Banking Blog

Friday, June 17, 2011 2:48 pm
By Marcie Geffner · Bankrate.com

Minority-owned community banks are vital institutions in the places where they do business, which are often under-served by financial services firms. That was the main point of remarks by John Walsh, acting comptroller of the currency at the U.S. Office of the Comptroller of the Currency, at a recent interagency conference on minority-owned depository institutions.

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Thursday, June 16, 2011 9:49 am
By Claes Bell, CFA · Bankrate.com

Yesterday, American Express announced the rollout of a fee-free prepaid debit card that could have huge benefits for a broad range of consumers, and even serve as a checking account replacement for some current bank customers. Fee-wise, the new card beats a lot of conventional debit cards offered by major banks. American Express pledges no

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Tuesday, June 14, 2011 12:12 pm
By Claes Bell, CFA · Bankrate.com

Looks like America’s banking system will soon have a new watchdog to replace departing FDIC chairman Sheila Bair. From Rob Blackwell at American Banker: After months of waiting, President Obama confirmed the worst-kept secret in D.C.: he would nominate Marty Gruenberg as the chairman of the Federal Deposit Insurance Corp. Gruenberg has been the obvious

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Tags: Banking, banks, FDIC
Thursday, June 9, 2011 1:12 pm
By Jim Wang · Bankrate.com

The first “bank” account I ever opened was at a credit union. I was only 15 at the time, co-signing the document with my mother, and I didn’t know the difference between a checking account and a savings account. In fact, I was even more perplexed with the credit union terminology of share draft and share

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Thursday, June 9, 2011 10:26 am
By Claes Bell, CFA · Bankrate.com

Retailers scored a major victory in their quest to limit the debit card swipe fees they pay banks to process debit card transactions. Yesterday the Senate voted down a bill that would have pushed back the July 21 effective date of the new swipe fee limit six months to a year for “further study.” From

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Thursday, June 9, 2011 9:38 am
By Claes Bell, CFA · Bankrate.com

Citi admitted today that 200,000 customer bank card accounts had been compromised by hackers. From Suzanne Kapner at the Financial Times: The U.S. bank on Wednesday revealed details of the breach, which it said it discovered in early May through routine monitoring, after being questioned by the Financial Times. The bank said that about 1

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Tuesday, June 7, 2011 12:17 pm
By Claes Bell, CFA · Bankrate.com

I’m a minimalist when it comes to banking. Basically, I just want low fees, a debit card that works and a customer service rep to answer the phone when it doesn’t. I only go to the ATM about once a month and into a branch about once every six months or so. In other words, my

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Thursday, June 2, 2011 11:48 am
By Claes Bell, CFA · Bankrate.com

A survey published last week by American Banker seems to show U.S. banks are starting to recover from the PR disaster that was the financial crisis of 2008 and 2009. Perhaps unsurprisingly, the biggest banks that got the lion’s share of the bad press during that period still lag smaller regional and national banks when

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Tags: Banking, banks
Tuesday, May 31, 2011 3:02 pm
By Claes Bell, CFA · Bankrate.com

Should consumer complaints against banks be published online the same way complaints against vacuum cleaners and hair curlers are now? That’s a question the Consumer Financial Protection Bureau will decide as it inches toward going fully operational July 21. A coalition of consumer groups is pushing for a searchable online database of consumer complaints against

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Thursday, May 26, 2011 7:00 am
By Claes Bell, CFA · Bankrate.com

A furious battle over how much banks can charge merchants for processing debit card transactions is raging on Capitol Hill right now. The National Retail Federation has just announced a multimillion-dollar lobbying and advertising effort to ensure it gets its way. Giant corporations with billions of dollars on the line are pouring massive amounts of

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