Washington, May 22 news, Obama 22, President of the United States Congress after the signing of the credit card reform bill passed. The bill seeks to prohibit all kinds of hidden fees provisions to protect consumer interests.
Obama held the same day at the White House signing ceremony, said that many credit card customers into the debt trap because of the economic downturn led to financial distress of their families, but the greedy credit card companies make their business practices from the efforts of the debt has become more difficult. He warned that the credit card industry should be held accountable for their actions, but also made it clear that he did not support those who do not live within our means, reckless consumers.
The bill prohibits credit card companies to raise interest rates credit card debts, unless the borrower defaults is more than 60 days. If the cardholder in the following six months of the repayment on time, and that interest rates credit card companies must be restored to their original levels. Bill also prohibits credit card companies to consumers by phone to receive repayment repayments additional cost.
The bill requires that credit card companies to the applicant under 21 years of age when credit card payment, must be the applicant himself has the ability to repay or the parents are prepared to offer proof of their repayment; and requested the credit card companies issuing credit cards to new promotional interest rate must be maintained for 6 months may not improve.
Although the U.S. banking industry opposed the bill, that it the situation in the economic downturn may further inhibit the flow of credit, but it was earlier in the week Congress passed smoothly. According to data from the White House, nearly 80% of Americans are credit card holders.
May. 22, 2009
The largest bank failure in Florida
May 22 message, it is reported that the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement late Thursday, the biggest bank in Florida, BankUnited Financial Corp. Federal regulators have been under the supervision of the closure of the sale of its assets to the private equity investment group. This is the United States this year, the largest case of bank failures.
FDIC said in a statement, including WL Ross & Co. And The Carlyle Group private equity groups, including the acquisition of BankUnited is the "lowest cost" solution. Close BankUnited will spend 4.9 billion U.S. dollars about FDIC insurance fund to take over the banks so far this year will cost a total of more than 10 billion U.S. dollars.
FDIC said, BankUnited Friday will be under the management of the new owners to resume business, has served as North Fork Bancorp Bank CEO of John Kanas will become the new head of the bank.
May. 22, 2009
FDIC said in a statement, including WL Ross & Co. And The Carlyle Group private equity groups, including the acquisition of BankUnited is the "lowest cost" solution. Close BankUnited will spend 4.9 billion U.S. dollars about FDIC insurance fund to take over the banks so far this year will cost a total of more than 10 billion U.S. dollars.
FDIC said, BankUnited Friday will be under the management of the new owners to resume business, has served as North Fork Bancorp Bank CEO of John Kanas will become the new head of the bank.
May. 22, 2009
Federal Reserve Bank announced the results of stress tests
May 8 news, the Federal Reserve announced today for the 19 largest U.S. banks, "stress tests" of the final results, 10 to determine which banks need to raise as much as 74.6 billion U.S. dollars the total amount of funds.
"Pressure test" results show, Bank of America Corp was convicted of the need to raise 33.9 billion U.S. dollars of funds, Wells Fargo & Co need to fund-raising 13.7 billion U.S. dollars, Citigroup needs of 5.5 billion U.S. dollars, Morgan Stanley needs 18 billion dollars. Prior to that, Citigroup has announced a plan to be adopted the Government's preference shares will be converted into ordinary shares of the ways to improve its ratio of tangible common stock.
Major local banks, Fifth Third Bancorp needs of 1.1 billion U.S. dollars to raise funds, KeyCorp needs of 1.8 billion U.S. dollars of financing, PNC Financial Services Group needs 600 million U.S. dollars, Regions Financial Corp needs of 2.5 billion U.S. dollars, SunTrust Banks Inc needs of 2.2 billion U.S. dollars . In addition, GMAC LLC also need funds to raise 11.5 billion U.S. dollars.
The test results indicate that, Goldman Sachs Group, JP Morgan Chase, Bank of New York Mellon Corp, MetLife Inc, American Express, State Street Corp, BB & T Corp, US Bancorp and Capital One Financial Corp was convicted do not need to raise more funds.
May. 8, 2009
"Pressure test" results show, Bank of America Corp was convicted of the need to raise 33.9 billion U.S. dollars of funds, Wells Fargo & Co need to fund-raising 13.7 billion U.S. dollars, Citigroup needs of 5.5 billion U.S. dollars, Morgan Stanley needs 18 billion dollars. Prior to that, Citigroup has announced a plan to be adopted the Government's preference shares will be converted into ordinary shares of the ways to improve its ratio of tangible common stock.
Major local banks, Fifth Third Bancorp needs of 1.1 billion U.S. dollars to raise funds, KeyCorp needs of 1.8 billion U.S. dollars of financing, PNC Financial Services Group needs 600 million U.S. dollars, Regions Financial Corp needs of 2.5 billion U.S. dollars, SunTrust Banks Inc needs of 2.2 billion U.S. dollars . In addition, GMAC LLC also need funds to raise 11.5 billion U.S. dollars.
The test results indicate that, Goldman Sachs Group, JP Morgan Chase, Bank of New York Mellon Corp, MetLife Inc, American Express, State Street Corp, BB & T Corp, US Bancorp and Capital One Financial Corp was convicted do not need to raise more funds.
May. 8, 2009
Buffett: Wells Fargo Bank in an excellent location
Buffett EST on May 2 that out of Wells Fargo Bank is in an excellent location of the financial crisis.
Buffett said that the Wells Fargo strong, which will help the No. 4 U.S. major banks to attract customers and deposits, Wells Fargo shares on 5 March fell to 7.8 U.S. dollars, Buffett is on the increase in the price holders of Wells Fargo stock. Buffett to shareholders, said: "If the situation allows, I will buy Bank of the United States of America and Wells Fargo all the shares", the problem is that case, Berkshire will become a bank holding company. At present, holders of Berkshire has a large number of shares of the two banks.
According to the annual reports of Berkshire Hathaway - Hathaway more than 300 million shares held by Wells Fargo shares, worth 8.97 billion U.S. dollars, Wells Fargo is Berkshire - Hathaway holding company's second-largest number, after Coca-Cola.
Buffett said that companies like Chrysler, the United States of America and Wells Fargo bank profits high and strong profitability.
May. 2, 2009 Sina Finance
Buffett said that the Wells Fargo strong, which will help the No. 4 U.S. major banks to attract customers and deposits, Wells Fargo shares on 5 March fell to 7.8 U.S. dollars, Buffett is on the increase in the price holders of Wells Fargo stock. Buffett to shareholders, said: "If the situation allows, I will buy Bank of the United States of America and Wells Fargo all the shares", the problem is that case, Berkshire will become a bank holding company. At present, holders of Berkshire has a large number of shares of the two banks.
According to the annual reports of Berkshire Hathaway - Hathaway more than 300 million shares held by Wells Fargo shares, worth 8.97 billion U.S. dollars, Wells Fargo is Berkshire - Hathaway holding company's second-largest number, after Coca-Cola.
Buffett said that companies like Chrysler, the United States of America and Wells Fargo bank profits high and strong profitability.
May. 2, 2009 Sina Finance
Wells Fargo Bank first quarter net profit increased 53%
Wells Fargo Bank announced its first quarter report. The report showed that the market value of the United States the second largest bank in the first quarter of 2009 rose year-on-year net profit by 53%, reaching 3.05 billion U.S. dollars.
The bank profits come mainly from refinancing proceeds of growth and acquisition transactions. Report showed that the first quarter the bank has provided more than 1000 billion dollars in mortgage loans, the revenue from these loans increased by almost double to 21 billion U.S. dollars, not only to help the bank overcome the outstanding loans from the 33 the cost of 100 million U.S. dollars, but also boost the performance of the line.
In addition, the line on December 31 last year to acquire Wachovia transaction also rose in support of its performance. The bank also is expected to bring about mergers and acquisitions of five billion U.S. dollars of annual cost savings from the effect of the second quarter reflected.
Apr. 22, 2009
The bank profits come mainly from refinancing proceeds of growth and acquisition transactions. Report showed that the first quarter the bank has provided more than 1000 billion dollars in mortgage loans, the revenue from these loans increased by almost double to 21 billion U.S. dollars, not only to help the bank overcome the outstanding loans from the 33 the cost of 100 million U.S. dollars, but also boost the performance of the line.
In addition, the line on December 31 last year to acquire Wachovia transaction also rose in support of its performance. The bank also is expected to bring about mergers and acquisitions of five billion U.S. dollars of annual cost savings from the effect of the second quarter reflected.
Apr. 22, 2009
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