Bank of America was ordered by the Consumer Financial Protection Bureau to refund $727 million to consumers who were deceived by the bank's marketing of credit card payment protection programs, along with other fines. This makes Bank of America the fifth major credit card issuer to be fined for such behavior.
Payday loans from banks pose huge problems for poor consumers – and the banks themselves. The federal government has finally stepped in with new guidelines for payday loans.
The main regulator of derivatives (bets on bets), wants to extend Dodd-Frank regulations to the foreign branches and subsidiaries of Wall Street banks. But JPMorgan CEO Jamie Dimon would greatly prefer this not happen.
Checking account fees at big banks rising to $10 or more per month. Without large balances or computer access to eliminate checking account fees, poor could move to smaller institutions or out of banking system altogether.