NEW YORK - (11/29/05) -- State officials said last week theyhave doubled the number of credit unions and banks participating inthe second annual 'Bank On New York' campaign, aimed at encouragingthe unbanked to open basic financial accounts and educatinglow-income consumers about the Earned Income Tax Credit. More than40 credit unions and banks will team up to use targeted advertisingand consumer education in English, Spanish and Chinese. Ads onbuses, in newspapers and in the city's financial institutions willdisplay a jar of coins and ask, 'Is This Your Idea of a BankAccount?' Among the participants are: Bethex FCU, BrooklynCooperative FCU, Lower East Side People's FCU, Montauk CU,Municipal CU, Neighborhood Trust FCU, Union Settlement FCU and theNational Federation of CDCUs.
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In this week's edition of the American Banker news quiz, gauge your understanding of topics like Trump's ongoing criminal trial, alleged misconduct within the Federal Deposit Insurance Corp., industry succession planning and more.
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Many banks got shares in the lucrative payments network when it went public in 2008. Some of them are now looking to sell in order to offset losses on their sales of underwater bonds.
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Depositors are still flocking to online-only banking platforms offered by companies such as Ally, Capital One and Discover. But overall customer satisfaction took a "statistically significant" drop, according to a new J.D. Power report.
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Executives of Allegiant, Breeze and Spirit complained to the heads of the Consumer Financial Protection Bureau and Department of Transportation that the relationships between big banks and big airlines are anticompetitive. Consumer advocates also questioned whether large airlines are delivering on promised rewards and if consumers are racking up debt to accrue miles and points.
May 9 -
The Federal Reserve Thursday released a report on its climate stress test pilot assessing the impact of climate change on big bank portfolios and found that loan defaults could increase as a result of climate events and shifts toward a lower carbon economy.
May 9 -
Banks are turning to the same hyperscalers for cloud computing and generative AI. Some wonder what the consequences will be down the road.
May 9