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Banking/Savings and Loans

Sep 4, 2014

New rules meant to ward off bank crisis

WASHINGTON — Federal regulators are set to require big banks to keep enough high-quality assets on hand to survive during a severe downturn, the latest move under congressional mandate to lessen the likelihood of another financial meltdown. The Federal Reserve adopted rules on a 5-0 vote Wednesday that will subject big U.S. banks for the […]

Sep 3, 2014

State: Bank didn’t lend to blacks in Buffalo

BUFFALO — A bank purposely avoided giving mortgages to African-Americans by locating all of its branches outside black neighborhoods and directing advertising and loan products toward largely white communities, New York’s attorney general said in a lawsuit filed Tuesday as part of a wider investigation into an illegal practice known as redlining. Evans Bank is […]

Aug 25, 2014

Ukrainian Federal Credit Union opens Webster branch

Ukrainian Federal Credit Union is opening a new branch office in Webster.

Aug 22, 2014

State gets $800M in Bank of America settlement

NEW YORK (AP) — New York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis. Attorney General Eric Schneiderman announced the settlement Thursday. He said the bank has agreed to […]

Aug 21, 2014

BofA, US reach $17B settlement

WASHINGTON — Bank of America has reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday. One of the officials, who spoke with The Associated Press on condition of anonymity because the announcement […]

Aug 20, 2014

Regulators sanction Standard Chartered Bank

ALBANY (AP) — New York regulators have reached agreement for Standard Chartered Bank to pay a $300 million penalty and suspend dollar exchanges through its New York branch for high-risk retail business clients at its SCB Hong Kong subsidiary. The Department of Financial Services says the order signed Tuesday follows the bank’s failure to fix […]

Aug 19, 2014

PriceWaterhouseCoopers to pay $25M in bank case

ALBANY — PriceWaterhouseCoopers will pay $25 million and face a two-year suspension from consulting for new bank clients under an agreement with New York regulators following an investigation that showed the company improperly altered a report about Bank of Tokyo Mitsubishi laundering money. Monday’s agreement followed a $250 million settlement between the bank and the […]

Jul 14, 2014

Citigroup to pay $7B in subprime probe

WASHINGTON — Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said “shattered lives” and contributed to the worst financial crisis in decades. The settlement represents a moment of reckoning for one of the […]

Jul 14, 2014

Emerging nations plan own World Bank, IMF

WASHINGTON — Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund. Brazil, Russia, India, China and South Africa —the so-called BRICS countries — are seeking “alternatives to the existing world order,” said Harold Trinkunas, […]

Jun 5, 2014

Court limits judge’s say over $285M Citigroup deal

NEW YORK — A judge overstepped his authority when he blocked a $285 million settlement between Citigroup Inc. and government regulators over toxic mortgage securities, a federal appeals court panel said Wednesday. The 2nd U.S. Circuit Court of Appeals in Manhattan reversed a decision by Judge Jed S. Rakoff to set a trial date for […]

May 7, 2014

Report: Growing risk of cyber attacks on banks

ALBANY (AP) — A yearlong survey of New York bank security found that cyber thieves are using increasingly sophisticated methods to breach bank accounts. The report, issued Monday by Gov. Andrew Cuomo and the state’s Department of Financial Services, found that a majority of the 154 New York banks surveyed reported being the target of […]

Apr 16, 2014

Yellen: Mega-banks might need to hold more capital

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Tuesday that the largest U.S. banks might need to hold additional capital to withstand periods of financial stress. Yellen told a banking conference in Atlanta that current rules on how much capital banks must hold to protect against losses don’t address all threats. She said the […]

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