University of California professor Raphael Bostic has made history Monday as the first African-American president of one of the Federal Reserve's 12 regional banks.
Last week, Wells Fargo Bank agreed to pay $185 million in fines and refund customers some $2.5 million. Why? Mellody: It’s pretty straightforward. Some employees at Wells Fargo were caught illegally signing customers up for products – credit cards, deposit accounts, other items – that they had not requested. According to Wells Fargo, the […]
JP Morgan Chase and the Justice Department reached a settlement for $13 billion this week to resolve allegations that the bank knowingly sold faulty mortgage…
Carver Federal Savings Bank, the largest Black-run bank in the U.S. is the latest bank to be bailed out. Carver Federal Savings received a $55 million cash rescue from key investors including Citigroup, Goldman Sachs, Morgan Stanley. See also: Bank Of America Website Issues Continue “This represents a significant shift from community ownership to corporate,” said […]
WASHINGTON (AP) — Democratic lawmakers are asking the Justice Department to investigate whether Bank of America and other major banks improperly worked together to charge customers new monthly fees for using their debit cards. Rep. Peter Welch, D-Vt., and four other Democrats said Thursday that they’ve asked Attorney General Eric Holder to see if big banks […]
While everyday Americans suffer in these tough economic times, big banks, largely responsible for the crisis with their “too big to fail” power, enjoy record high profits. In a grassroots effort to get back at these institution, communications firm Fearless Revolution has created a step-by-step guide to leaving your big bank and joining a credit union. Fearless Revolution […]