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Washington State Banks Faced With a Pot Dilemma

Washington State Banks Faced With a Pot Dilemma

iStockphoto(OLYMPIA, Wash.) — Now that marijuana has been legalized in Washington State, banks, which are federally regulated, are in a tough position as marijuana is still banned by federal laws.
Bank tellers are instructed and trained not to accept …

Senators: ‘Prosecution-Free Zone’ for Big Banks?

Senators: ‘Prosecution-Free Zone’ for Big Banks?

Sion Touhig/Getty Images(WASHINGTON) — Members of a U.S. Senate banking committee blasted federal regulators Thursday for allowing Europe’s largest bank to dodge a potentially crippling criminal prosecution after it had allegedly laundered millions of…

Iran Behind Hacking of Banking Sites?

Iran Behind Hacking of Banking Sites?

iStockphoto/Thinkstock(NEW YORK) — Recent hits on dozens of online banking sites may be the work of government-backed hackers in Iran, according to U.S. security officials.  Since last September, hackers have cause slowdowns and other d…

US Bank Cyber Attackers Deny Iran Connection

US Bank Cyber Attackers Deny Iran Connection

iStockphoto/Thinkstock(NEW YORK) — The group that claimed to launch large, sustained cyber attacks against the websites of several major U.S. financial institutions told ABC News it is not acting on behalf of and is not supported by the Iranian govern…

Big Banks Waiving Fees for Customers Affected by Sandy

Big Banks Waiving Fees for Customers Affected by Sandy

Ryan McVay/Photodisc/Thinkstock(NEW YORK) — In the wake of Hurricane Sandy, several big banks — like Citi, Wells Fargo, Bank of America and TD Bank — are waiving some of their normal fees for customers in states affected by the monster storm.One exa…

Rule Would Protect Banks Against Mortgage Borrower Suits

Rule Would Protect Banks Against Mortgage Borrower Suits

Digital Vision/Thinkstock(NEW YORK) — A regulatory change under consideration by bureaucrats in Washington would give banks new legal protections against being sued by borrowers.  Mortgage customers, for example — those deemed most able to repay…

Georgia Family Tries to Buy Back Foreclosed Home from Bank

Georgia Family Tries to Buy Back Foreclosed Home from Bank

The Gearing Family(HELEN, Ga.) — Of the nearly 1.9 million homes that went into foreclosure last year, few owners had any thoughts about sticking around. They packed up their bags and left.But not the Gearings of Helen, Ga., a small town about 25 mile…

Morgan Stanley CEO Says Banking Industry Is ‘Overpaid’

Morgan Stanley CEO Says Banking Industry Is ‘Overpaid’

Scott Eells/Bloomberg via Getty Images(NEW YORK) — Morgan Stanley CEO James Gorman has folks in the banking sector buzzing with his comments that the industry is “still overpaid.””There’s way too much capacity and compensation is way too high,” Gorman…

Hackers, Possibly from Middle East, Block US Banks’ Websites

Hackers, Possibly from Middle East, Block US Banks’ Websites

Jin Lee/Bloomberg via Getty Images(NEW YORK) — The financial and banking industries are on high alert Thursday night as a massive cyberattack continues, with potentially millions of customers of Bank of America, PNC and Wells Fargo finding themselves …

British Bank Accused of ‘Scheming’ with Iran

British Bank Accused of ‘Scheming’ with Iran

Matthew Lloyd/Bloomberg via Getty Images(NEW YORK) — First it was HSBC, now British based Standard Chartered Bank (SCB) is being accused of ignoring sanctions and helping Iranian corporations and banks illegally move money. Monday’s accusations …

Break Up Big Banks, Says Mega-Bank Pioneer

Break Up Big Banks, Says Mega-Bank Pioneer

Koichi Kamoshida/Getty Images(NEW YORK) — One of the architects of mega banking is now calling for the breakup of the world’s largest banks. Sandy Weill, the former CEO of Citigroup, told CNBC on Wednesday, “What we should probably do is g…

Nationwide Utility Bill Scam Spreads to Midwest

Nationwide Utility Bill Scam Spreads to Midwest

Fuse/Thinkstock(NEW YORK) — Utility companies in the Midwest are warning customers of an ongoing con that has already affected thousands on the West and East Coast in which a scammer claims households are eligible for an energy credit offered by Presi…

Moody’s Should Downgrade Congress

Moody’s Should Downgrade Congress

Ryan McVay/Photodisc/Thinkstock(NEW YORK) — Last summer, August 5 to be exact, Standard & Poor’s dropped the rating of United States debt below AAA for the first time in history. This year, with our flippers and masks barely out of the pool equipm…

Bank Robbery Does Not Pay Well, Study Finds

Bank Robbery Does Not Pay Well, Study Finds

iStockphoto/Thinkstock(LONDON) — Bank robbers always seem to do so well after a major heist, at least in the movies.  But a recent study in Significance, the journal of Britain’s Royal Statistical Society and the American Statistical Association,…

Moody’s Bank Downgrade May Mean Higher Lending Rates

Moody’s Bank Downgrade May Mean Higher Lending Rates

Scott Eells/Bloomberg via Getty Images(NEW YORK) — For the second time in a year, Moody’s downgraded 15 global banks. The credit ratings agency downgraded five of the biggest U.S. banks on Thursday, and that may lead to higher rates for consumer…

Robin Hood Activists Look to Make Fairy Tale a Reality

Robin Hood Activists Look to Make Fairy Tale a Reality

(NEW YORK) — When it comes to tax reform heroes, Warren Buffett, that self-made billionaire who pushes for higher taxes on millionaires, is so yesterday. The new champion of the progressive tax movement is a bit more mythical, a touch less law-abiding…

New Fed Rules Require Banks to Increase Financial Cushion

New Fed Rules Require Banks to Increase Financial Cushion

Chip Somodevilla/Getty Images(WASHINGTON) — The Federal Reserve proposed new rules Thursday that require banks maintain stronger capital buffers to protect themselves against potential losses. The rules call for large banks to hold six percent of…

Banks Hit You with Fees Even on the Way Out

Banks Hit You with Fees Even on the Way Out

Ryan McVay/Photodisc/Thinkstock(NEW YORK) — Closing a bank account involves more than just signing on the dotted line and saying good-bye.  It also means reaching into your pocketbook if your money is in one of the country’s 10 largest bank…

JPMorgan Faces New Lawsuits Over Bets Gone ‘Horribly Wrong’

JPMorgan Faces New Lawsuits Over Bets Gone ‘Horribly Wrong’

Chris Hondros/Getty Images(NEW YORK) — JPMorgan Chase now faces two new lawsuits from shareholders angry over the bank’s two billion dollar trading loss.  The suits, filed in federal court in New York, allege JPMorgan misled investors about…

FDIC Seeks to End ‘Too Big to Fail’ Bailouts

FDIC Seeks to End ‘Too Big to Fail’ Bailouts

STAN HONDA/AFP/Getty Images(WASHINGTON) — The U.S. government has launched a plan to deal with large failed companies that could touch off another Lehman-like disaster, hoping to prevent instability in the financial markets.The Federal Deposit Insuran…

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