NEW YORK (CNNMoney.com) - As Congress debates the new rules of the road for the U.S. banking industry, some lawmakers have an ambitious proposal: They want to cut ATM fees.
Last week, a trio of Democratic senators led by Iowa's Tom Harkin proposed capping automated teller machine fees at just 50 cents.
Currently, banks and other ATM operators are free to charge consumers whatever they want for using their machine. And backers of the amendment maintain that those who tend feel the brunt of those fees are lower- and middle-income Americans, precisely those who can't afford it.
NEW YORK (CNNMoney.com) - Billions of dollars in bailout money received by Bank of America over the past year is now officially back in government hands.
Just a week after announcing plans to repay $45 billion in aid from the Troubled Asset Relief Program (TARP), the nation's largest lender said Wednesday it had cut a check to the government for the full amount.
"We owe taxpayers our thanks for making these funds available to the nation's financial system and to our company during a very difficult time," Bank of America CEO Ken Lewis said in a statement.
New York (CNNMoney.com) - President Obama will meet with the chief executives of several big banks next week, in an effort to help spur greater lending to consumers and small businesses, two senior White House officials told CNN Wednesday.
The president is also expected to discuss the sweeping financial regulatory reform package that the administration is currently trying to push through Congress during Monday's scheduled meeting.
Officials said that the list of attendees has not yet been finalized, but that it is likely that executives from some of the nation's biggest banks will be present.
The extent to which banks have been willing to lend has remained a focal point for Washington, after the U.S. government pumped billions into the banking sector over the past year in an effort to get the economy back on track.
New York (CNNMoney.com) - The Obama administration is expected to slash the estimated cost of the Troubled Asset Relief Program by $200 billion, which could help trim the nation's bloated deficit.
The latest projection, which will be officially unveiled by the White House in the coming days, would cut the long-term cost of TARP to $141 billion, according to a Treasury Department official.
As recently as August, the administration had projected that the long-term costs of running TARP would reach $341 billion.
But that outlook has improved as banks have raced to repay taxpayer funds to the government in recent months. To date, banks have returned some $71 billion to taxpayers, according to the Treasury Department.
NEW YORK (CNNMoney.com) - Washington's so-called "pay czar" Kenneth Feinberg cautioned lawmakers against extending his authority to the hundreds of other companies that accepted government bailout money.
Speaking before the House Committee on Oversight and Government Reform Wednesday, Feinberg said his recent review of executive pay packages at the seven biggest bailout firms was "justified" given the government's massive stake in these companies.
Appointed by President Obama in June, Feinberg has spent the past five months carefully reviewing pay practices at those companies in order to both protect American taxpayers' investment and position the firms to pay back bailout money as soon as possible.
Still, he indicated that intervening in how banks and other companies that accepted money under the Treasury Department's Troubled Asset Relief Program, or TARP, would amount to nothing more than "micromanaging."
NEW YORK (CNNMoney.com) - Treasury Secretary Timothy Geithner said Tuesday he expects a wave of banks to soon return government bailout money to taxpayers.
"It will depend on the institution, but for major banks in the country I think that money will come back relatively quickly," he said.
Speaking before the annual meeting of Securities Industry and Financial Markets Association in New York, Geithner offered few details on when those repayments could happen and from which companies.
Lenders that received taxpayer aid under the Treasury's Troubled Asset Relief Program, or TARP, have already returned nearly $71 billion to taxpayers, helped by renewed interest by private investors in the banking industry.
Still, some $134 billion remains invested in hundreds of community and regional banks as well big bailout recipients like Citigroup and Bank of America.
NEW YORK (CNNMoney.com) - Washington launched its biggest offensive yet against runaway Wall Street pay practices Thursday, taking aim at everyone from senior executives to high-flying traders of complex securities.
The Federal Reserve proposed a sweeping review of pay policies at 28 of the nation's largest banks as part of an effort to make sure employees are not tempted to make the kinds of bets that could put their company at risk of going under.
"The Federal Reserve is working to ensure that compensation packages appropriately tie rewards to longer-term performance and do not create undue risk for the firm or the financial system," Fed Chairman Ben Bernanke said in a statement.
Separately, the Obama administration's "pay czar," Kenneth Feinberg, is expected to unveil sweeping pay cuts for 175 top executives at the seven biggest bailed-out companies.
NEW YORK (CNNMoney.com) - The Obama administration will soon order the nation's biggest bailed-out companies to drastically cut pay packages for their top executives, a senior administration official confirmed to CNN Wednesday.
Kenneth Feinberg, who was named the White House's pay czar in June, will demand that the seven largest bailout recipients lower the total compensation for their top 25 highest paid employees by 50%, on average, the official told CNN.
NEW YORK (CNNMoney.com) - The Obama administration will soon order the nation's biggest bailed-out companies to drastically cut pay packages for their top executives, according to several reports published Wednesday.
Kenneth Feinberg, who was the White House's so-called "pay czar" in June, is expected to demand that the seven largest bailout recipients lower the total compensation for their top 25 highest paid employees by 50%, on average, according to reports in both the New York Times and Wall Street Journal.
NEW YORK (CNNMoney.com) - President Obama's "pay czar" will soon decide whether top executives at firms that received the most assistance from the government during last year's financial crisis are making too much money.
By month's end, Kenneth Feinberg, a Washington attorney who up until six months ago was known by few on Wall Street, is expected to rule on pay packages for the 5 most senior executives at Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500) and AIG (AIG, Fortune 500) as well as 20 other highly compensated executives at those firms.
Feinberg is also expected to weigh in on plans for senior executives at Chrysler, Chrysler Financial, General Motors and GMAC, the former financing arm of GM, before moving onto the next 75 highest paid employees at those seven companies.
Here's a glimpse of what we can expect: