03/26/14 06:15 PM
NEW YORK (AP) — Bank of America and its former CEO Ken Lewis have reached a $25 million deal to settle allegations that Lewis and his executive team misled investors about the impact of BofA's 2008 merger with Merrill Lynch. The settlement, announced by New York Attorney General Eric...
By Joseph Lawler | 03/25/14 04:20 PM
The Federal Reserve Bank of New York issued a study Tuesday concluding that the largest U.S. banks are perceived by investors to enjoy an implicit guarantee from the government, and another report finding that the biggest banks engage in riskier activities. The question of whether the largest...
By Joseph Lawler | 03/25/14 11:29 AM
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.
03/25/14 06:45 AM
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...
03/25/14 05:01 AM
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...
By Timothy P. Carney | 03/24/14 07:27 PM
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...
03/24/14 01:59 PM
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...
By Joseph Lawler | 03/20/14 05:27 PM
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...
By Richard Pollock | 03/20/14 11:24 AM
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.
By Richard Pollock | 03/18/14 05:18 AM
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.
By Joel Gehrke | 04/22/14
By Joel Gehrke | 04/23/14
By Byron York | 04/22/14
By Ashe Schow | 04/23/14
By Gene Healy | 04/22/14