More Finance and Banking Articles

  • CFPB: Most payday loans are rolled over, and most monthly borrowers receive government benefits

    The vast majority of payday loans are rolled over or quickly followed by new loans, and most people who borrow from payday lenders are recipients of government benefits, according to the Consumer Financial Protection Bureau.

  • Report: Payday loans can cost borrowers much

    WASHINGTON (AP) — About half of all payday loans are made to people who extend the loans so many times they end up paying more in fees than the original amount they borrowed, a report by a federal watchdog has found. The report released Tuesday by the Consumer Financial Protection Bureau also...

  • Convicting 5, jury nixes Madoff claim he was alone

    NEW YORK (AP) — Imprisoned financier Bernard Madoff's claim he carried out a nearly $20 billion fraud by himself has been firmly rejected by a New York jury that convicted five of his former top employees. The federal court verdict Monday came in the first trial to result from the...

  • Should U.S. taxpayers subsidize Russian banks and companies?

    As President Obama starts hurling sanctions at an increasingly bellicose Russia, a few conservatives are asking whether the administration will cut Russian banks and companies off of U.S. subsidies, Lachlan Markay at the Free Beacon reports. The Club for Growth, often the free-market foil to...

  • 5 Bernie Madoff ex-workers convicted in case's first trial

    NEW YORK — Five former employees of imprisoned financier Bernard Madoff were convicted of conspiracy Monday to cap a six-month trial in which they were accused of enriching themselves while telling an elaborate web of lies to hide a fraud that cheated investors of billions of dollars. The...

  • Illinois Attorney General Lisa Madigan uses Dodd-Frank Act to sue Chicago-area lender

    CHICAGO (Legal Newsline) – Illinois Attorney General Lisa Madigan filed a lawsuit on Wednesday against a Chicago-area short-term lender that allegedly sold a loan meant to evade state reforms. CMK Investments Inc., doing business as All Credit Lenders, sells small consumer loans and...

  • Nearly all major US banks pass Fed 'stress tests'

    WASHINGTON (AP) — More than five years after the financial crisis struck, the biggest U.S. banks are better able to withstand a severe recession than at any time since the meltdown, the Federal Reserve has determined. Results of the Fed's annual "stress tests" showed Thursday that all but one...

  • Federal Reserve: Banks better positioned to withstand crisis, even with huge losses

    U.S. megabanks are better poised now to survive a crisis than they were in 2008, the Federal Reserve announced Thursday, despite the fact that they would suffer massive losses in another panic. The Fed announced the results of the stress tests it conducts as required by the Dodd-Frank...

  • Feds probe colorful financier's business dealings

    WASHINGTON (AP) — The Justice Department is investigating a flamboyant Wall Street financier who won millions of dollars in military contracts and then hired the Army officer who allegedly steered the money her way. Interviews and documents obtained by The Associated Press portray...

  • No space in CFPB's $139m renovated headquarters for a third of its employees

    Consumer Financial Protection Bureau officials are spending $139 million to renovate their headquarters, but a third of the bureau's employees still won't have offices, the Washington Examiner has learned.

  • EU reaches deal on banking union

    BRUSSELS (AP) — The European Union has put in place the last building block of its banking union, a new system that aims to centralize oversight of banks and protect taxpayers from the cost of bailing them out. After all-night negotiations lasting into Thursday, the EU's member states and the...

  • Wells Fargo keeps pay for CEO flat at $19.3M

    MINNEAPOLIS (AP) — Wells Fargo kept its pay for CEO John Stumpf unchanged at $19.3 million last year, saying he has led the company well and reduced risk. A company filing on Tuesday shows that Stumpf received base pay of $2.8 million, stock awards of $12.5 million, and incentive pay of $4...

  • CFPB's spending skyrockets nearly 50 percent

    The CFPB balance sheet, published last week by the Fed's board of governors, may do little to quash concerns of critics and some in Congress that the agency needs tighter controls on its spending and additional oversight by those on Capitol Hill.



From the Weekly Standard