Regulators Warn Banks To Plug Any Heartbleed Security Holes ASAP

Regulators Warn Banks To Plug Any Heartbleed Security Holes ASAP

While most major services you use like Facebook, Google, Yahoo, Twitter and others have likely (and hopefully) patched up any security holes at risk from the Heartbleed bug, U.S. regulators are warning banks to update their systems as well, and quickly. [More]

The Consumerist 101 Guide To Understanding Your Financial Regulators

The Consumerist 101 Guide To Understanding Your Financial Regulators

Washington, D.C., might as well be called Acronym City. It feels like there are a zillion different, discrete agencies, organizations, bureaus, boards, and commissions within the federal government, each with its own graceless three-, four-, or five-initial moniker, forming the tangled web of a bureaucracy that regulates… well, almost everything. So what are the key regulatory agencies, anyway? Who oversees what, and who do they report to, and how does it all work? [More]

Big Banks Don’t Want To Be Transparent About Checking Fees If Little Banks Don’t Have To Be

Big Banks Don’t Want To Be Transparent About Checking Fees If Little Banks Don’t Have To Be

If we were to play a word-association game with the nation’s largest banks, we’re sure that terms like “fair” and “equitable” would be right on the tip of peoples’ tongues. And because big banks always play fair with everyone else, they are asking that their checking-account fees not be put under the regulatory microscope if smaller banks’ fees aren’t going be subject to the same scrutiny. [More]

(afagen)

What Can A Regulator With A Sense Of Ethics Do After Leaving The Feds? Try Not To Become A Lobbyist.

After many years building your career, you’ve reached such a level of good reputation and success that you’ve been tapped to lead a major federal regulatory agency for a few years. Wow! That’s real power. Great job! But your term ends, or the administration changes, and your time in charge of the agency is done. You feel strongly that you’ve got another decade or two in you before retirement, though. So what’s your next move? [More]

(Paxton Holley)

Federal Government To Issue New Guidelines For Banks Dealing With Legal Marijuana Businesses

Now that marijuana for recreational use is doing booming business in Colorado where it’s legal (with Washington State to join it eventually) the federal government is getting around to answering some weighty questions. Namely, how will it deal with the revenue coming in from pot sales? [More]

(brokentrinkets)

Number Of U.S. Banks Hits Record Low

Back in 1985, there were around 18,000 different federally insured banks operating in the U.S. But in the nearly three decades since, numerous failures and mass consolidation has left us with around 38% of that 1985 number, meaning Americans now have the fewest banking options since the federal government began tracking these stats back in 1934. [More]

FDIC & OCC Ask Banks To Please Stop Issuing Payday Loans As “Direct Deposit Advances”

FDIC & OCC Ask Banks To Please Stop Issuing Payday Loans As “Direct Deposit Advances”

While many payday lending operations are not directly tied to federally insured banks, some of the biggest names in banking — most notably Wells Fargo — offer what are effectively payday loans via “Direct Deposit Advance Loans.” But today the FDIC and the Office of the Comptroller of the Currency have given some guidance to the banks they regulate, basically saying “That’s enough of that, don’t ya think?” [More]

(meddygarnet)

Even The Former FDIC Chair Isn’t Safe From The Clutches Of Retailer Credit Cards

The next time you’re banging your head against the wall and moaning over what an idiot you’ve been to ignore late credit card payments, know this: You are not alone. Also you’re not an idiot, but if the woman who used to head up the Federal Deposit Insurance Corporation can get entangled in problems with retailer credit cards, it can happen to anybody. [More]

Regulators Ask Banks To Not Be Jerks To Customers Affected By Shutdown

Regulators Ask Banks To Not Be Jerks To Customers Affected By Shutdown

The shutdown of the federal government is now a week old, meaning a growing number of furloughed workers — and employees of businesses whose income depends on government contracts — are having trouble keeping up with their bills. In a joint statement today, five regulators have asked banks and other financial institutions to be mindful of customers who are directly impacted by the current staring contest. [More]

(frankieleon.)

Are Prepaid Cards Improving Or Are They Still A Confusing Mess Of Hidden Fees?

First, the good news: Our wiser, elder siblings at Consumer Reports have ranked the best and worst prepaid cards for the very first time, and it seems many cards have lower fees and act a lot like traditional bank accounts. But now for the bad news: Fee information can still be tricky to find and many cards don’t come with the guarantees you can get with a regular debit card. [More]

On Feb. 14, Sen. Elizabeth Warren grilled bank regulators on their failure to take banks to trial.

Sen. Warren Asks Bank Regulators If “Too Big To Fail” Has Become “Too Big For Trial”

In her first hearing as a member of the Senate Banking Committee, Massachusetts Senator and longtime Consumerist favorite Elizabeth Warren grilled a panel of regulators on their tendency to settle with law-breaking banks rather than go to trial. [More]

(bikeoid)

Senators Call For An End To Payday Lending By Banks

Four of the nation’s largest banks — Wells Fargo, Fifth Third Bank, U.S. Bank and Regions Bank — are involved in high-interest, short-term loans that may not always be called “payday” loans but might as well be. Thus, a group of five U.S. senators have asked regulators to put a stop to the practice altogether. [More]

(stirwise)

Bank Of America Fires Investment Banker Over 1998 Dine & Dash At Denny’s

More than a few people are upset at large financial institutions for their apparent lack of accountability following the 2008 economic collapse, so the banks and their regulators have paid lip service to the idea of having tougher standards. As a result, one investment banker says he was fired from Bank of America for a minor breakfast-related misunderstanding from 1998. [More]

Overheard In 10 Million American Households: Bank Account? What Bank Account?

Overheard In 10 Million American Households: Bank Account? What Bank Account?

I used to know a guy who kept his money hidden in his home because he didn’t trust banks. Like, all of it. He would never tell me where, obviously, guess though I may (Freezer? Under the mattress? Behind the “secret” DVD collection?). He isn’t alone — there are 10 million American households that don’t have bank accounts, a number that is increasing every day. [More]

Wells Fargo Fires Customer Service Rep For Using Cardboard Dime At Laundromat 50 Years Ago

Wells Fargo Fires Customer Service Rep For Using Cardboard Dime At Laundromat 50 Years Ago

Big banks are under a lot of pressure these days not to mess anything up — but in the case of firing employees for crimes they committed decades ago, are they overreacting? A Wells Fargo customer service worker says his recent termination stemming from an incident in 1963 is totally unnecessary. His crime? Using a cardboard cutout of a dime in a Laundromat washing machine. [More]

U.S. Banks Are Doing Okay, Made $34.5 Billion Profit Last Quarter

U.S. Banks Are Doing Okay, Made $34.5 Billion Profit Last Quarter

While the big banks plead hardship and whine about having their profits eroded by regulatory reform, they fail to mention that the American banking industry appears to be doing okay, with 12 straight quarters of year-over-year growth and $34.5 billion in profit in the second quarter of 2012 alone. [More]

FDIC: There Is No Such Thing As An “FDIC Fee” To Bank Customers

FDIC: There Is No Such Thing As An “FDIC Fee” To Bank Customers

Odds are that your bank is insured by the Federal Deposit Insurance Corporation, and that your bank pays a premium to the FDIC for said insurance. And while those banks may choose to pass that cost on to customers, they can’t go calling it something like an “FDIC fee.” [More]

FDIC Announces Plan For How To Handle Failed Banks

FDIC Announces Plan For How To Handle Failed Banks

Nearly four years on from the collapse of Lehman Brothers, Merrill Lynch and a number of other large financial institutions, the Federal Deposit Insurance Corporation is announcing its plan for what will happen the next time a too-big-to-fail bank goes kaput. [More]