Consumers who use online payday lenders may be taken advantage of twice: first, by the lenders’ triple-digit interest rates that flout state caps, then with fees tacked on by the borrowers’ own banks.
big banks
Banks’ Overdraft Policies Are Getting More Confusing
Last week, JPMorgan Chase & Co. announced that it’s eliminating overdraft fees on purchases of $5 or less. Also this month, regional banks Fifth Third and U.S. Bank are raising their overdraft fees for multiple overdrafts and …
Why Spain’s Big Bank Bailout Is Really a Big Bust
Spain’s banks received a pledge for a huge rescue package from the European Union over the weekend. But some experts believe the bailout may end up causing more pain for the Spanish government in the long run
It’s No Coincidence That Changing Banks Is a Huge Pain in the Butt
Planning to switch banks? Hope you have a bottle of aspirin handy because, odds are, the bank is going to do everything it can to keep you around, and that adds up to a major migraine for you. A new report documents all the roadblocks banks throw up to keep their customers from leaving, from charging you money to generating as much …
Is the Stock Market Wildly Overoptimistic?
Stocks appear to be flying too high in light of the enormous number of risks that the U.S. economy faces over the next 12 months.
Break Up The Banks! Dallas Fed President Calls for The End of “Too Big To Fail”
Since 2008, there have been plenty of calls to forcibly dismantle the “Too Big To Fail” (TBTF) Banks, but few of those calls have come from those in positions of real power. But the Dallas Federal Reserve Bank President, …
Should We Find Comfort in the Fed’s Stress Tests Results?
The Federal Reserve announced late Tuesday the details of its latest “stress test” of major American financial institutions, and the markets greeted the results with qualified optimism. Nineteen banks submitted capital plans to …
ING and Capital One: Is a Culture Clash Inevitable?
The Federal Reserve Board cleared the way last week for Capital One Financial Corp. to complete a $9 billion, cash and stock deal for ING Direct USA. It’s a coup for Capital One, which already purchased a few smaller banks. But …
Big Banks Accused of Manipulating Key Interest Rates
Just what banking industry needs – another scandal. The Wall Street Journal reported this morning that Canada’s Competition Bureau is investigating several multinational banks regarding allegations that traders attempted to manipulate a key benchmark interest rate that is used to set prices on a wide array of financial products from …
Paul Volcker Defends Eponymous Rule
Though the Dodd-Frank Wall Street reform act was passed way back 2010, much of the law remains to be implemented. One reason for the lag between passage of laws and their implementation is that when federal agencies propose new …
The Neverending Bailout: The U.S. Is Still Owed $133 Billion from Crisis Fund
If you thought the bank bailout that started in late 2008 was long gone, you would be far from wrong. The special investigator for TARP, the government fund that was created in the wake of the financial crisis, released a report …
The Heavy Hitters of Davos 2012
Each year, the world’s most important decision makers in business, politics and the nonprofit world descend upon Davos, Switzerland, for the World Economic Forum to rub elbows and discuss the year to come. With the specter of a Eurozone breakup looming and the world economy clinging to a fragile recovery, these big-wigs will have plenty …
