New Yorkers want to know: What’s your cybersecurity plan?

Aug 29, 2017
There are some new regulations going into effect for financial institutions licensed by the state of New York this week. That’s for some banks, big insurance companies and all kinds of financial firms. The rules are about cybersecurity, specifically. They require companies to hire a chief information security officer, to report data breaches within 72 […]

Ten years after the financial crisis, the feds say some banks need a break

Aug 23, 2017
The Federal Reserve, the Federal Deposit Insurance Corp. and the Comptroller of the Currency all announced yesterday that they would hold off on implementing a set of regulations on small to medium size banks, sometimes called community banks. The idea is to give these banks some breathing room while regulators come up with new, simpler […]

Changes at the top for Wells Fargo

Aug 17, 2017
Scandal-besieged Wells Fargo seems to be cleaning up its act. It’s replacing three of 15 board members, including the chairman. Stephen Sanger will step down at the end of the year and current Vice Chair Elizabeth Duke will take his place. Is this a real change for the bank? Click the audio player above to […]

New research shows financial crises weigh on younger investors

Aug 17, 2017
Some new research out today by the Wells Fargo Investment Institute points to some significant differences in investment behavior between generations. For Gen Xers and millennials, the looming specter of the financial crisis is causing them to be more conservative with their portfolios. Click the audio player above to hear the full story.

Banks are rethinking their premium credit card offerings

Aug 15, 2017
Bank of America plans to launch a new premium rewards credit card next month. The bank is entering a crowded field of similar products from American Express and Chase, whose Sapphire Reserve card made headlines for its initial 100,000-point sign-up bonus and $450 annual fee. As a result, banks are changing the way they try […]
frankieleon/Flickr

When did the financial crisis begin? Some say August 9, 2007 — in France

Aug 9, 2017
The French bank BNP Paribas was a key figure in the crisis.
A view of the French bank BNP Paribas back in early 2008.
ERIC PIERMONT/AFP/Getty Images

Ex-Im Bank sparks fight over its role and leader

Aug 3, 2017
There’s a sharp division in the Republican Party between libertarians, who believe in free markets without government interference, and more mainline, pro-business Republicans, who want the government to intervene in markets to help U.S. businesses. The latest example of this? The Export-Import Bank, which provides loans to foreign businesses or governments so they can buy U.S. […]

For public good, not for profit.

Wells Fargo scandals could mean sweeping consequences

Aug 1, 2017
First, there was a scandal over millions of fake Wells Fargo accounts that broke last year. Then, accusations of changes to mortgages without notifying customers. Now, Wells Fargo faces a class-action lawsuit over selling car insurance policies to hundreds of thousands of customers who did not need it from 2012 to 2017. All this could […]

Banks suffer as commodities trading hits a rocky patch

Jul 25, 2017
Commodity trading — often a big money maker for banks and hedge funds — has been subdued in recent months, leading to significant drops in revenue. Goldman Sachs recently said its commodity trading unit had the worst quarter on record, and other banks are in a similar situation. The reasons behind the slump? Lack of volatility and […]

Big banks post record quarterly profits, but they don’t court our cash

Jul 14, 2017
Four big banks (JPMorgan Chase, Citigroup, PNC, Wells Fargo) reported earnings today, all beating expectations, especially JPMorgan, which posted its best quarter ever. That wind in the banks’ sails comes in the form of higher interest rate levels after three straight rate hikes by the Federal Reserve. That means banks get to charge you more […]