NEW YORK - (01/10/05) -- More than two dozen credit unionsand banks joined with the State Department of Banking last week ina campaign aimed at enrolling the city's 800,000 unbanked in atraditional financial institution account. Through the month ofJanuary the credit unions and banks participating in the Bank onNew York campaign will use targeted advertising and consumereducation in multiple languages to promote low or no-fee accountsand distribute information about the Earned Income Tax Credit. Adswill be placed in credit union and bank lobbies, on bus sheltersand in newspapers throughout the city in English, Spanish andChinese. "The money saved by opening basic bank accounts andavoiding more expensive options, will help New Yorkers expand theirfinancial opportunities," said Meagan van Harte, spokesman forLower East Side People's FCU, one of the participants in theprogram. New York state law requires all credit unions and banks tooffer so-called lifeline accounts that meet certain criteria,including low minimum balances ($25), low monthly charges ($3maximum), and a minimum of eight free withdrawals (including ATMtransactions). Other credit unions participating include: BushwickCooperative FCU, Montauk CU, Union Settlement FCU, as well as theNational Federation of CDCUs.
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Some customers reportedly complained about getting locked out of their accounts after signing up for the bank's new Strata Elite credit card. "We feel like we have done the right thing for all of our good customers," Pam Habner, Citi's head of U.S. branded cards, said Tuesday.
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Speakers at the Most Powerful Women in Banking conference Tuesday shared several scenarios in which banks will benefit from dollar-pegged cryptocurrency.
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The McClean, Virginia-based bank said Tuesday that credit quality remained strong in the third quarter, and that it has approved a plan to buy back $16 billion of common stock. It's temporarily tapping the brakes on loan growth as it digests the Discover acquisition.
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At American Banker's Most Powerful Women in Banking Conference in New York City, former Most Powerful Women in Banking honorees said to build skills that you can take with you outside of a big bank, and that banks should reward risk-taking and building over incremental change.
October 21 -
Bank of America has a playbook for government shutdowns, which includes providing fee and payment waivers as well as loan deferrals and forbearance programs, CEO Brian Moynihan said at the American Bankers Association's annual convention.
October 21 -
New guidance outlines specific due diligence and oversight steps banks must take, reinforcing that they are ultimately accountable for vendor failures.
October 21