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Stock Market & Financial Investment News

News Breaks
January 17, 2014
08:01 EDTUSBU.S. Bank says to wind down Checking Account Advance
U.S. Bank will begin to wind down its short-term, small-dollar deposit advance product, Checking Account Advance, to align with final regulatory guidance issued by the Office of Comptroller of the Currency and the Federal Deposit Insurance Corporation. “We recognize our customers’ need for short-term, small dollar credit,” said Kent Stone, vice chairman of consumer banking sales and support at U.S. Bank. “We are committed to finding new solutions that meet the needs of all of our customers and fit within the current regulatory expectations.” Effective Friday, Jan. 31, U.S. Bank will no longer offer Checking Account Advance to new checking account customers. Checking Account Advance will be discontinued for current customers on May 30. Customers who have an outstanding balance at that time will be offered extended repayment terms. U.S. Bank will offer other forms of credit to customers who qualify.
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August 27, 2014
08:00 EDTUSBSEC seen completing rules on MBS detail disclosures, WSJ says
The Securities and Exchange Commission is expected to complete rules requiring banks and other financial institutions to give investors greater detail about the quality of mortgages and other loans pooled into bonds known as asset-backed securities, reported The Wall Street Journal. Publicly traded big U.S banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
August 21, 2014
06:43 EDTUSBRegulators up bank warning efforts for poor risk assessment, Reuters says
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