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Keyword: banking

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  • Australia Looks To Ban Cash Payments Over $10,000

    05/16/2018 8:45:47 AM PDT · by bananaman22 · 27 replies
    Safehaven.com ^ | 05-16-2018 | Joshua
    In the fight against terrorist financing, drug trafficking, money-laundering and tax evasion, Australia has moved to ban the use of cash in any transactions over $10,000 by next year, moving the Down Under that much closer to becoming a digital currency society. In a move lauded by Treasurer Scott Morrison as “bad news for criminal gangs, terrorists, and those who just trying to cheat on their tax …”, the government is eyeing the surveillance potential of large transactions made by checks or credit cards connected to banks and hoping to cut down on crime in the process. The ban will...
  • Ashley Judd, Morgan Freeman Sign Letter Demanding Bank of America Revoke Loan to Remington Arms (tr)

    05/12/2018 6:51:16 PM PDT · by EdnaMode · 78 replies
    Breitbart ^ | May 11, 2018 | Aww Hawkins
    Hollywood stars Morgan Freeman, Ashley Judd, and others associated with the No Rifle Association initiative (#NoRA) have signed a letter demanding Bank of America revoke a loan made to Remington Arms. Alyssa Milano tweeted the list of signatories, which included Alec Baldwin, Michael Ian Black, Mia Farrow, Chelsea Handler, Debra Messing, Julianne Moore, Michael Moore, and Rosie O’Donnell, and a page full of others. Signatories also included Parkland gun control activist David Hogg.
  • Bank of America to supply Remington Outdoor Company with loan

    05/10/2018 12:06:39 PM PDT · by Simon Green · 21 replies
    Guns.com ^ | 05/10/18 | Daniel Terrill
    Bank of America will join half a dozen other banks in providing a lending package to Remington Outdoor Company as the gun maker prepares to emerge from bankruptcy proceedings. Although the bank announced last month that it would stop financing companies that make military-style guns for civilian use, the deal was made beforehand, Reuters reported. BoA is contributing $43.2 million to a $193 million lending package funded by seven banks. The loan will help put Remington back on a stable footing as it re-enters an uncertain environment for gun makers. BoA chairwoman Anne Finucane said in April that the bank...
  • Treasury inspector general launches probe into possible leak of Michael Cohen’s banking records

    05/09/2018 10:41:38 AM PDT · by Magnatron · 68 replies
    The Washington Post ^ | 9 May 2018 | Beth Reinhard and Emma Brown
    The Treasury Department’s inspector general is investigating whether confidential banking information related to a company controlled by President Trump’s personal attorney Michael Cohen may have been leaked, a spokesman said. Rich Delmar, counsel to the inspector general, said that in response to media reports the office is “inquiring into allegations” that Suspicious Activity Reports on Cohen’s banking transactions were “improperly disseminated.” Detailed claims about Cohen’s banking history were made public Tuesday by Michael Avenatti, an attorney for Stormy Daniels, the adult-film star who was paid $130,000 by Cohen shortly before the 2016 election to keep quiet about her alleged affair...
  • Bank of America's loan to Remington tests its firearms pledge

    05/07/2018 6:28:46 AM PDT · by Oldeconomybuyer · 13 replies
    Reuters ^ | May 7, 2018 | by Tom Hals, Jessica DiNapoli
    Bank of America Corp is preparing to provide critical financing to Remington Outdoor Co, which makes assault-type rifles, just weeks after the U.S. bank said it would stop financing “military-style” firearms for civilians. The bank is contributing $43.2 million to a $193 million lending package funded by seven banks, according to court documents, which will help put Remington back on stable footing as it emerges from bankruptcy later this month into an uncertain environment for gun makers. The package replaces a similar credit facility the banks committed to providing Remington. Both were agreed in late March, before Bank of America,...
  • Take the Bank of America Challenge! [vanity]

    05/03/2018 11:05:41 AM PDT · by Slings and Arrows · 35 replies
    Me, via YouTube ^ | 5/3/18 | Me, as "Hopalong Ginsberg"
    2A before BoA I have stopped doing business with Bank of America over their anti-Second Amendment policies.
  • Wells Fargo Pays $1 Billion to Federal Regulators

    04/20/2018 9:18:30 PM PDT · by catnipman · 71 replies
    NYslimes ^ | 4/20/2018 | MATTHEW GOLDSTEIN
    Wells Fargo will pay two federal regulators a total of $1 billion to settle an array of investigations into its mortgage and auto-lending practices. Customers were forced to pay for extending the length of so-called interest rate locks on mortgage applications even when the bank was responsible for delays in the application process. Thousands of customers who bought cars with loans from Wells Fargo were forced to buy unnecessary insurance policies from the bank with premiums that topped a $1,000 a year. The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting...
  • Wells Fargo Stems the Tide: Not a Bank’s Job to Set U.S. Gun Policy

    04/16/2018 4:41:47 AM PDT · by servo1969 · 25 replies
    Breitbart ^ | 4-15-2018 | AWR HAWKINS
    Wells Fargo stemmed the tide of the push for new financial restrictions on gun makers and sellers by stressing that it is not a bank’s job to set U.S. gun policy. Wells Fargo believes firearm policy is a debate for Congress instead. According to Reuters, Wells Fargo CEO John Shrewsberry said, “The best way to make progress on these issues is through the political and legislative process. In the meantime, Wells Fargo is engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety in our communities.” Wells Fargo’s refusal...
  • GOP Congressmen Target Citibank’s $700 Billion Contract Over ‘Anti-Second Amendment Policies’

    04/14/2018 1:14:37 AM PDT · by LibWhacker · 22 replies
    Daily Caller ^ | 4/12/18 | Peter Hasson
    Sixteen Republican congressmen are asking the General Services Administration (GSA) to reevaluate a $700 billion contract with Citibank as a result of the the financial institution’s “anti-Second Amendment policies.”The congressmen, led by Indiana Rep. Todd Rokita, sent a letter to GSA Administrator Emily Murphy on Wednesday, asking her to terminate the contract in response to Citibank’s March announcement restricting its clients participation in gun sales.“In 2017, the General Services Administration (GSA) awarded Citibank a contract of more than $700 billion to partially implement the federal charge card program, SmartPay 3,” the congressmen wrote in the letter, a copy of which was obtained by The...
  • Citi cracks down on gun sales: 'We want to do our part'

    03/22/2018 3:39:16 PM PDT · by mojito · 69 replies
    ABC News ^ | 3/22/2018 | Emily Sharpiro
    Global bank Citi is starting a new commercial firearms policy within the U.S. "to do our part as a company to prevent firearms from getting into the wrong hands," the company said today. The new policy requires its new retail sector clients and partners to follow several practices: not sell guns to someone who didn't pass a background check; not sell bump stocks and high-capacity magazines; and not sell guns to people under 21 years old. Ed Skyler, Citi's head of global public affairs, said Citi has a few relationships with companies that manufacture guns, and for those relationships, "We...
  • Here Are The 17 Dem Senators That Voted To Unwind Warren’s Financial Legacy

    03/06/2018 2:34:36 PM PST · by cotton1706 · 13 replies
    dailycaller.com ^ | 3/6/18 | Robert Donachie
    Seventeen Democrats voted to proceed on a bill that would roll back major portions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Senators voted 67-32 to end debate on a bill that takes aim at a number of the protective barriers Dodd-Frank put between consumers, banks and the greater economy in the wake of the 2007-2009 Great Recession. Michael Bennet of Colorado Tom Carper of Delaware Chris Coons of Delaware Joe Donnelly of Indiana Maggie Hassan of New Hampshire Heidi Heitkamp of North Dakota Doug Jones of Alabama Tim Kaine of Virginia Angus King of Maine Joe...
  • Latest Mueller indictment spells trouble for bankers, too

    02/24/2018 9:15:13 AM PST · by komibond · 13 replies
    Yahoo News ^ | 24/02/2018 | Jake Pearson
    NEW YORK (AP) -- Recently filed federal charges against President Donald Trump's ex-campaign chairman Paul Manafort could also pose legal and regulatory risks for the banks that loaned him millions of dollars against his New York real estate in recent years. The most serious exposure may be for a Rhode Island-based bank that employed a "conspirator" in Manafort's scheme to obtain a loan he couldn't afford, according to the 32-count new indictment unsealed this week. Dubbed "Lender B" in court papers, Citizens Bank not only lent Manafort $3.4 million based off of fraudulent documents but, in another case, appeared to...
  • Omaha bank ends business relationship with NRA

    (The Hill) First National Bank of Omaha said Thursday that it would end its business relationship with the National Rifle Association (NRA) after feedback from customers. In a post on its official Twitter account Thursday, the bank announced it would no longer renews its contract with the NRA. Customer feedback has caused us to review our relationship with the NRA,” the bank wrote. “As a result, First National Bank of Omaha will not renew its contract with the National Rifle Association to issue the NRA Visa Card.
  • The Untold History of Black Banking in America

    02/05/2018 9:19:10 AM PST · by re_tail20 · 27 replies
    Make Change ^ | February 5, 2018 | Michael Taylor
    Professor Mehrsa Baradaran is the author of The Color of Money: Black Banks and the Racial Wealth Gap, a history of black-owned and black-oriented banks in the United States. It’s not a happy story. Baradaran’s narrative spans the post-Civil War Reconstruction years to the present day and in it she tracks the government’s basic failure to equip former slaves with trustworthy wealth-building institutions in the 1800s, the disastrous effect poverty and racist economic segregation had on black banks’ ability to serve their community, the cynical use of “black capitalism” rhetoric by mainstream politicians (particularly Richard Nixon) to diffuse demands for...
  • JPMorgan Chase, Bank of America & Citi bar people from buying bitcoin with a credit card

    02/04/2018 3:49:25 AM PST · by C19fan · 92 replies
    CNBC ^ | February 2, 2018 | Evelyn Cheng
    J.P. Morgan Chase, Bank of America and Citigroup said Friday they are no longer allowing customers to buy cryptocurrencies using credit cards. "At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved," a J.P. Morgan Chase spokesperson said in a statement to CNBC. "We will review the issue as the market evolves."
  • Fed Slaps Unusual Penalty On Wells Fargo Following 'Widespread Consumer Abuses'

    02/03/2018 5:52:28 PM PST · by Leaning Right · 33 replies
    NPR ^ | February 3, 2018 | Amy Held
    In a rare move, the Federal Reserve announced Friday that it is restricting Wells Fargo's growth and demanding the replacement of four board members in response to "widespread consumer abuses and compliance breakdowns" at the bank. *snip* The move to snuff its growth comes after the bank admitted in 2016 to creating potentially millions of fake bank accounts at the expense of unsuspecting customers.
  • Marijuana firms in cloudy haze over banking woes

    12/29/2017 6:11:20 PM PST · by fluorescence · 11 replies
    Dec 29 (Reuters) - Zach Lazarus, chief executive officer of A Green Alternative, a marijuana dispensary in San Diego, California, has lost count every time he re-opened a bank account after it was closed because of his connection to the cannabis industry. Lazarus has had to play a game of "whack-a-mole" with banks, likening his frustrations to a popular arcade game in which a player repeatedly gets rid of something only to have it re-appear somewhere else. Lazarus and other marijuana business owners in the $8 billion industry resort to cash-only transactions for business and to pay employees because they...
  • Bank of America Paying $1000 Tax Cut Bonuses to 145,000 American Workers

    12/22/2017 11:28:33 AM PST · by gubamyster · 25 replies
    Breitbart ^ | 12/22/2017 | JOHN CARNEY
    Bank of America has joined the parade of American companies celebrating tax cuts by giving its employees a special year-end bonus. Brian Moynihan, the bank’s chief executive, sent an email to employees citing the benefits to the company from the lower corporate tax rate. “In the spirit of shared success, we intend to pass some of those benefits along immediately. U.S. employees making up to $150,000 per year in total compensation–around 145,000 teammates–will receive a one-time bonus of $1,000 by year-end,” Moynihan wrote. The bank also said that it expected to invest more in technology and in cities around the...
  • Even before court victory, Trump’s pick to lead consumer watchdog began reshaping agency

    11/28/2017 6:51:45 PM PST · by E. Pluribus Unum · 17 replies
    The Washington Compost ^ | 11/28/2017 | Renae Merle and Thomas Heath
    A federal judge on Tuesday refused to block President Trump’s pick to be the temporary leader of the Consumer Financial Protection Bureau, denying a request by a high-ranking agency employee that she be put in charge instead. In turning down Leandra English’s request for a temporary restraining order, U.S. District Judge Timothy J. Kelly acknowledged that the case raised constitutional questions, but he ruled that White House budget director Mick Mulvaney can remain acting CFPB director. Former CFPB litigation counsel Deepak Gupta, representing English, said they would weigh their options to resolve an issue they say has left the six-year...
  • CFPB Joins Justice In Shaking Down Banks For Democrat Activist Groups (Flashback from 2015)

    11/28/2017 6:57:48 PM PST · by sdthree · 20 replies
    Extortion: The Consumer Financial Protection Bureau is diverting potentially millions of dollars in settlement payments for alleged victims of lending bias to a slush fund for poverty groups tied to the Democratic Party. We've seen this before at the Justice Department, which Congress earlier this year scolded for "shortchanging" alleged victims of Bank of America and Citibank the same way. Justice funneled at least $150 million into a slush fund for Democratic interests, unconstitutionally avoiding Congress. Now, a little-noticed item on the CFPB's website reveals the powerful new agency is launching its own scheme to provide backdoor funding for nonprofit...