A 2010 Federal Reserve rule requires banks to ask customers if they want to sign up for overdraft protection programs, which often come with steep penalties for making purchases that exceed the account balance. A Consumer Finance Protection Board report released in June suggests the change may not be enough to protect consumers.
Two hundred, four hundred … twenty, forty, sixty, eighty, five hundred …
As the young woman behind the glass divider counts out the entirety of my paycheck, I can’t help but think of how measly it looks before I stuff it in my wallet.
Since 2007, Rodney Brown, 65, has served as the president and CEO of the California Bankers Association, which represents the majority of banks doing business in California.
Banks are running up against some odd new competitors these days. Big box retailer Costco is advertising mortgages. Wal-Mart has issued its own debit card. Amazon is offering loans to merchants in its online marketplace.
On a morning in April, eight representatives of local banks and credit unions walked into the Sacramento Metro Chamber headquarters to discuss the region’s lousy credit situation.
The past few years have seen the biggest social upheaval against the banking industry in this nation’s history, and Capitol Hill lawmakers responded with 848 pages of legislation that liberal critics deride as weak and many conservatives call a job killer.
On the list of problems everyone should have, deciding how to pay a financial adviser is near the top, just below picking a Porsche mechanic and choosing between Hawaii and Barbados for vacation.
Perry Ghilarducci holds a vivid memory from the day the Internal Revenue Service showed up unannounced at his office. Nobody wants a surprise visit from the IRS, and it’s even more nerve-wracking when the agents are from the criminal investigation division and when, like Ghilarducci, you’re an accountant.
The Federal Reserve calls it Operation Twist, named after the 1961 Chubby Checker hit that sparked gyrating hips in dance halls across America. That was also the first year the Fed embarked on a mission to purchase long-term Treasury notes in an effort to drive down interest rates on long-term loans.
Big banks have been drawing heat this year. Some is focused, such as the clamor over monthly debit card fees being proposed or tested by several national banks. Some is diffused, such as that from the apparently leaderless Occupy Wall Street movement and its nationwide imitators.