Banking News

Coastal Community Bank Fails Along With 4 Others

This week was another rough one for Florida banks: Two Florida-based institutions failed, bringing the state’s 2010 bank failure total to 20. NorthWest Bank and Trust and The Cowlitz Bank also failed Friday.The larger of the two Florida banks to fail this week was Coastal Community Bank. Based in Panama City, Fla., Coastal Community was shut down Friday by the Florida Office of Financial Regulation. Coastal Community had assets of $372.9 million, according to the Federal Deposit Insurance Corp. (FDIC).

Wells Fargo to Hand Consumers Financial Reform Burden

Wells Fargo won’t be the only one paying for the restrictions put in place recently by the government. It will be you, the consumer, who will end up helping the institution make up lost revenue.

Reviewing the CARD Act Part II: The Bad

*This is the second half of a two-part look at the effects of the CARD Act after its first six months. Part one can be found here.

Citigroup Pays For a $75 Million Mistake

The Securities and Exchange Commission (SEC) has reached a settlement with Citigroup Inc., in which Citigroup will pay $75 million to settle regulatory charges related to subprime mortgage-lending. Although the SEC will not charge Citigroup with fraud, the institution will be charged with material omission of disclosure requirements.
Why Citigroup is in Trouble

Last day: This iPad Could be Yours – Simply Rate Your Bank!

Do you have 3 free minutes? Perfect! That’s all you need to enter for your chance to win a brand new iPhone 4 or iPad. In celebration of our new and improved Review System we are awarding one lucky grand prize winner with an iPhone 4 or iPad. You are automatically entered to win once you leave a review of your bank. Be the coolest person in the office with the new iPhone 4!
Fresh in the box

Citigroup to Fund NYC Housing Projects

Citigroup is opening a $100 million fund to help revitalize downtrodden housing complexes in New York City. The bank announced the move earlier this week in a press release.
The New York Affordable Housing (NYAH) Preservation Fund’s goal is “to stem the loss of affordable housing in the New York metropolitan area and to expand the stock of such housing through strategic rehabilitation and investment.”

Reviewing the CARD Act Part I: The Good

*This is the first section of a two-part look at the effects of the CARD Act after its first six months. Part two will be published Friday, July 30.

Study: Credit Card Rewards Steal From Poor, Give to Rich

Credit card rewards programs might be filling your wallet with cash or your house with gadgets and goodies. But one thing the programs aren’t doing is helping low-income Americans, according to a Federal Reserve Bank of Boston study.

How Does The EverBank Online Financial Center Stack Up?

EverBank earlier this year released its Online Financial Center, an online banking tool that offers a more in-depth experience than many run-of-the-mill banking websites do.
From linking external accounts to giving users an easy way to open new accounts, EverBank’s new offering looks like an extensive and well-rounded online banking service.

FDIC Insurance Limit Permanently Increased

The financial reform legislation put into law last week by President Barack Obama permanently raised the standard maximum deposit insurance amount to $250,000. Previously $100,000, this new insurance limit covers all deposits placed in Federal Deposit Insurance Corporation (FDIC)-backed banks.

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