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Banking/Savings and Loans

Aug 2, 2017

Wells Fargo faces lawsuits, angry lawmakers over car lending

NEW YORK (AP) — At least three lawsuits have now been filed against Wells Fargo from customers who say they were hurt by the bank’s latest scandal, involving how it operated its auto lending business. In Washington, D.C., some politicians still angry at Wells Fargo over the sales practices scandal from last year are calling […]

Jul 19, 2017

US appeals court tosses convictions of British ex-bankers

NEW YORK (AP) — A U.S. appeals court cited the Fifth Amendment right to be free from self-incrimination as it reversed the convictions Wednesday of two British ex-bankers charged with conspiring to manipulate the primary benchmark for global short-term interest rates. The 2nd U.S. Circuit Court of Appeals in Manhattan said the 2015 trial of […]

Jul 12, 2017

RBS to pay $5.5 billion in FHFA mortgage-bond settlement

Royal Bank of Scotland Group agreed to pay $5.5 billion to settle the second of three major U.S. mortgage-backed securities probes the government-owned lender must overcome before it can fully return to the private sector. The accord between the British bank and the Federal Housing Finance Agency is the second-biggest the FHFA has extracted and, […]

Jul 10, 2017

Federal regulator moves to mostly ban arbitration clauses

NEW YORK (AP) — Consumers could band together to sue their banks or credit card companies under a federal rule issued Monday that’s likely to face resistance from Congressional Republicans and the White House. The Consumer Financial Protection Bureau decided to ban most types of mandatory arbitration clauses, which require credit card or bank customers […]

May 16, 2017

Ex-BofA vice president, husband charged in embezzlement scam

A former Bank of America senior vice president and her husband were charged with embezzling more than $2.7 million by making charitable donations on behalf of the lender and then using intimidation and threats to get the money back for their personal use. Palestine Ace, 45, of the bank’s global wealth & investment management division, […]

May 8, 2017

Warren Buffett slams Wells Fargo’s handling of massive sales scandal

Billionaire investor Warren E. Buffett rebuked Wells Fargo’s handling of widespread illegal sales practices that spanned at least 15 years and included targeting undocumented immigrants to open new bank accounts. Buffett said the San Francisco banking giant’s executives failed to act immediately after finding out that employees were creating countless fake and fraudulent bank accounts [...]

Aug 24, 2016

Banks, consumer groups lock horns over arbitration

Consumer rights advocates, joined by New York’s attorney general, and the banking industry are going toe to toe over a federal proposal to block banks from using mandatory arbitration to resolve disputes with their customers. The 90-day comment period on a Consumer Financial Protection Bureau proposal to restore customers’ right to file class-action lawsuits against […]

Jan 21, 2016

Bank of New York Mellon profit soars in 4Q

NEW YORK  — Bank Of New York Mellon more than tripled its fourth-quarter profit on rising in net interest revenue and lower expenses, easily beating most expectations. Global economic turmoil still weighed on performance. Assets under management, because of weakness overseas and a strong dollar, fell about 4 percent from the same period a year […]

Nov 11, 2015

KeyBank funds scholarships at St. John Fisher

St. John Fisher College received a $5,000 grant from KeyBank to assist with undergraduate scholarship awards. The scholarship dollars were awarded to two Fisher students to help offset the cost of tuition. Eligibility for the scholarship requires students to be permanent residents of New York state, have a minimum grade point average of 2.5, be […]

Nov 9, 2015

ESL accepting applications for scholarships

High school seniors in the Greater Rochester area have another chance at winning $2,000 to put toward their college expenses. ESL Federal Credit Union is now accepting applications for its annual scholarship program, with five scholarship awards totaling $10,000. Scholarship applications are available in ESL branches and online at In order to be eligible, […]

Oct 30, 2015

KeyCorp strikes $4.1B deal for rival bank First Niagara

CLEVELAND — KeyCorp will expand deeper into the Northeast with a $4.1 billion deal to buy First Niagara Financial Group and create the 13th largest commercial bank in the United States. Cleveland-based KeyCorp said Friday that it will pay a portion of its stock and $2.30 in cash for each share of First Niagara. The […]

Oct 27, 2015

Treasury bureau lauds Rochester firm

Rochester-based Continental Service Group Inc., a provider of accounts receivable management services, was recognized as the top performer by The U.S. Department of the Treasury – Bureau of the Fiscal Service for the quarter ending in September. In 2011, the company, which does business as ConServe, was selected to be one of only four private […]

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