White House Applauds Vote Removing Right To Sue Banks, Credit Card Companies

The banking industry had been lobbying hard to roll back the regulation from the Consumer Financial Protection Bureau.

Damage to the front of the Bank of America building in downtown Oakland.

WASHINGTON (AP) — The White House is welcoming a congressional measure killing the ability of millions of Americans to band together to sue bank or credit card companies to resolve financial disputes in a major win for Wall Street. The Senate narrowly voted late Tuesday night to nullify the rule, with Vice President Mike Pence casting the final

Be Sociable, Share!

IMF Head Foresees End Of Banking, Triumph Of Cryptocurrency

Bitcoin “”puts a question mark on the fractional banking model we know today.”

From left, Mexico's Central Bank Governor Agustin Carstens, Managing Director of the International Monetary Fund Christine Lagarde, and Special Envoy for the President of the World Bank Mahmoud Mohieldin pose for a group photo after a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013. The finance chiefs of the world's leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas. (AP/Alexander Zemlianichenko)

In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies. Christine Lagarde–a Paris native

Be Sociable, Share!

Famous Rothschild Banking Dynasty Facing Fraud Charges In France

In addition to being accused of defrauding British retirees, Rothschild Bank AG was also recently fined millions for U.S. tax dodging.

Baron David de Rothschild, Chairman of Rothschild Bank, waits for the beginning of an award ceremony after being elected "European Banker of the Year 2011" in Frankfurt, Germany, Monda

NORMANDY --- One of Europe’s wealthiest bankers faces questioning for fraud in France as part of a years-long case that accuses him of defrauding retirees. Baron David de Rothschild, one of the wealthy members of the famous Rothschild banking dynasty, was indicted last month over allegations that his company, Rothschild Financial Services Group,

Be Sociable, Share!

House Approves Marijuana Industry’s Request For Banking Access

Shut out of banking services, marijuana-related businesses in states where the substance is legal operate as cash-only businesses, but that may be changing.

Bob Leeds

The U.S. House of Representatives on Wednesday voted 231-192 in favor of a bipartisan-backed piece of legislation that blocks the Treasury Department from using federal funds to penalize banks or other financial institutions for providing services to marijuana businesses in states where the substance is legal. The amendment to the financial

Be Sociable, Share!

Postal Service Urged To Move Forward On Banking Proposal

“There is no reason for Congress to act or to politicize this. Ignore the politics: it’s time for the Postal Service to move forward,” Sen. Elizabeth Warren said.

Post Office

WASHINGTON --- A proposal that would see the U.S. Postal Service once again offer basic banking services at its branches across the country is picking up momentum, enough to result in new pushback from banking lobbyists. The proposal, which would include bank accounts, credit cards and related services, was first offered earlier this year in a

Be Sociable, Share!

Still No Real Accountability: Citigroup To Pay $7 Billion For Its “Egregious Misconduct”

Banking giant sold “toxic financial products,” reaped profits; critics say it now gets a “sweetheart immunity deal.”


Banking giant Citigroup has sealed a $7 billion deal with the Justice Department over its "egregious misconduct" of selling toxic mortgage-based securities, which contributed to the financial crisis. The agreement, which ends a federal investigation, includes a $4 billion penalty to the Justice Department, which the Department describes as the

Be Sociable, Share!