President Barack Obama announced details of a proposed fee on about 50 of the largest financial institutions. The plan is to generate roughly $9 billion each year during the next 10 years or so by imposing a 0.15% fee on the firms’ liabilities, not including insured deposits.
Posts Tagged ‘Consumers’
Wells Fargo joins rush to leave TARP
December 15th, 2009 
Before You Invest Wells Fargo has joined Bank of America and Citigroup to become the latest financial institution to announce its plans to leave the Troubled Asset Relief Program (TARP).
It is launching a $10.4 billion common stock offering to help fund its total withdrawal from the TARP scheme, paying back $25 billion to the US government.
John Stumpf, president and chief executive officer of Wells Fargo, said: “We’re ready to fully repay TARP in a way that serves the interests of the US taxpayer, as well as our customers, team members and investors.”
Mr Stumpf added that the financial services company was committed to continuing lending to homeowners and had supplied more than $640 billion in credit to consumers and businesses in the US since entering the TARP scheme last year.
Last month, government statistics revealed that Wells Fargo was the top US lender to small businesses operating in the country, after approving $827 million in financing to such companies during the last fiscal year.
Posted in Finance Fraud 
Tags: Bank Of America, Chief Executive Officer, Citigroup, Common Stock, Consumers, Financial Institution, Financial Services Company, Fiscal Year, Government Statistics, Investors, John Stumpf, Rush, Small Businesses, Team Members, Us Government, Us Taxpayer, Wells Fargo 
No Comments »Regulating derivatives could do more harm than good
October 23rd, 2009 Before You Invest Rep. Eric Cantor, R-Va., writes that lawmakers are focusing on an easy target — the derivatives market — rather than identifying and tackling the root causes of the global financial crisis. Cantor, the Republican whip, warns that new regulations being considered by Congress could do irreparable damage to businesses and consumers. “Rather than the tool for gross financial manipulation it is portrayed to be, the derivatives market plays a very important role in solidifying the competitiveness of American businesses,” Cantor writes.
U.S. consumers’ mood darkens in August: survey
August 14th, 2009 Before You Invest (Reuters) – U.S. consumer confidence fell in early August as a growing number of Americans fretted about their finances even though they expected the broader economy to improve, a survey showed on Friday.
The Reuters/University of Michigan Surveys of Consumers said its preliminary reading of the index of confidence for August fell to 63.2 from 66.0 in July. This was below economists’ median expectation of a reading of 68.5, according to a Reuters poll.
The index of consumer expectations fell to 62.1 in early August, its lowest reading since March and down from 63.2 in July.
“Consumers reported much less favorable assessments of their personal finances even as they were more likely to expect improved conditions in the national economy,” the Reuters/University of Michigan Surveys of Consumers said in a statement.
The fewest consumers in the survey’s sixty-year history reported improved finances, with many citing job losses, shorter working hours and smaller wage gains, said the survey.
Fed proposes sweeping rules for consumer protection
July 25th, 2009 Before You Invest As the Federal Reserve defends its role as a consumer-protection agency, officials at the central bank proposed overhauling disclosures made on mortgages and home-equity loans to consumers. “I think the general thrust of this is to make more intelligent shoppers of households, have them make better decisions,” said Fed Vice Chairman Donald Kohn. The proposals include a ban on side payments made to mortgage brokers for getting consumers into pricier loans.
more at
Cyber Security Settlement: $9.75 million Settlement for Alleged Data Breach
July 16th, 2009 Before You Invest 
Speechly Bircham LLP reports on The Association of Corporate Counsel’s webpage that TJX, the parent company of TK Maxx, has paid settlement monies of $9.75m to 41 US states following a data breach disclosed in January 2007 which reportedly exposed at least 45.7 million credit and debit cardholders to possible fraud in the computer systems.
Posted in Finance Fraud Tags: Admission, Association Of Corporate Counsel, Cardholders, Computer Systems, Consumers, Core Business, Cyber Security, Data Breach, Data Security, Desire, Distraction, Fraud, Investigations, Monies, Parent Company, Security Fund, Security Laws, Security Measures, Stress, Tjx No Comments »U.S. consumer mood highest in 8 months: survey
May 29th, 2009 Before You Invest
The gradual healing in consumer confidence, which hit a 28-year low in November, has been seen as a sign of an economic rebound from the worst downturn since the Great Depression.
The Reuters/University of Michigan Surveys of Consumers said its final May reading on consumer sentiments was 68.7, higher than an early May figure of 67.9 and a final April reading of 65.1. This was slightly above economists’ median expectation of a reading of 68.0, according to a Reuters poll. more at http://www.reuters.com/article/newsOne/idUSTRE54S3F620090529
Consumer Confidence Up Sharply
May 26th, 2009 Before You Invest U.S. consumer confidence improved sharply in May, especially in expectations for the economy six months from now, a report released Tuesday said. The report boosted stocks and sent the Dow Jones Industrial Average surging more than 200 points.
The Conference Board, a private research group, said its index of consumer confidence for May jumped to 54.9, compared with 40.8 in April, which was originally reported as 39.2.
Posted in Finance Fraud Tags: April, Consumer Expectations, Consumers, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Economic Activity, Economic Conditions, Economists, Economy, Gauge, Index Of Consumer Confidence, Private Research, Research Group, Situation Index, Six Months, Stocks No Comments »Fight back against refusal to pay out on chip-and-PIN fraud claims – timesonline.co.uk – 9 May 2009
May 10th, 2009 Before You Invest As thousands of angry customers are left out of pocket by the banks, we explain how to seek compensation
Victims of chip-and-PIN fraud who are unable to recover their money have been urged to consider legal action against their banks. Increasing numbers of Times Money readers have reported that credit and debit card providers are flouting the Banking Code by refusing to refund money fraudulently withdrawn from accounts.
Posted in Finance Fraud Tags: Angry Customers, Banks, Card Providers, Cathy Neal, Chip And Pin, Chip And Pin Fraud, Consumer Group, Consumer Groups, Consumers, Debit Card, Financial Hardship, Financial Ombudsman Service, Fraud Claims, Fraud Victims, Independent Body, Losses, Nine Months, Pin System, Reasonable Care, Small Claims Court No Comments »
