Last week, we reported that former United States Treasury Secretary Timothy Geithner published an op-ed piece in the Wall Street Journal and appeared on MSNBC defending the Bush and Obama administrations’ bailouts of the financial industry. He presented the case that it was a … [Read more...]
Federal Reserve Limits Bank Deals to Avoid Another Bailout
A major problem in 2008 was the fact that we had large banking institutions with big balance sheets and the Federal Reserve response was to save these institutions via taxpayer bailout. This is where the term “too big to fail” comes from. Over four years later, Chairman Ben Bernanke … [Read more...]
Senate Considers Extending Deposit Insurance Program (TAG)
During the eye of the Great Recession, it appeared that everything was headed for disaster. Banks were failing, credit was frozen, markets were falling off a cliff, etc. Congress took the opportunity to extend deposit insurance to over $250,000 limit in an effort to prevent bank … [Read more...]
Regulations for Stress Tests on Large Banks Approved
In a recent announcement, the FDIC announced approval of new proposed changes for stress tests conducted on large banks. The FDIC is the Federal Deposit Insurance Corporation and insures some financial accounts through various financial institutions. Prior to the recent financial … [Read more...]
Discover Ordered to Refund $200 Million to Customers for Selling Products with Deceit
Discover Card may have been voted No. 2 in overall customer satisfaction in the most recent J.D. Power credit card survey, but that didn’t exempt it from penalties enforced by the Consumer Financial Protection Bureau for deceiving customers when marketing card protection products. The … [Read more...]
FDIC
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FDIC Stands for Federal Deposit Insurance Corporation. Corporation owned by U.S. Government. … [Read more...]
