Banking

6:00am

Mon December 23, 2013
Planet Money

A Locked Door, A Secret Meeting And The Birth Of The Fed

Originally published on Mon December 23, 2013 10:01 am

J.P. Morgan: Not a pussycat.
Hulton Archive Getty Images

In 1907, the U.S. economy was in the grip of a financial crisis. Unemployment was up. The stock market was down.

People started panicking. They were lining up overnight to pull their money out of healthy banks. This can be deadly for an economy: Healthy banks have to shut down, businesses can't get credit, they lay people off, and the economy gets worse.

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3:03am

Thu December 5, 2013
Business

Banks Come Under Fire For Filling In The Payday Loan Gap

Originally published on Thu December 5, 2013 2:05 pm

Federal regulators are setting new rules for banks that offer deposit advances.
iStockphoto

A payday loan is a costly form of credit operating on the fringes of the economy. That's why the target of a new crackdown by federal regulators may surprise you: Instead of a forlorn-looking storefront with a garish neon sign, it's your familiar neighborhood bank.

A small but growing number of banks, including some major players, have been offering the equivalent of payday loans, calling them "deposit advances."

That is, at least, until bank regulators stepped in Nov. 21 and put new restrictions on the loans.

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7:44am

Thu September 19, 2013
Business

Whale Of A Fine: JPMorgan Chase To Pay $920M In Penalties

Originally published on Thu September 19, 2013 9:39 am

The JPMorgan Chase building in London, where traders ran up huge losses.
Timur Emek AP

JPMorgan Chase has agreed to acknowledge that it violated federal securities laws and will pay $920 million in penalties assessed by regulators in the U.S. and U.K. to settle charges related to the huge trading losses racked up by its London traders last year, the Securities and Exchange Commission announced Thursday morning.

As we wrote earlier this week when word of the pending settlement first emerged, this all:

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5:24pm

Mon September 16, 2013
Business

JPMorgan To Get Whale Of A Fine For Trading Losses

Originally published on Tue September 17, 2013 7:38 am

JPMorgan Chase will reportedly pay a $700 million fine to settle allegations that it made risky trades out of its London office that led to more than $6 billion in losses.
Mark Lennihan AP

Authorities are set to slap banking giant JPMorgan Chase with a massive fine over the bank's huge trading losses in London last year, confirms NPR's Jim Zarroli.

Though details of the deal are still pending, several reports put the amount at more than $700 million. It comes on the heels of the bank's having recently paid $410 million to settle charges that it manipulated energy markets.

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1:46am

Thu September 12, 2013
Business

5 Years After Financial Crisis, Are Big Banks Still A Threat?

Originally published on Thu September 12, 2013 9:30 am

The headquarters of Lehman Brothers in Times Square in 2008, the year the financial services firm filed for bankruptcy.
Hiroko Masuike Getty Images

It's been five years since Lehman Brothers collapsed and touched off a banking crisis that is still being felt by the global economy. Today, the banking industry is a lot stronger than it was, but some critics say efforts to reform banking regulations have fallen short of their potential.

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