Banking Blog

Friday, July 22, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Parents are more prepared to talk to their kids about drugs, alcohol, sex and dating than they are to bring up an apparently even more sensitive topic — money. That’s one finding of a recent survey by ING Direct, a major online bank headquartered in Wilmington, Del. The telephone poll of 2,000 adults, 630 of

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Thursday, July 21, 2011 8:25 am
By Marcie Geffner · Bankrate.com

The new Consumer Financial Protection Bureau, or CFPB, is set to start more of its official operations this week – if, that is, a number of bills pending in Congress don’t weaken its authority to do so. The bills include the following. H.R. 1121. This would replace the CFPB’s single director with a five-member board of

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Wednesday, July 20, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Banks, meet the new “cop on the beat.” The federal Consumer Financial Protection Bureau (CFPB) has outlined its plan to supervise the nation’s large banks and other depository institutions. Elizabeth Warren, special adviser to the secretary of the Treasury on the CFPB, said in a statement that the consumer agency is “here to make sure

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Tuesday, July 19, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

The U.S. Government Accountability Office, or GAO, has issued a report showing how federal government agencies are utilizing financial and human resources to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. Enacted a year ago, Dodd-Frank includes hundreds of provisions intended to strengthen oversight of U.S. banks and nonbank financial companies and consolidate

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Monday, July 18, 2011 1:08 pm
By Marcie Geffner · Bankrate.com

President Barack Obama has nominated the first director of the new Consumer Financial Protection Bureau, or CFPB, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act he signed into law last year. The nomination is important for banking customers, banks and nonbank financial institutions that soon will be subject to the bureau’s regulatory

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Thursday, July 14, 2011 9:38 am
By Claes Bell · Bankrate.com

Since the Durbin amendment calling for a cap on swipe fees passed as part of the Dodd-Frank financial reform bill, I’ve written a lot on this blog and elsewhere about how banks may raise their fees to compensate for lower debit card revenues. Of course, a sharp rise in fees seemed more likely when the

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Tuesday, July 12, 2011 1:50 pm
By Marcie Geffner · Bankrate.com

OneMain Financial. That’s the new name of Citigroup’s consumer lending arm, which offers personal and home equity loans through 1,300 U.S. branches. The rebranding of the Baltimore-based company, announced last December, is intended to “distinguish its business with an identity that better represents who they are and what they do,” according to a press statement.

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Monday, July 11, 2011 12:46 pm
By Marcie Geffner · Bankrate.com

MasterCard Worldwide has announced a new promotion to encourage consumers to use its prepaid spending cards. Like debit cards or gift cards, prepaid cards can be used instead of cash to shop at bricks-and-mortar stores or make purchases or pay bills online. The promotion offers two free movie tickets to anyone who gets and loads

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Friday, July 8, 2011 10:48 am
By Claes Bell · Bankrate.com

Although the flood of bank failures has slowed somewhat since the financial crisis, the FDIC has still been forced to shut down 120 banks already in 2011. Thanks to the FDIC, account holders whose deposits totaled less than $250,000 at those banks didn’t lose a dime. But the safety and soundness of a bank is

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Tags: Banking, banks, FDIC
Thursday, July 7, 2011 3:04 pm
By Claes Bell · Bankrate.com

Last week, Dealbreaker published a photo of a bank ATM receipt for a $400 withdrawal tossed on the ground outside a Capital One Bank in East Hampton, N.Y. So what made the receipt newsworthy? Other than a savings account balance of nearly $100 million, not much. Dealbreaker alleged hedge-fund manager David Tepper was the lucky

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