by Democrats in the House and... More »

Goldman's Lloyd Blankfein Swimming in Hate Mail

Goldman Sachs CEO gets up to 100 letters a day

(Newser) - He and his firm might be doing "God's work," but Lloyd Blankfein and Goldman Sachs still somehow get a lot of hate mail. The CEO has told people that up to 100 such letters come in every day. As a result, insiders tell Fox Business that senior executives... More »

BoA Scraps Debit Card Overdraft Fees

Move comes ahead of regulations, could pressure other banks

(Newser) - Bank of America is scrapping overdraft fees on debit card purchases ahead of new federal regulations. As of this summer, overdrawn customers of the nation's largest debit card issuer will simply have their cards declined at the register—rather than ending up paying $40 for coffee or some other small... More »

The 10 Best Wall Street Blogs

More than ever, experienced insiders are scooping news organizations

(Newser) - Many high finance blogs just “stink,” David Weidner writes, but discerning “Wall Street junkies” can depend on a few that engage top talent and often scoop major news organizations. He runs down 10 of the best news and analysis sites in the Wall Street Journal , “skipping... More »

Lending Falls at Fastest Rate Since 1942

Boatload of bank failures likely in 2010

(Newser) - Banks tightened credit last year at what the Wall Street Journal calls an “epic pace,” recording their biggest full-year decline in loans outstanding in 67 years. The figure comes from a new FDIC report that paints the picture of a banking industry that, apart from a few top-tier... More »

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

(Newser) - Expect your mailbox to be stuffed in the coming weeks with entreaties from your bank, which desperately wants you to sign up for pricey overdraft fees it used to be able to slip into the small print. Under new Fed rules going into effect July 1, bank customers must opt-in... More »

Get Ready for New Credit Card Fees

New law cracking down on industry makes them inevitable

(Newser) - New rules go into effect Monday intended to make sure credit card users don't get ripped off by sneaky fees and charges that have long been standard practice in the industry. As a result, customers should be braced for a whole new set of sneaky fees and charges, warns the... More »

Obama OK With Fat Bonuses for Blankfein, Dimon

Compares bank CEOs to overpaid baseball players

(Newser) - Barack Obama says he’s down with the combined $26 million in bonuses that the CEOs of Goldman Sachs and JPMorgan are getting paid this year. “I know both those guys; they are very savvy businessmen,” Obama tells Bloomberg. “I, like most of the American people, don’... More »

Just Call These New Rules 'The Lloyd Blankfein Act'

Part of Obama's proposed regulations are aimed at Goldman and its CEO

(Newser) - One part of the new financial regulations proposed by President Obama today could be called the "Lloyd Blankfein Act" because it's aimed squarely at Goldman Sachs and its "unrepentant CEO," writes Daniel Gross. The proposal would prevent banks from taking FDIC-insured deposits and then doing "funky... More »

China Lenders Step Up as Western Banks Struggle

Overseas loans soar as China moves beyond US debt

(Newser) - China's state-owned banks tripled their lending this year, even as Western banks were scaling back, becoming the principal engine of global recovery and life-savers for many international corporations. Beneficiaries range from Southwest Airlines to Dubai's Civil Aviation Authority to Foster's brewery in Australia, the Washington Post notes, in what seems... More »

Credit Reform May Drain $9B in Holiday Sales

Consumer protections result in lower limits, less spending

(Newser) - The impending enactment of new credit card law is poised to rob retailers of $9 billion in holiday sales compared to last year. The law, designed to protect consumers from rates being raised on the sly and sneaky fees, already has led to lower credit limits and more rejected applications... More »

UK to Scrap Paper Checks in 2018

Opponents argue that infirm, elderly will be disadvantaged

(Newser) - The UK plans to phase out the paper check in 2018. Officials say they'll use the next 8 years to push for innovation in payments in the country, especially electronic methods. There is robust opposition to the plan, the Telegraph reports, but the Payment Council—a semi-governmental UK entity made... More »

Obama Unloads on 'Fat Cat Bankers' Who 'Still Don't Get It'

Prez comes out firing in 60 Minutes interview

(Newser) - Ordinary Americans astonished by the gall of Wall Street banks that accepted federal bailout funds and awarded huge bonuses have a friend in a very high place: the White House. "I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,... More »

Choose, America: Big Banks or Middle Class

Bank shenanigans are destroying the building block of America

(Newser) - The inevitable consequence of letting big banks run wild is nothing less than the extinction of the American middle class. "Unthinkable,” Elizabeth Warren writes—but a real and dire possibility. Warren, chair of the Congressional Oversight Panel on the bailouts, has seen the numbers, and they aren't pretty.... More »

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