The House passed a bill Wednesday to move up the effective date for credit card reforms to Dec. 1, from February and August 2010.
One year after risky practices by the nation's biggest banks almost brought down the economy, many of those institutions are even bigger -- and some say even riskier.
In the wake of the financial meltdown, Wall Street banks remain pariahs in Washington. But Main Street banks are winning big.
President Obama on Friday made his strongest push yet for the creation of a new consumer protection agency, lashing out against those who have lobbied hard to stand in its way.
Financial consumers would have fewer protections than originally envisioned under a draft of a bill being circulated on Capitol Hill.
The pig of U.S. financial reform will be stuck in the legislative python a bit longer. U.S. lawmakers are about to flee steamy Washington for their month-long summer recess, leaving much of Barack Obama's ambitious agenda hanging.
If you hold a credit card, mortgage or a student loan, Congress is considering a new agency designed to give you a lot more protection.
A key House panel on Wednesday advanced a bill to crack down on credit card interest rates and fees amid signs the Obama administration will try to toughen the bill further before it goes to a full vote.
The last full week in the quarter is a critical one for investors as they look for reasons to either resurrect the stalled rally or retreat even further.
The Obama administration on Wednesday released more details of its plan to give the government more power to take over and wind down troubled financial deemed too big to fail.
The House passed a bill Wednesday to move up the effective date for credit card reforms to Dec. 1, from February and August 2010.
One year after risky practices by the nation's biggest banks almost brought down the economy, many of those institutions are even bigger -- and some say even riskier.
In the wake of the financial meltdown, Wall Street banks remain pariahs in Washington. But Main Street banks are winning big.
President Obama on Friday made his strongest push yet for the creation of a new consumer protection agency, lashing out against those who have lobbied hard to stand in its way.
Financial consumers would have fewer protections than originally envisioned under a draft of a bill being circulated on Capitol Hill.
The pig of U.S. financial reform will be stuck in the legislative python a bit longer. U.S. lawmakers are about to flee steamy Washington for their month-long summer recess, leaving much of Barack Obama's ambitious agenda hanging.
If you hold a credit card, mortgage or a student loan, Congress is considering a new agency designed to give you a lot more protection.
A key House panel on Wednesday advanced a bill to crack down on credit card interest rates and fees amid signs the Obama administration will try to toughen the bill further before it goes to a full vote.
The last full week in the quarter is a critical one for investors as they look for reasons to either resurrect the stalled rally or retreat even further.
The Obama administration on Wednesday released more details of its plan to give the government more power to take over and wind down troubled financial deemed too big to fail.
Treasury Secretary Tim Geithner will push for unprecedented new regulatory powers on Tuesday to seize financial institutions whose failure would pose serious risks to the U.S. financial system, according to two senior administration officials.
The next week -- the last full week in the quarter -- promises to be a critical one for investors looking for reasons to either resurrect the stalled rally or retreat even further.
Criminal investigations of Wall Street continue to soar and now total 43, a top FBI official told Congress Friday.
New York State Supreme Court Justice Bernard Fried ordered Bank of America on Wednesday to disclose information about nearly $3.6 billion in bonuses Merrill Lynch paid employees just before it was acquired by the bank.
Here's a last-minute suggestion for American International Group chief Ed Liddy as he prepares to be berated this afternoon by the House Financial Services Committee for having decided to pay the employees at AIG Financial Products the payments they were contractually owed: At the end of this afternoon's hearing, he should walk up to each representative still there and hand over a letter of resignation.
Policymakers are reaching deep into their toolbox in search of a fix for the troubled financial markets. And once again, they are targeting short sellers, investors who profit when a stock price falls.
Seven former Merrill Lynch executives have been subpoenaed by New York Attorney General Andrew Cuomo over $3.6 billion in bonuses paid out just before the company was acquired by federally bailed-out Bank of America last year, a source close to the investigation told CNN.
Bank of America's chief executive officer spent four hours Thursday testifying in an investigation into the $3.6 billion in bonuses that Merrill Lynch paid out just before it was acquired by the bank last year, but still refused to give out the details of those payments.
Bank of America's chief executive officer spent four hours Thursday testifying in an investigation into the $3.6 billion in bonuses that Merrill Lynch paid out just before it was acquired by the bank last year, but still refused to give out the details of those payments.
Lawmakers grilled the top executives from eight of the nation's largest financial institutions Wednesday about their apparent lack of willingness to lend to consumers and businesses despite taking in billions of dollars in government aid.
The chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., invited CEOs from the first eight companies that received bailout funds to testify in an accountability hearing on the Troubled Asset Relief Program.
The congressional battle over President Barack Obama's unprecedented and far-reaching plan to spend $550 billion to jolt the economy will begin in earnest on Wednesday.
A newspaper advertisement for a Miami car dealership reads more like a coupon for bags of potato chips: "Buy one, get two!"
Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money.
The Treasury Department said Monday that it has dispersed $33.56 billion to 21 banks in a second round of payments as part of the $700 billion bailout program designed to boost the nation's banking system.
Investors returning to work Monday face what is expected to be a weeklong display of the depth of the downturn - a torrent of bad economic news.
Rep. Barney Frank, chairman of the House Committee on Financial Services, highlighted the need for a bailout program for troubled homeowners on Wednesday. But he stressed that not all borrowers should necessarily be rescued.
When the Treasury Department first unveiled its plan to buy stakes in banks last month, the move was heralded as a potential savior for fast-sinking banks and financial firms.
Warned that time was running short to bolster the distressed economy, congressional Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry
The Bush administration wants to help beleaguered financial institutions - and prevent the financial crisis from getting worse - by spending $700 billion to buy up troubled mortgage securities.
On the day of the first public discussion between lawmakers and the administration about the Treasury's $700 billion financial rescue proposal, the debate is being framed by a few key issues.
Democratic leaders on Capitol Hill said on Sunday that the Bush administration's $700 billion proposal to bail out the financial system lacked necessary safeguards for taxpayers and homeowners.
Congressional leaders said Friday that they were determined to quickly pass a massive plan to stabilize the financial market after they heard a "sobering" assessment from the administration's economic team.
The federal government, in what will be its most far-reaching attempt yet to contain the financial crisis, is poised to establish a program to let banks get rid of mortgage-related assets that have been hard to value and harder to trade.
A key House committee grilled home lenders and housing advocates on Friday about mortgage industry efforts to work out affordable loans for troubled homeowners.
A key House committee was set to grill home lenders and housing advocates on Friday about mortgage industry efforts to work out affordable loans for troubled homeowners.
Oil prices plummeted Wednesday, bringing the two-day selloff to $10.58 a barrel, on reports indicating that demand for oil and gas may slacken in the future.
Federal Reserve Chairman Ben Bernanke testifies for a second day before Congress amid a backdrop of fading confidence in the U.S. economy
Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing"
Been turned down for a credit card lately? Probably not if you're a teenager with no job and no credit history.
When the housing crisis hit last summer, it became very hard for borrowers to land the jumbo loans they needed to buy homes in high-priced areas, like California and New York.
A bill meant to help homeowners caught up in the spreading mortgage crisis received committee approval Thursday after Democrats fended off numerous Republican challenges to the bill.
A bill meant to help homeowners caught up in the spreading mortgage crisis received committee approval Thursday after Democrats fended off numerous Republican challenges to the bill.
Congressional Democrats and the White House are on a collision course over an ambitious proposal drafted to address the spreading mortgage crisis.
Do investment banks need some form of adult supervision?
Government officials urged credit rating agencies Wednesday to rethink the way they rate municipal bonds, arguing that the current system saddles local governments and taxpayers with unnecessary costs.
Federal regulators stressed the importance of leaving the United States open to investments by sovereign wealth funds Wednesday, but warned of the need to push for better transparency among these growing state-sponsored entities.
This year's special rebate checks haven't been mailed out yet, but Congress is working on a foreclosure-prevention bill in conjunction with more proposals aimed at stimulating the economy.
The bond insurance crisis will come under congressional scrutiny Thursday as a number of high-profile players including Ambac and MBIA executives and New York Gov. Eliot Spitzer are scheduled to testify before lawmakers.
House Financial Services Committee Chairman Barney Frank, D-Mass., has secured two key Republican endorsements on his legislative plan to reform the mortgage industry, avoiding a potentially bruising political fight this week.
Bar mortgage brokers from getting bonuses to sign up borrowers for more costly loans. Force lenders to verify whether consumers are able to repay loans.
Since the subprime crisis erupted, plenty of blame has been pinned on the big credit rating agencies. Just what went wrong at these firms - and what can be done to stave off another disaster - will be the topic of hearings on Capitol Hill this week.
Many community groups had little good to say about Washington's most recent response to the subprime mess.
Make more money available for mortgages to ease the credit crunch. Give borrowers greater protection from predatory lenders. And encourage homeowners to call their bank.
The dollar took another fall on currency markets Thursday, reaching one-to-one parity against the Canadian dollar for the first time in 30 years and plumbing a new low against the 13-nation European currency.
If home prices fall as forecast, the $23 trillion housing market could lose $3 trillion in value by August 2008, a leading housing economist and former mortgage bank president told lawmakers on Wednesday.
House lawmakers are planning to vote Tuesday on an overhaul of a federal agency that insures mortgages against default in an effort to help struggling homeowners avoid foreclosure.
The subprime crisis has put lawmakers under pressure to do something not only to help homeowners who could lose their homes but also to nail the guys who created the mess.
Rep. Paul Gillmor of Ohio was found dead in his townhouse in Arlington, Virginia, on Wednesday, leadership aides for both the Republican and Democratic parties said.
Police said on Thursday they have no reason to be suspicious of Ohio Rep. Paul Gillmor's death a day earlier.
The full impact of the upheaval in financial markets "has yet to play out," a top administration official said Wednesday, while stressing that the effect will be dampened somewhat by solid economic growth
The worst housing slump in 16 years and upheaval in financial markets have cast a shadow on the economy, leading lawmakers to question federal regulators
The full impact of the upheaval in financial markets "has yet to play out," a top administration official said Wednesday, while stressing that the effect will be dampened somewhat by solid economic growth.
Senate Banking Committee Chairman Christopher Dodd sought Monday an unusual meeting with two top U.S. economic policy-makers, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson, to discuss the recent financial market volatility.
The House Financial Services Committee asked the Federal Reserve and the U.S. Treasury Department to testify at a hearing Sept. 5 that will examine the current crises in the credit and mortgage market, Chairman Barney Frank, a Massachusetts Democrat, said Monday.
The U.S. House Financial Services Committee said Thursday it will hold a July 11 hearing into systemic risks to the economy and the financial system posed by hedge funds.
Bear Stearns does not plan to bail out the second of two struggling hedge funds - citing stabilizing markets - but the subprime loan woes that brought the funds down continue to rattle investors.
U.S. lawmakers asked the Securities and Exchange Commission on Tuesday to clarify an accounting rule that may be preventing some institutions from making loan modifications to help subprime mortgage borrowers.
Lawmakers will take a closer look at the exclusive world of private equity on Wednesday, with a focus on the effect that buyouts can have on companies and on workers.
The House passed legislation that gives shareholders a nonbinding say on executive compensation on Friday.
A series of speakers at a Congressional hearing of the House Financial Services Committee on Tuesday called for restructuring adjustable rate mortgage (ARM) loans to help solve the subprime mortgage crisis.
The recent wave of defaults in the subprime mortgage sector that sent shocks through Wall Street has caught the attention of Congress.
Merrill Lynch & Co. Inc. annouced Wednesday former congressman Harold E. Ford will join the firm as vice chairman and senior policy advisor, effective March 5.
The traditional two-day Fed hearing may no longer be enough for Congress.
The cost of affordable rental housing has risen 28 percent in the past seven years, far outpacing the wages of those who need it most, according to a new report released Tuesday.
Businesses that have been complaining about the cost of complying with the Sarbanes-Oxley corporate reporting regulations will get some, but not all, of the relief they've been seeking, according to a published report.
Treasury prices rose for the third straight session as investors interpreted Federal Reserve Chairman Ben Bernanke's comments as a hint that interest rates may be set for a pause.
Bonds fell Monday as traders prepared for possibly hawkish congressional testimony from new Federal Reserve Chairman Ben Bernanke.
Treasury prices nudged lower on Monday ahead of Federal Reserve Chairman Alan Greenspan's semiannual speech on monetary policy on Tuesday, but traders and analysts expect the bond market to hold reasonably steady.
Lisa Boxer is suffering from sticker shock--and not from the cost of a new car or refrigerator. In May her husband was transferred from Florida to New York City. That gave the couple four months to...
Lisa Boxer is suffering from sticker shock -- and not from the cost of a new car or refrigerator.
When the House Committee on Financial Services hauled top WorldCom executives onto Capitol Hill in early July, its intent was to uncover how and why the telco booked nearly $4 billion of operating ...
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