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]
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]
Loans from federal credit unions are currently capped at 18%, though some qualifying short-term loans can go as high as 28% (plus a $20 fee). These numbers are far below the standard three-digit APRs you see on payday loans, but a small number of credit unions are still figuring out ways to hook customers up with these questionable, high-interest loans. [More]
For most companies, a $165 million settlement would be huge news. For Bank of America, it’s like a paper cut on a guy that’s been swimming in the piranha tank all day. Not that we feel any sympathy. [More]
More and more local banks are turning to the internet to entice deposits, offering high yields and favorable loans terms. But how do you know if a bank is legit? Ask the FDIC.