The social media-sparked “Bank Transfer Day” won’t officially be underway until Saturday, but credit unions in Iowa and throughout the nation are already benefiting from the initiative.
Congressional newspaper The Hill reports that as the standoff between the federal government and the medical marijuana industry continues, efforts are being made in Washington to resolve some of the issues that have led to the current atmosphere of mutual hostility.
The National Cannabis Industry Association (NCIA) has More…
Despite the stall-out in the recovery and the decline in median wages, Wall Street executives look set for record pay-outs this year. The Wall Street Journal reports:
About three dozen of the top publicly held securities and investment-services firms — which include banks, investment banks, hedge funds, money-management firms
Soon after Rep. Brad Miller (D-N.C.) came to Washington in 2002, a fellow member of the House Financial Services Committee told him to pick an arcane financial issue — any issue — and to make it his pet topic. Miller chose mortgage finance. He knew little about it. Banking lobbyists More…
This morning, a little, wonky blog post is creating a lot of controversy. Economics of Contempt writes:
Here’s a scary thought: Let’s say the European sovereign debt crisis flares up again, and one or two Euro banks fail. (Not a bank like UBS or Deutsche Bank, but a medium-sized
Remember that controversial rule in the financial regulatory reform law, designed to prevent banks from making risky bets on their own behalf? It did not take long for banks to figure out how to get around it.
In a ceremony at the White House today, surrounded by policy experts and bankers, President Obama will sign the sweeping Dodd-Frank financial regulatory reform bill into law.
The final bill, more than 2,300 pages in length, directs regulators to create 533 new rules — applying to everything from debit cards More…
This afternoon, the U.S. Senate passed a sweeping financial regulatory reform bill, overhauling the regulation of everything from the biggest banks to consumer financial products to exotic instruments like credit-default swaps to the derivatives used by farmers. The bill passed 60 to 39.
[Congress1] Earlier on Thursday, Republicans Olympia More…
Mint has an amazing graphic of bank failures during the recession. The big early failures include IndyMac and Lehman Brothers. Then dozens of smaller banks fall apart in 2009 and 2010, unable to weather the credit crunch, rise of consumer defaults and foreclosure crisis.
This morning, the Federal Deposit Insurance Co. announced that the banks it insures earned $18 billion in the first quarter of 2010, up $12.5 billion from the first quarter of 2009, as money set aside for loan losses decreased 17 percent. The percentage of banks losing money fell More…
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