Tag Archives: banking

Widespread Visa Card Outage Hits Britain And Europe

The BBC reports: Customers across the UK and Europe have been unable to pay for their purchases with Visa cards because of a network failure. Some shoppers reported they were stuck in queues in supermarkets and petrol stations as Visa transactions could not be processed. Banks have advised customers that they can still withdraw cash from ATMs. Visa says it ...

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House Votes To Rollback Dodd-Frank Banking Regs

USA Today reports: The House sent a major revision of banking regulations to President Trump’s desk on Tuesday after conservatives who wanted a more sweeping rollback decided to accept a bipartisan deal crafted by the Senate. Supporters said the bill would give businesses more access to loans for homes and cars that they cannot get now because of government regulations. ...

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Gillibrand Bill Pitches Banking At The Post Office

CNBC reports: Senator Kirsten Gillibrand, D-N.Y., is proposing legislation aimed at putting an end to current payday lending practices by giving some banking services a new home: the U.S. Post Office. The legislation, called the Postal Banking Act, would make retail banking services available at all U.S. Postal Service locations. That amounts to 30,000 post offices nationwide. Services would include ...

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Goldman Sachs Warns Pharma Investors: Cures Don’t Provide Sustained Revenue, Chronic Illness Is Better

Yahoo Finance reports: Goldman Sachs analysts attempted to address a touchy subject for biotech companies, especially those involved in the pioneering “gene therapy” treatment: cures could be bad for business in the long run. “Is curing patients a sustainable business model?” analysts ask in an April 10 report entitled “The Genome Revolution.” “The potential to deliver ‘one shot cures’ is ...

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Latest Manafort Indictment Could Reel In Banks

The Associated Press reports: Recently filed federal charges against President Donald Trump’s ex-campaign chairman Paul Manafort could also pose legal and regulatory risks for the banks that loaned him millions of dollars against his New York real estate in recent years. The most serious exposure may be for a Rhode Island-based bank that employed a “conspirator” in Manafort’s scheme to ...

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Trump Administration Strips Enforcement Powers From Consumer Bureau In Cases Of Lending Discrimination

The Washington Post reports: The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms for breaking discrimination laws, according to two people familiar with the matter and emails reviewed by The Washington Post. The move comes about two months after President Trump installed his budget chief Mick Mulvaney ...

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Feds Drop Suit Against Predatory Payday Lenders

Bloomberg reports: The Consumer Financial Protection Bureau is dropping a lawsuit against a group of payday lenders associated with an American Indian tribe in a sign the regulator is changing direction under Mick Mulvaney, the acting director appointed by the Trump administration. The agency had accused the lenders of deceiving consumers and failing to disclose the true cost of the ...

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DOJ Blindsided Banks With Reversal On Legal Pot

Bloomberg reports: When the U.S. Justice Department said last week it was reversing policy on the $7 billion marijuana business, it failed to first notify federal officials who advise banks in states where the drug is legal, sources in Congress said. The announcement by U.S. Attorney General Jeff Sessions, a longtime critic of legalizing marijuana, caused confusion among banks about ...

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Trump Administration Waives Punishments For Major Banks, Including One Trump Owes At Least $130 Million

The International Business Times reports: The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank — which is owed at least $130 million by President Donald Trump and his business empire, and has also been fined ...

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Senate Kills Obama-Era Rule Allowing Consumer Class Action Against Banks, Pence Casts Tie-Breaking Vote

Reuters reports: Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using “forced arbitration” clauses. Republican Vice President Mike Pence appeared on the Senate floor at 10:11 p.m. EDT to cast the tie-breaking vote ...

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Trump’s Financial Disclosure Reveals He Owes Hundreds Of Millions To Banks Currently Lobbying Congress

The International Business Times reports: Financial disclosure documents released Friday by the Office of Government Ethics shed new light on President Trump’s finances, even as he refuses to release his tax returns. The documents show that Trump owes hundreds of millions of dollars to major financial institutions — some with business before Trump’s administration. According to section 8 of the ...

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Mnuchin Flip-Flops On Breaking Up Big Banks, Elizabeth Warren Rants “This Is Straight Out Of Orwell” [VIDEO]

Bloomberg reports: Treasury Secretary Steven Mnuchin said breaking up the biggest banks would be a “huge mistake,” easing concerns that the Trump administration plans a major revamp of Wall Street. “We do not support a separation of banks and investment banks,” Mnuchin said Thursday at a Senate Banking Committee hearing, just weeks after President Donald Trump said his administration was ...

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Elizabeth Warren Expresses Dismay Over Obama’s $400K Wall Street Speech: I Was Troubled By That

The HuffPost reports: Sen. Elizabeth Warren (D-Mass.) voiced her concerns over President Barack Obama’s plans to accept $400,000 for giving a speech to Cantor Fitzgerald LP, saying money in politics is “a snake that slithers through Washington.” The senator appeared on Sirius XM’s “Alter Family Politics” program to promote her new book, “This Fight Is Our Fight,” and she was ...

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Wells Fargo Claws Back $75M In Bonuses From Former Top Executives Over Roles In Fake Accounts Scandal

USA Today reports: Wells Fargo said Monday that it would claw back tens of millions in additional compensation from top former executives after an investigation concluded that the leaders had not acted swiftly to contain alleged “improper and unethical behavior.” Independent board members, paired with outside investigators hired by the company to review its fake accounts scandal, blasted Wells Fargo ...

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Trump Signs Order Backing Rollback Of Wall Street Reforms Meant To Prevent Another Banking Meltdown

So this just happened. Reuters reports: U.S. President Donald Trump on Friday will scale back major regulations that resulted from the financial crisis, directing a review of the Dodd-Frank Act and putting the brakes on a retirement advice rule. The executive order Trump will sign on the 2010 Dodd-Frank law on Wall Street reform will be largely symbolic towards rolling ...

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Trump Taps Goldman Sachs Advisor To Head SEC

Swampity swamp swamp. The New York Times reports: President-elect Donald J. Trump said on Wednesday that he planned to nominate Jay Clayton, a partner with the prominent New York law firm Sullivan & Cromwell, to lead the Securities and Exchange Commission, the latest appointment with strong ties to Wall Street. If confirmed, Mr. Clayton will be responsible for “encouraging investment ...

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Progressive Group Launches Campaign Pressuring Senate To Reject Trump’s Treasury Nominee [VIDEO]

Politico reports: A progressive advocacy group is launching a television ad campaign designed to pressure Republican Sens. Dean Heller and Jeff Flake to oppose Steven Mnuchin’s nomination as Treasury secretary. The ads, paid for by the group Allied Progress, are scheduled to begin airing Wednesday in the senators’ home states of Nevada and Arizona. The TV spots highlight the money ...

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SWAMP THING: Trump Names Zillionaire Goldman Sachs President Gary Cohn To Run Economic Council

The Hill reports: Donald Trump has picked Goldman Sachs president Gary Cohn to direct the National Economic Council in the White House, NBC News reported Friday morning. The council helps advise the president on economic policy. Cohn would be the second Goldman-linked appointment for the president-elect, who already named former Goldman Sachs partner Steven Mnuchin as Treasury secretary. Cohn met ...

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WHO’S SORRY NOW: Woman Who Lost Her Home To Bankster Steve Mnuchin Regrets Voting For Trump

The Associated Press reports: When Donald Trump named his Treasury secretary, Teena Colebrook felt her heart sink. She had voted for the president-elect on the belief that he would knock the moneyed elites from their perch in Washington, D.C. And she knew Trump’s pick for Treasury, Steven Mnuchin, all too well. OneWest, a bank formerly owned by a group of ...

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Treasury Pick Scrubbed Address Of His $26M Mansion From The Web Due To Mortgage Crisis Protesters

The New York Daily News reports: Donald Trump’s Treasury pick treasures his family’s privacy. Steven Mnuchin told a judge during his 2014 divorce he wanted his home address kept private because he was worried protesters upset by foreclosures might harm his three young kids – and he even got the address wiped off the internet. In a sworn statement requesting ...

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