Increasingly, mainstream banks are offering products similar to payday loans — short-term, high-interest loans secured by a pending paycheck — according to a consumer group that called on the Office of the Comptroller of the Currency to stop the practice.
Banks including Wells Fargo and U.S. Bank More…
Bloomberg’s long-standing Freedom of Information Act request for a look at who in the financial system took part in the Fed’s now-secret $2 trillion loan program has been granted by a second court on the basis that there exists no exemption to FOIA rules for the continued economic More…
With the news that Citibank screens some of its clients for “objectionable content” — and applies that screening process to gay-themed businesses — many LGBT business people and Citi customers are probably wondering where their business is truly welcome. Luckily, Jeremy Quitner of The Advocate has More…
After President Obama called the heads of 12 of the largest banks into his office to lecture them about not lending enough to small businesses, the message was clear: It’s time to get to lending, or the government will get to regulating. So while banks are More…
The top eight spenders in the financial industry alone spent nearly $30 million to lobby Capitol Hill last year, according to Nathaniel Popper of the Los Angeles Times — a 13 percent overall increase from 2008. That overall increase was fueled by a 12 percent increase — to More…
Yesterday, everyone got worked up over President Obama’s comments to Business Week that he didn’t begrudge Chase CEO Jamie Dimon or Goldman Sach CEO Lloyd Blankfein their bonuses — despite the many reasons those bonuses aren’t as out-of-line as the headlines would have Americans believe. But are they More…
This time in Memphis. In fact, city officials are so fired up that they’ve filed a lawsuit charging the mortgage-loan giant with discrimination. The New York Times reports:
The lawsuit, filed in federal court in Tennessee, marshaled a raft of statistics to argue that Wells Fargo offered one
The economy continued down its rough road in 2009, with any hope of a quick recovery dashed by a rising wave of foreclosures and unemployment. Banks reined in lending to consumers and businesses while Wall Street firms pulled down record profits and offered generous bonuses. Perhaps the biggest economic More…
As TWI has reported, Wells Fargo & Co. teamed up with talk show host and commentator Tavis Smiley for “Wealth Building” seminars in black neighborhoods beginning in 2005. A suit by the Illinois attorney general contends Wells used the seminars to market high-cost and risky subprime loans to More…
Now that commentator and PBS talk show host Tavis Smiley has severed his ties to Wells Fargo & Co., what about the bank itself? As Smiley noted in his decision to cut business ties with Wells, the bank is facing several lawsuits charging that it engaged in illegal More…
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