JPMorgan’s Dimon: ‘We Know It Was Bad Judgment’
JPMorgan Chase CEO Jamie Dimon said he doesn’t know if the bank’s credit derivative trades that took a $2 billion hit violated any regulations, even though the transactions went through an exhaustive internal ...
JPMorgan’s $2B Loss is Win for ‘Volcker Rule’ Reformers
Reform proponents who want to restrict proprietary trading by big banks were handed “Exhibit A” on a silver platter yesterday with the jolting announcement by JPMorgan Chase CEO Jaime Dimon of a $2 billion loss ...
JPMorgan Chase Admits $2B Loss in ‘Riskier’ Trading
JPMorgan Chase, the nation’s largest bank, said today in a surprise after-market announcement that one of its trading units has lost $2 billion in recent weeks from a hedge strategy “proven to be riskier, more ...
Democrats Seek Overdraft Protections Beyond Debit Cards
House Democrats have introduced a bill to crack down on overdraft fee abuse by banks beyond the current “opt-in” protection for debit card transactions.
The Overdraft Protection Act requires consumer consent ...
No 1Q Bailout: Fannie Mae Nets Post-Crisis Profit
Fannie Mae, the mortgage financing giant, won’t ask the U.S. Treasury for bailout funds to cover a quarterly shortfall for the first time since the company, and smaller “sibling” Freddie Mac, became wards ...
Credit Bureaus Fail to Fix Vital Errors for Consumers: Report
A year-long investigation by an Ohio newspaper into 30,000 consumer complaints against the big three credit-reporting bureaus has caught the attention of state attorneys general and President Obama.
The complaints ...
Visa, MasterCard ‘Swipe Fees’ on Merchants Fall 45%: Fed
Average fees that big banks charge merchants for each debit card transaction on Visa, MasterCard or other networks have dropped from 43 cents to 24 cents, a 45 percent decline, according to new data from the Federal ...
Justice Officials Probe Visa’s ‘Competitive Responses’ to Reform
Visa, the world’s largest payment network, revealed today that the U.S. Justice Department is investigating changes to its debit card processing system in response to reform rules on so called merchant “swipe ...
Fannie Mae ‘Internally” Hailed Principal Reductions: Lawmakers
Fannie Mae concluded years ago that principal reduction has “enormous” potential to save U.S. taxpayers significantly by reducing foreclosures after borrowers default, according to “internal documents” obtained ...
Banks Eye Low-Income Consumers with High-Fee Products
More of the biggest U.S. banks are offering products to low-income customers, such as payday loans, that carry high fees and are not limited by recent reform laws.
U.S. Bank, Regions Financial and Wells Fargo are ...
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