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Stock Market & Financial Investment News

News Breaks
June 30, 2014
12:15 EDTUSB, VU.S. Bancorp reaches settlement with U.S. Department of Justice
U.S. Bancorp (USB) announced that it has reached a settlement with the U.S. Department of Justice in order to resolve an investigation relating to the endorsement of mortgage loans under the Federal Housing Administration’s insurance program. The company cooperated fully with the DOJ investigation and chose to settle this matter for $200M without an admission of liability to avoid the path of costly and protracted litigation as well as distractions to the business. U.S. Bancorp has a legacy of being a respected mortgage lender, including a decades-long, strong working relationship with HUD and its FHA loan programs. In addition, during Q2 and prior to the settlement agreement with the DOJ, the company sold 3M shares of the Class B common stock of Visa (V) resulting in a net pretax gain of $214M. After the sale, the company continues to own approximately 9.6M Visa Class B shares. The combination of the settlement and the sale of Visa Class B shares is expected to be neutral to earnings-per-share in Q2.
News For USB;V From The Last 14 Days
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September 30, 2014
10:01 EDTVBank of America begins rollout of chip debit cards
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September 29, 2014
07:58 EDTUSBWarren calls for hearing on 'disturbing' Fed tapes, Reuters reports
Two members of the the Senate Banking Committee, Democrats Elizabeth Warren and Sherrod Brown, called for an investigation into the issues raised by secretly taped conversations between officials at Goldman Sachs (GS) and supervisors at the New York Federal Reserve, reported Reuters. Other large U.S. banks include Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
September 25, 2014
15:10 EDTUSBHolder resignation as AG positive for banks, says Rafferty Capital
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13:30 EDTUSBU.S. Bancorp fined $9M, to pay $47.9M in restitution for identity-theft products
The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, or CFPB, has fined U.S. Bancorp $9M and has ordered the company to pay $47.9M in restitution to customers for selling identity-theft products with out providing the full benefits of the products. In a statement, the CFPB said, "The billing of Identity Protection Product fees and acceptance of payments of such fees while failing to provide credit monitoring and credit report retrieval services has resulted in substantial injury to approximately 420,115 consumers in the amount estimated to be $47.9M for identity protection products. This injury was not reasonably avoidable by consumers and is not outweighed by any countervailing benefit to the consumers or to competition. Within 10 days of the effective date, the Bank must reserve or deposit into a segregated deposit account $47.9M, which represents the approximate amount of customer injury caused by the practices described in Section V, for the purpose of providing redress to affected customers as required by this Section." Reference Link
08:07 EDTUSBU.S. Bancorp extends freight-payment trade finance capability to Europe
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September 24, 2014
11:19 EDTVVisa creates 2K technologists positions, new India technology center
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September 22, 2014
07:14 EDTVGSM Association to hold a conference
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September 18, 2014
14:08 EDTUSBBanks look to high-interest personal loans to boost revenue, WSJ says
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05:31 EDTVVisa to undertake assessment of stake in Monitise
Visa (V) and Monitise entered into an alliance agreement in 2009. At the same time, Visa began investing in Monitise. Given the maturation of Monitise as a company, Visa is considering its options with respect to the investment and has engaged J.P. Morgan Securities (JPM) to assist. Visa will also be lessening its dependence on external mobile development resources. In 2009, in conjunction with its commercial partnership, Visa invested in Monitise as a 14.4% owner of the company in order to provide capital support to a leader in the evolution of the mobile payments sector. Over time, Visa’s holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visa’s investment practice to seed emerging players and, over time, taper that influence as the partner company grows. Under their agreement, Monitise will provide Visa with mobile platform development services through 2016. As both Visa and the payments industry evolve at a rapid pace, Visa intends to continue increasing its investment in its own in-house capabilities and, as a result, reducing its use of external resources.
September 17, 2014
13:16 EDTUSBHolder says DOJ looking to charge bank executives, Washington Post says
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