Originally published on Fri August 30, 2013 1:26 pm
The Obama administration said Wednesday that it is moving ahead with a rule that would requiring health plans to accommodate households that don't have traditional bank accounts.
One in four of the uninsured people eligible for federal insurance subsidies doesn't have a bank account, according to a report released earlier this year by the tax preparation firm Jackson Hewitt. The report dubbed people without connections to traditional financial institutions the "unbanked."
The Securities and Exchange Commission has launched an investigation of JPMorgan Chase's operations in China, reportedly looking into whether the investment bank hired the children of high-ranking Chinese government officials in an effort to secure business.
The Wall Street Journal quotes from an SEC filing that says U.S. regulators are investigating "business relationships with certain clients."
Five years after the start of the financial crisis, the U.S. banking industry continues to earn strong profits. On Tuesday, Goldman Sachs became the latest big bank to report better than expected earnings. But rising interest rates mean a riskier environment for banks.
For at least a millennium, the heart of Britain's commercial and financial industries has been the City of London.
The City is not the large metropolis we know as London. It's much older and smaller. Many call it the Square Mile, though it's not square and a bit bigger than a mile. It's the home to big banks, medieval alleyways and St. Paul's Cathedral. And, for all those centuries, the area has had the same local government with an unusual name: The City of London Corporation.