Economy Aug 14 UBS to pay $1.44 billion to settle 2007 financial crisis-era mortgage fraud case The Swiss bank agreed to pay a civil penalty over how it handled the sale of 40 mortgage-backed securities issued in 2006 and 2007.
Economy Jun 06 Customer service chatbots used by banks raises concerns for consumer watchdog The regulator says poorly designed chatbots could run afoul of federal laws that govern how debts are collected or how personal information is being used.
Economy Jun 05 Federal watchdogs advise against storing money in payment apps, say those funds may be vulnerable Money stored on a payment app is not being held in a traditional bank account. So, if there is an event similar to a bank run with the payment apps, those funds may not be protected.
Economy May 16 WATCH: Executives from failed banks face Senate questions on risk management Along with questions about how these banks failed, senators used the hearing to also address executive pay and whether senior executives in the U.S. are being rewarded more for short-term gains than for ensuring their companies’ long-term health.
Politics May 01 WATCH: White House holds briefing as First Republic Bank seized by regulators White House Press Secretary Karine Jean-Pierre held a press briefing on Monday.
Economy May 01 First Republic Bank seized, sold to JPMorgan Chase in 2nd-biggest failure in U.S. history Regulators have seized troubled First Republic Bank and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S. First Republic on Monday becomes the…
Economy Apr 28 Fed faults Silicon Valley Bank executives, itself in bank failure Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve says in a highly-anticipated review of how the central bank failed to properly supervise the bank before it…
Nation Apr 14 Amid banking industry turmoil, JPMorgan Chase profits jump 52 percent JPMorgan Chase says first-quarter profits rose 52%, helped by higher interest rates which allowed the bank to charge customers more for loans.
Economy Mar 21 Hundreds of lobbyists pushed government to water down banking regulations An unlikely coalition voted in 2018 to roll back portions of a far-reaching 2010 law intended to prevent a future financial crisis. But those changes are now being blamed for contributing to the recent collapse of Silicon Valley Bank and…
Economy Mar 19 Banking giant UBS announces acquisition of Credit Suisse amid financial turmoil Banking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night.