Banking

Americans Have More Debt Than Ever – and It Is Creating an Economic trap

Americans have more debt than ever — and it’s creating an economic trap BY: Pedro Nicolaci da Costa of Business Insider –Direct Link to Article October 22, 2017 An International Monetary Fund report finds that high levels of household debt deepen and prolong recessions. US household debt is at pre-Great Recession levels. Household debt jumped by over $500 billion in the second quarter to $12.84 trillion. A scary little...

Financial crisis bank fines hit record 10 years after market collapse

Since the outbreak of the financial crisis in 2007, financial institutions have paid more than Qatar’s GDP in fines for their wrongdoings. As investigations and lawsuits continue, that number is expected to grow, $150 billion (127.6 billion euros) – that’s how much US authorities have collected in fines from financial institutions for shady dealings with subprime mortgages since the beginning of the credit crisis in 2007, according to research by the British...

Wells Fargo Management Turned a Blind Eye to the Creation of Fake Accounts

With Sales Abuses Dating Back To 2002, Wells Fargo Board Claws Back $75 Million More From Executives Responsible Maggie McGrath In an attempt to atone for having created millions of bank and credit card accounts without customer permission or knowledge, Wells Fargo installed a new chief executive, reformed its sales incentives and clawed back more than $60 million in stock awards from the executives deemed responsible. And it’s not stopping there. On Monday, following the publication...

CFPB Launches Inquiry into Overdraft Practices

CFPB Launches Inquiry into Overdraft Practices Bureau Explores Ways to Help Consumers Avoid Overdraft Penalty Fees WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into checking account overdraft programs to determine how these practices are impacting consumers. As part of that inquiry, the CFPB is seeking public input on a prototype “penalty fee box” – a disclosure on a consumer’s checking account statement that...