Economy Jul 10 Federal regulators fine Citigroup $136 million for taking too long to fix internal control issues By Ken Sweet, Associated Press
Economy Jan 17 New regulation proposed by Biden administration would limit overdraft fees at big banks to as low as $3 Under the proposal, banks would have to show how much it costs for them to run overdraft services, or instead charge a benchmark fee that could be as little as $3. By Ken Sweet, Cora Lewis, Associated Press
Nation Jun 12 JPMorgan reaches settlement with victims of Jeffrey Epstein The lawsuit filed in Manhattan federal court in November sought to hold JPMorgan financially liable for Epstein’s decades-long abuse of teenage girls and young women. Terms of the settlement were not disclosed. By Michelle Chapman, Associated Press
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. By Ken Sweet, Associated Press
Economy May 18 Your financial accounts are safe, experts say. Here’s what protects them With recent bank failures, rising interest rates and the looming debt ceiling collision that threatens to push the U.S. into a potential recession, it’s natural to feel some financial anxiety and wonder if your money is secure. By Hannah Grabenstein
Mar 27 First Citizens strikes deal to acquire troubled Silicon Valley Bank By Associated Press While more than half of Silicon Valley’s assets will remain in U.S. receivership, the First Citizens deal announced late Sunday, at least initially, seemed to achieve what regulators have sought: a shoring up of trust in U.S. regional banks. Continue reading
Mar 22 Americans’ faith in banks hit low after failures, says AP-NORC poll By Paul Wiseman, Hannah Fingerhut, Associated Press Only 10 percent of U.S. adults say they have significant confidence in the nation's banks and financial institutions, a new poll finds. That is down from the 22 percent who said they had high confidence in banks in 2020. Continue reading
Mar 22 WATCH: Federal Reserve Chair Powell gives update after raising interest rate amid banking turmoil By Christopher Rugaber, Associated Press The Federal Reserve is grappling with a hazier economic picture, clouded by turmoil in the banking industry and still-high inflation, just as it meets to decide whether to keep raising interest rates or declare a pause. Continue reading
Mar 19 Banking giant UBS announces acquisition of Credit Suisse amid financial turmoil By Jamey Keaten, Ken Sweet, Associated Press 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. Continue reading
Mar 17 Biden calls for tougher penalties for executives of failed banks By Zeke Miller, Associated Press President Joe Biden is calling on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry. Continue reading