JPMorgan Chase's rapid $2 billion trading loss reportedly involved credit default swaps -- the same investments that played such a large role in the financial crisis. Here's why credit default swaps still pose such a threat to the U.S. economy.
Bank of America learned pretty quickly last month that customers think $5 a month is too much to pay to use a debit card. But is there such a thing as a reasonable bank fee? One in three people say they're prepared to walk away from their financial institution to avoid a fee, a new survey reveals.
While thousands of Americans unleash their anger at big banks in protests around the country, many more are registering their dissatisfaction from their keyboards. In the wake of last week's news that Bank of America is adding a new $5 fee for debit card use, online-only banks saw waves of new customers coming through their virtual doors.
Big Wall Street banks haven't been winning many fans lately with their new fees and constant search for loopholes in the Obama administration's consumer protection laws. Bank of America's new fees on debit cards could be the last straw for some. The alternative many Americans are turning to -- credit unions.
Have you ever been turned down for a loan? Had your credit line slashed or interest rate bumped up? Well, starting Thursday, banks and other lenders will be required tell you a bit more about why. The FTC and the Fed are implementing a new rule requiring lenders to show consumers the credit score data they used to make their decision.
Most investors don't know how their financial advisers are compensated -- many even think they are getting their advice for free. It's not a trivial matter: How you pay your adviser affects the rules they must adhere to, and the degree to which they have to put your interests first.
As the price of oil has soared over the past few months, an army of commentators has accused "speculators" of manipulating the oil market to profit from the misery of the American people. But how much are these big investors to blame for our pain at the pump, and how much is simply a matter of supply and demand?
New regulations limiting mortgage brokers' compensation go into effect on April 1. While they're meant to protect mortgage borrowers from unscrupulous brokers, they could have an adverse impact on the nation's struggling housing market.
CEO bonuses rose 30.5% in the past year, but are the heads of large U.S. firms really earning their hefty compensation packages by creating increased profits and shareholder value? A closer look reveals wide disparities: There are some Bargain CEOs, but also some Hogs and Value Destroyers.
As the crisis in Libya continues to shake world oil markets, many voices are calling for President Obama to tap into the Strategic Petroleum Reserve. With gasoline prices up 33 cents a gallon in the last month, that's a tempting idea. It's also the wrong one.
The federal government says excessive pay at financial institutions was one of the main causes of the recent economic crisis. It now wants to make sure bank executives and traders take less risk, by insisting they defer a large part of their compensation.
New rules proposed by the Fed for debit card transactions may mean consumers end up paying more to use their cards, while big retailers save billions. The rules would sharply limit the transaction fees sellers pay, so banks could recoup that money from buyers.
White House National Economic Council Deputy Director Diana Farrell and Treasury Department Assistant Secretary for Financial Institutions Michael Barr are planning to step down in the coming weeks -- the latest in a series of departures from Obama's economic team.
The FDIC is changing the way banks pay for insurance, and big banks will soon pay much more than their smaller rivals to protect deposits. Even so, many customers may be better off at large banks, which could start aggressively competing for new deposits.