banking

Tip options are displayed on a card reader at a store in Washington, D.C., on March 17, 2023.

National

Regulators target fees for consumers who are denied a purchase for insufficient funds

8:16am January 25, 2024

by Joe Hernandez

It's the latest salvo in the government's campaign against so-called "junk fees," which President Biden said last year harm "working folks" and drive up costs for consumers.

President Biden enters the Roosevelt Room on March 13 to talk about why the government backstopped all deposits at two failed banks.

Teetering banks put Biden between a bailout and a hard place ahead of the 2024 race

11:07am March 23, 2023

by Asma Khalid

Voters hate bank bailouts. But letting them fail without a safety net for customers could have been even worse for President Biden ahead of the 2024 presidential race.

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Why should you care about the knotty problems of the banking world? Below are a few possible consequences to watch.

Could the banking turmoil affect you? 5 ways it might

3:22pm March 21, 2023

by Alina Selyukh

There are possible consequences for regular people, small businesses and the economy.

Lebanese activists gather outside a local bank in support of Abed Soubra, who stormed the branch demanding access to his own accounts, in Beirut on Sept 16. Lebanese police detained Soubra after he entered the bank and, armed with a gun, demanded access to his deposits. It was the third such incident in Lebanon that week alone.

People in Lebanon are robbing banks and staging sit-ins to access their own savings

5:01am December 17, 2022

Lebanon's banks froze accounts three years ago amid an economic collapse. Now, under increasingly desperate circumstances, people are resorting to extreme measures to access their savings accounts.

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David Solomon, the chairman and CEO of Goldman Sachs.

Economy

Goldman Sachs CEO sees recession risk as more likely than his own economists do

10:34pm July 18, 2022

by David Gura

Landing a job at Goldman Sachs is a golden ticket. It's harder to get hired by Goldman than to get into Harvard. CEO David Solomon says 3,500 workers start this week. He wants them all in the office.

Saule Omarova testifies before the Senate Banking Committee on Nov. 18 during her nomination hearing to head the Office of the Comptroller of the Currency. Days after withdrawing her nomination, Omarova blamed banks for leading the opposition against her

Saule Omarova gets candid: Banks sank her nomination to become a key regulator

9:06pm December 13, 2021

by David Gura

Days after withdrawing her nomination to become a key banking regulator, Omarova blames banks for distorting her research and creating an ugly environment.

The drilling rig Polar Pioneer outfits for Arctic oil exploration in 2015. A proposed rule from the Trump administration would force banks to offer financing to oil companies, gun-makers and high-cost payday lenders, even if the banks don't want to.

Trump Regulator's Rule Would Force Banks To Lend To Gun-Makers And Oil Drillers

2:46pm January 11, 2021

by Chris Arnold

The Trump administration is trying to force banks to make loans to gun-makers and to finance payday lenders. Critics call the move bizarre. It's opposed by watchdog groups and banks.

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A bipartisan group of attorneys general is urging Congress to pass legislation that would make it easier for banks to handle money involved in the legal cannabis industry.

Politics & Government

38 Attorneys General Ask Congress To Bring Marijuana Money Into Banking System

8:15am May 09, 2019

by Laurel Wamsley

Most states have legalized marijuana in some form. But federal law still considers it an illegal drug, which exposes banks to legal risk if they handle weed-related money or transactions.

Tom DiGiovanni's job as chief financial officer for Canndescent involves managing bags of cash by the millions which must be counted, then hauled in armored vehicles.

Bags Of Cash, Armed Guards And Wary Banks: The Edgy Life Of A Cannabis Company CFO

11:33pm April 10, 2019

by Yuki Noguchi

Being chief financial officer in a pot business requires lots of workarounds, including hiring heavily armed guards. Few financial firms are willing to service a market that remains federally illegal.

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Business

Wells Fargo CEO Sloan Steps Down After Rocky Tenure

9:25pm March 31, 2019

by Associated Press