Citibank will pay a huge fine for manipulating an important interest rate. The bank settled with attorneys general in 42 states for $100 million. Following an investigation, the states said Citibank manipulated Libor, a benchmark interest rate that helps set lending rates across the world. Citibank made millions of dollars of gains from its "fraudulent conduct," the attorneys general said.

The Fed upped the interest it pays on excess reserves to 1.95% today. This is free money (taxpayer funded) to banks. The Fed bumped up the interest it pays on excess reserves today to 1.95%. Currently, excess reserves sit at $1.894 trillion. The math is simple enough. At the current rate, the Fed will hand over approximately $36.93 billion of taxpayer money to banks. That assumes the status quo, but things will change.

When is the last time you set foot into a bank? While many of us have a love-hate relationship with our bank, where we love the people but hate the fees, we still tend to go there. According to a recent survey by Fiserv of 3,000 bank users, over the past 30 days, more than 80% said they logged into their bank’s website an average of 11 times. But 61% said they had also visited their bank during the same timeframe.

The 2018 Consensus conference in New York was packed with numerous DLT insiders. But outside, Genesis Mining created a spectacle by staging a protest by “Bankers Against Bitcoin,” a group they helped create and support.

Several states with legal weed industries are exploring public banks as a way to provide financial services without federal interference. By Andrew Van Dam.

Motor City, meet Mortgage City. After decades of epic decline and decay, Detroit is undergoing a dramatic, if uneven, resurgence, led by Quicken Loans, which overtook Wells Fargo this year as the largest mortgage lender in America and now has 17,000 people working in the city. Dan Gilbert and his Quicken Loan group of companies are hardly …

In a quiet courtroom in Melbourne, a decade of scandalous behavior at Australia’s biggest banks is being forensically laid bare. From lying to regulators, falsifying documents and taking bribes to extracting fees from customers long since dead, the revelations at the quaintly-named Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry have shocked and angered the public.

Federal regulators are seeking a $1 billion payment from Wells Fargo to settle problems with mortgage and auto loan issues, along with compliance risk management concerns, the bank said Friday as it reported its first-quarter earnings. Although the finances reported by the financial giant topped Wall Street forecasts, the San Francisco-based bank warned that the results are subject to change due to continuing talks with the regulators.

Two U.S. regulators have proposed Wells Fargo & Co pay $1 billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank, overshadowing its first quarter results.

Earlier this week, BMO Financial Group (Bank of Montreal) has banned credit and debit card ‎customers from buying cryptocurrencies, another blow for the crypto-traders ‎who recently saw a sizable number of banks deciding not to ‎finance the cryptocurrency asset class. BMO’s decision followed several of the biggest Canadian banks banning ‎cryptocurrency transaction over the past few months, as part of a global crackdown ‎led by major lenders and credit card issuers.

Nearly 20 banks have committed to launching new European Union hubs in Frankfurt since the Brexit vote, according to German officials. The economy minister for the state of Hesse, where Frankfurt is situated, said the city was confident it would attract more, with another 60 firms yet to decide on additional EU headquarters.

Amazon could rival the nation's big banks in a few years, capitalizing off its digital prowess and massive consumer base, according to Bain.

The digital currency community is showing excitement towards a “competitor” that JPMorgan Chase identified in their newly published annual report. Submitted to the U.S. Securities and Exchange Commission on February 27th, 2018, the report indicates that the bank views digital currencies as a potential competitor to their financial services. Listed under the annual report’s section detailing its competitors, JPMorgan Chase is clear in identifying digital currencies as a potential threat to their business, in at least some form.

The New York bank, one of the world’s largest credit-card issuers, said it will pay the money to U.S. customers whose annual percentage rate didn't reflect the full benefit of paying on time and other good behavior.

In an annual filing to the Security and Exchange Commission, America's second-largest bank has expressed fears over cryptocurrency's potential to undermine the control of major banks. It has long been speculated that Bitcoin and other cryptocurrencies pose a threat to major banks and traditional financial institutions. Now, Bank of America admits it could be forced to deal with the “substantial” costs associated with the emerging market.

Major banks around the world have started banning purchases of Bitcoin and other cryptocurrencies on credit including banks in the United States, United Kingdom, Australia, Canada and Europe. There have been a number of reasons behind the ban with most banks opting that they are trying to protect their customers from a risky unregulated market. Massive returns on cryptocurrency markets in 2017 saw so much growth that major exchanges had to block users making accounts due to not being able to keep up with demand.

The mainstream media has become obsessed with the crypto frenzy with the main focus on Bitcoin price. By treating cryptocurrencies like any other asset class or just as a fad, journalists are missing the elephant in the room: investment banks are about to be disrupted big time.

Bank of America is now charging fees to online-only banking customers who keep low account balances, seemingly punishing people who are poor or low-income. The second-largest bank in the United States just switched customers using free online-only checking accounts to accounts that come with fees if they don’t keep up their bank accounts.

If hotheaded online commenters ran the Justice Department, would America's prisons be full of traders responsible for the financial crisis? It is tempting to think so—that the lack of corporate prosecutions is due to a lack of will rather than a lack of way. But convicting bankers—or any other white-collar workers whose decisions at work have ostensibly damaged the economy—is difficult because while it is easy to identify systematic wrongdoing, it's much harder to pin blame, at least in the way a court might approve of, on an individual within that system.

Investors are bracing for a share market reaction after the Commonwealth Bank (CBA) admitted it breached Australia's money laundering and counter-terrorism regulations and indicated more charges could be brought against it. Months after Australia's money laundering regulator, AUSTRAC, launched legal action against CBA, Australia's biggest bank has admitted it breached statutory disclosure laws more than 53,000 times.