Bluebird, the Walmart and American Express prepaid, reloadable card that offers mobile and smart-phone functionality, will now carry FDIC insurance and “worry-free” checking — creating even more of an alternative to standard banking.
More Americans (34 percent) say U.S. bank deposit insurance is too high at $250,000, compared to 22 percent who say it should be higher, says a new Rasmussen survey.
The Federal Deposit Insurance Corp., known to most consumers as the insurer of their bank accounts, has settled with bankers accused of wrongdoing or rule-breaking in secret, agreeing not to issue press releases about the deals.
Nearly 10 million U.S. households don’t have bank accounts, representing about 8.2 percent of the population and that’s a slight increase from two years ago, according to the Federal Insurance Deposit Corp.
Banks insured by the Federal Deposit Insurance Corporation reported aggregate net income of $34.5 billion in the second quarter of 2012, a 21 percent increase over profits recorded a year earlier.
The head of the Federal Deposit Insurance Corp. said the agency is investigating the growing practice of payday lending by banks and the marketing of such short-term loans which can prove costly to cash-strapped consumers.
Now that JPMorgan Chase has become the poster child for more stringent financial reform, the banking giant should also serve as the model for preemptively breaking up an institution too big too fail.
U.S. banks and savings institutions insured by the Federal Deposit Insurance Corp. reported an aggregate profit of $35.3 billion in the first quarter of 2012, jumping 23 percent, or $6.6 billion, from the $28.8 billion in net income for the industry in the first quarter of 2011.
Even fully implemented financial reform would not have prevented JPMorgan Chase’s $2 billion-plus loss in hedge trading, Boehner said.
President Obama used JPMorgan Chase’s multi-billion-dollar trading loss to illustrate the need to proceed with “living wills” to wind down failing institutions that could harm the economy.