Banking Blog

Thursday, July 28, 2011 3:36 pm
By Claes Bell, CFA · Bankrate.com

Just in case you were hoping the whole debt-ceiling U.S. default thing would just fizzle out and go away Y2K-style, today the heads of major banks signed a letter to President Obama and the Congress saying, in effect, a U.S. default would be really, really bad. From the letter: The consequences of inaction — for

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Tags: Banking, banks
Tuesday, July 26, 2011 10:45 am
By Claes Bell, CFA · Bankrate.com

The Consumer Financial Protection Bureau opened its doors with some media fanfare late last week, but if you’re having problems with a bank account, don’t expect help from the new agency just yet. A recent trip to the CFPB website’s consumer complaint form yielded this message: File a credit card complaint. Later this year, we

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Monday, July 25, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Millions of unemployed workers in 40 U.S. states now receive unemployment compensation in the form of a prepaid bank card, instead of a paper check. These cards can be convenient and less costly for people who don’t have a bank account, and they can save states money. But those benefits come with a dozen different

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Saturday, July 23, 2011 12:30 pm
By Marcie Geffner · Bankrate.com

Consumers who want to send money to a friend or relative or make a payment to a business that doesn’t accept credit or debit cards will soon have another option, other than cash or a personal check. The new service will allow customers of Bank of America, JPMorgan Chase, Wells Fargo and potentially other banks

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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, CFA · 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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