Customers make massive withdrawals after big asset losses. The Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation shut down the Silicon Valley Bank…
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City National Bank Settles Redlining Dispute with DOJ
The entity denies allegations of discrimination and pledges to open a branch in the area. The Department of Justice (DOJ) announced that City National Bank has agreed to…
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Wells Fargo to Pay for Legal Violations and Mismanagement
Government bureau finds the bank mistreated millions of customers. The Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo Bank to pay restitution of over $2 billion to…
Read MoreDanske Bank Will Pay $2 Billion for Fraud
The Justice Department announced the bank’s guilty plea. The U.S. Justice Department announced this week that Danske Bank, a global financial institution based in Denmark, agreed to forfeit…
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Treasury Secretary Promotes Cryptocurrency Regulation
She expresses skepticism about the digital asset industry. The collapse of a cryptocurrency exchange known as FTX has been called a “Lehman moment” by Treasury Secretary Janet Yellen.…
Read MorePresident Announces Protections from Junk Bank Fees
He says the measure will help struggling families. On Wednesday, President Joe Biden announced the implementation of protections from what he called “junk fees.” The measures include prohibiting…
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President Urges Gas Stations to Lower Prices
He asks the same of cell phone services and banks. On Monday, President Joe Biden urged companies running gas stations, banks, and cell phone services to lower costs…
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Bank CEOs Questioned in House Hearing
Endorsed Federal Reserve hikes to counter inflation The House of Representatives Financial Services Committee questioned bank CEOs last week, inquiring on a variety of topics. The hearing primarily…
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Mortgage Rates Hit 5.89 Percent
Some banks offer zero-down financing. As the Federal Reserve attempts to curb inflation by increasing interest rates, mortgage rates continue to rise. The home lending rate is now…
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Treasury Secretary Expects EU to Further Aid Ukraine
Secretary Yellen attends bank meetings Thursday and Friday. Treasury Secretary Janet Yellen traveled to Germany and Poland this week to meet with G7 finance ministers and central bank…
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