Banking Blog

Check in regularly for the latest news on everything banking, including prepaid cards, regulations, checking account practices, mobile banking, ATMs, security, the Federal Reserve's policies and virtual currencies like bitcoin. Reporters and analysts also provide commentary and tips for managing your personal finances and how to make the most of your money and your banking relationships. See the latest Banking Blog posts below.
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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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, CFA · 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, CFA · 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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Wednesday, July 6, 2011 4:49 pm
By Marcie Geffner · Bankrate.com

Five prominent consumer advocacy groups have banded together to protest a federal agency’s decision to ignore a significant new law intended to help clean up the regulatory mess that contributed to the U.S. financial meltdown several years ago. In a lengthy letter to the Office of the Comptroller of the Currency (OCC), the Center for

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Tuesday, July 5, 2011 4:48 pm
By Claes Bell, CFA · Bankrate.com

You may have never heard of preemption, but that one little word could have a big effect on whether state banking regulators can protect consumers when large national banks act badly. Preemption is the idea that federal regulations should always supersede state ones when they conflict, even when federal regulations are weaker. During the run-up

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Tags: Banking, banks
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