On Thursday, we’ll know how the big banks are doing when earnings reports come out for the third quarter. Most analysts are expecting record profits of more than $21 billion. Click the audio player above to hear the full story.
There are some new regulations going into effect for financial institutions licensed by the state of New York this week. That’s for some banks, big insurance companies and all kinds of financial firms. The rules are about cybersecurity, specifically. They require companies to hire a chief information security officer, to report data breaches within 72 […]
The Federal Reserve, the Federal Deposit Insurance Corp. and the Comptroller of the Currency all announced yesterday that they would hold off on implementing a set of regulations on small to medium size banks, sometimes called community banks. The idea is to give these banks some breathing room while regulators come up with new, simpler […]
Scandal-besieged Wells Fargo seems to be cleaning up its act. It’s replacing three of 15 board members, including the chairman. Stephen Sanger will step down at the end of the year and current Vice Chair Elizabeth Duke will take his place. Is this a real change for the bank? Click the audio player above to […]
Some new research out today by the Wells Fargo Investment Institute points to some significant differences in investment behavior between generations. For Gen Xers and millennials, the looming specter of the financial crisis is causing them to be more conservative with their portfolios. Click the audio player above to hear the full story.
Bank of America plans to launch a new premium rewards credit card next month. The bank is entering a crowded field of similar products from American Express and Chase, whose Sapphire Reserve card made headlines for its initial 100,000-point sign-up bonus and $450 annual fee. As a result, banks are changing the way they try […]
The French bank BNP Paribas was a key figure in the crisis.
There’s a sharp division in the Republican Party between libertarians, who believe in free markets without government interference, and more mainline, pro-business Republicans, who want the government to intervene in markets to help U.S. businesses. The latest example of this? The Export-Import Bank, which provides loans to foreign businesses or governments so they can buy U.S. […]
First, there was a scandal over millions of fake Wells Fargo accounts that broke last year. Then, accusations of changes to mortgages without notifying customers. Now, Wells Fargo faces a class-action lawsuit over selling car insurance policies to hundreds of thousands of customers who did not need it from 2012 to 2017. All this could […]