State AG sues banks in foreclosure effort
By The Associated Press
POSTED: February 3, 2012
Tags: Attorney General, Banks, Eric Schneiderman, foreclosure, fraud, MERS
ALBANY — New York’s attorney general on Friday accused some of the nation’s largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures.
Democrat Eric Schneiderman sued Bank of America, J.P. Morgan Chase and Wells Fargo over their use of the Mortgage Electronic Registration [...]
Taxpayers still owed $132.9B from bailout: report
By The Associated Press
POSTED: January 26, 2012
Tags: bailout, Banks, funds owed, TARP, taxpayers
WASHINGTON — A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven’t repaid from the financial bailout, and some of that will never be recovered.
The bailout launched at the height of the financial crisis in September 2008 will continue to exist for years, says a report issued Thursday by Christy Romero, [...]
US stocks drop; Citi and other big banks fall hard
By The Associated Press
POSTED: December 20, 2011
Tags: Banks, down, New York Stock Exchange, stocks
NEW YORK — U.S. stocks edged lower in afternoon trading with bank stocks leading the way down.
Stocks opened higher Monday but soon fell after an hour of trading. Cautious comments from the head of the European Central bank soured any hopes the ECB would find a resolution to Europe’s debt crisis anytime soon.
Morgan Stanley fell [...]
Massachusetts sues banks over foreclosures
By The Associated Press
POSTED: December 1, 2011
Tags: Banks, Foreclosures, lawsuit, Massachusetts
NEW YORK — Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the “robo-signing” of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue.
The lawsuit named Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and GMAC. It was filed [...]
CFPB explains usage of an early warning notice 
By Todd Etshman
POSTED: November 14, 2011
Tags: Banks, Consumer Protection Financial Bureau, early warning notice, investigation
“This letter confirms that I called you today in accordance with the Consumer Financial Protection Bureau’s discretionary Early Warning Notice process.”
That’s the first line of the CFPB’s letter to attorneys representing banks, thrifts, credit unions, mortgage providers, credit card providers and other financial product firms announcing it has started an investigation.
The fledgling agency announced last [...]
Watchdog: Regulators bowed to banks on bailout
By The Associated Press
POSTED: September 30, 2011
Tags: Banks, federal regulators, financial bailout, watchdog report
WASHINGTON — Federal regulators bowed to pressure from big banks seeking a quick exit from the financial bailout program and did not uniformly apply the government’s own conditions set for repaying the taxpayer funds, a new watchdog report says.
Large US banks must report to regulators
By The Associated Press
POSTED: September 13, 2011
Tags: bailout, Banks, FDIC, financial overhaul, regulators
WASHINGTON — The largest U.S. banks will be required to show regulators how they would break up and sell off their assets if they are in danger of failing. The Federal Deposit Insurance Corp. voted 3-0 to approve the rules …
With debit card cap, banks look to new fees
By Claude Solnik
POSTED: August 29, 2011
Tags: accounts, atm, Banks, cap, checking, debit card, fees
Congress last July passed the Durbin Amendment, which capped the fees banks charge merchants for debit card transactions, but a year later, the federal government has delayed implementing the legislation.
S&P downgrades Fannie, Freddie, U.S.-backed debt
By The Associated Press
POSTED: August 8, 2011
Tags: Banks, downgrade, Fannie Mae, farm lenders, Freddie Mac, S&P, Standard & Poor's Rating Services
WASHINGTON, D.C. — Standard & Poor’s Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt. The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt …
Regulators balk at demands for foreclosure reports
By The Associated Press
POSTED: July 21, 2011
Tags: Banks, Ben Bernanke, foreclosure reports, illegal foreclosure practices, regulators, robosigning
WASHINGTON — Banking regulators refused to commit to releasing details of their investigations into illegal foreclosure practices by the nation’s largest banks. Appearing before a Senate panel Thursday …
Survey: Credit card lenders ease requirements
By Todd Etshman
POSTED: July 15, 2011
Tags: Banks, credit card lenders, credit standards, economic outlook, survey, underwriting
A survey on credit underwriting practices revealed that for the first time since 2008, many of the nation’s largest lenders have eased their underwriting standards. The report, released late last month by the U.S. Office of the Comptroller of the Currency …
JPMorgan pays $228M to settle bid-rigging charges
By The Associated Press
POSTED: July 7, 2011
Tags: Banks, bidding competitions, civil fraud charges, JPMorgan Chase, Justice Department, rigged, SEC, secret deals, settlement
WASHINGTON — A unit of JPMorgan Chase & Co. will pay $228 million to settle civil fraud charges that it rigged dozens of bidding competitions to win business from cities and counties.
