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The Latest Breaking News on Financial Services

Internal probe reveals major loan scam at Mylapra cooperative bank

Internal investigation into Mylapra Service Cooperative Bank in Pathanamthitta reveals embezzlement of ₹18.83 crore by former bank secretary Joshua Mathew through 28 loans to relatives. Former bank president Jerry Oommen Easo and his family also took loans worth ₹2 crore. Crime Branch probe on to investigate benami loans worth ₹86.12…

The Hindu

Starling Bank is boosting its current account interest rate to 3.25%

The challenger bank said the move will mean customers do not need to move money into separate accounts to earn interest.

The Independent UK

Thousands of Aussies hit in Romanian card-fraud scheme

Police have arrested two men in Sydney for their alleged involvement in a credit-card skimming syndicate that spans four continents.

AAP

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Rhode Island bank agrees to pay $9m over discriminatory lending allegations

DoJ says Washington Trust engaged in redlining, the racist policy of banks blocking people of color from getting mortgages

The Guardian - US

Boost Your Savings With These 3 Piggy Bank Stocks

Amid turbulence in the U.S. banking sector, with deposit outflows, credit downgrades, and growing caution among domestic lenders, one could consider venturing beyond borders and investing in resilient foreign bank stocks Erste Group (EBKDY), Banco Macro (BMA), and KB Financial Group (KB) for financial stability. Read more….

StockNews.com

A political battlefront shapes up in Kerala over cooperative sector corruption

Kerala's cooperative banking sector faces corruption allegations, with ED probes against CPI(M) leaders. Congress and BJP see political opportunity, as sector is crucial to livelihoods of many. Kandala Cooperative Bank in Thiruvananthapuram accused of loan fraud, nepotism, etc. Opposition leader claims more scams to emerge. CPI(M) blames Congress and BJP…

The Hindu

3 Bank Stocks With Impressive Gains Worth Investor Attention

Amid the growing challenges of ratings downgrades by top credit rating agencies and higher deposit costs, it could be wise to look beyond borders and buy fundamentally strong foreign banking names Commerzbank (CRZBY), Intesa Sanpaolo (ISNPY), and Banco BBVA Argentina (BBAR), which have delivered impressive returns. Read more….

StockNews.com

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Best Banks In Trust: Schwab Sweeps A Tough Trust Category

Schwab Bank takes top honors in IBD's survey of trusted banks by focusing on soundness, quality and service in a year of bank failures. How did your bank rate?

Investors Business Daily

Most Trusted: Top Insurers Excel At Service, Win Customer Loyalty

Financial stability and great customer service build trust for top auto, home and life insurers. Which companies rank highest?

Investors Business Daily

Most Trusted Credit Cards Win Fans With Exclusive Deals, Top Service

American Express and Discover tie for first place among most trusted card issuers for card rewards and great service.

Investors Business Daily

IBD's Fourth Annual Survey Of The Most Trusted Financial Companies

After recent crises, consumers are seeking financial companies they can trust. Is your bank, broker or insurer on this most-trusted list?

Investors Business Daily

Scam warning for bargain hunters browsing ‘closing down’ sales

August saw a combination of Wilko tumbling into administration alongside other outlets holding traditional end-of-summer sales.

The Independent UK

Co-operative Bank seems to have lost £2,500 I sent abroad

It was to fund a language laboratory but when the money didn’t arrive we knew there was a problem

The Guardian - UK

State-owned British Business Bank reveals £147m annual loss

UK’s economic development bank says it was impacted by wider economic difficulties

The Independent UK

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The Guardian - UK

CBI secures emergency funding to stave off potential collapse

Members fled business lobby group after sexual misconduct allegations leaving it with £3m hole in its finances

The Hindu

Madras High Court upholds bank manager’s removal from service for producing fake boarding, lodging bills

Madras HC upholds removal from service of bank manager for producing fake bills; notes he should have thought of his family before submitting false bills & gaining monetary benefit. Court said it cannot substitute itself for appointing authority & only consider if principles of natural justice were violated.

The Guardian - UK

‘Imagine Westminster under water’: stricter tests needed to see how City copes with climate disasters

Sam Woods, head of the Bank’s financial stability watchdog, says lenders have only shown they can survive ‘slow burn’ changes to temperatures

The Hindu

Bank employee held for gold jewellery theft in Vellore

Police arrested 35-yr-old Venkatesan for stealing 50 sovereigns of gold jewellery from his neighbour's house in Vellore. CCTV footage, chilli powder sachets & tank cleaning evidence led to his arrest. Valuables were recovered from bank locker. Suspect lodged in Central Prison.

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Chicago Sun-Times

Bridgeport bank failure fallout sees owner of home where bank CEO died found guilty of embezzling $6 million

Marek Matczuk, who said he did odd jobs for Washington Federal Bank for Savings and its employees, was given the money on orders of the late bank chief John F. Gembara.

StockNews.com

Are Bank of America (BAC) and PNC Financial (PNC) the Right Picks for Your Portfolio?

The banking sector has been stabilizing after the turmoil hit earlier this year due to the sudden collapses of three major regional banks. However, it remains under pressure following downgrades from top credit rating agencies. Amid this, let’s find out if Bank of America (BAC) and PNC Financial (PNC) are…

Newsroom.co.nz

Gloriavale community takes big banks to the Commerce Commission

A controversial and reclusive West Coast Christian community is seeking to overturn the tables of the money lenders. Jonathan Milne reports.

The Independent UK

Alex Murdaugh co-conspirator granted delay to prison sentence – again

Judge told disgraced banker Russell Laffitte: ‘No further extensions will be granted’

The Hindu

Bombay HC rejects Mehul Choksi’s pleas challenging proceedings to declare him fugitive economic offender

The Bombay High Court on Thursday rejected all the pleas filed by fugitive diamantaire Mehul Choksi challenging the applications by the Enforcement Directorate (ED) to declare him a fugitive economic offender (FEO) in the multi-crore Punjab National Bank (PNB) scam. The directorate has filed three chargesheets against Mr. Choksi and…

AAP

Bank closures 'sad and frustrating' for rural towns

Junee fought back when the Commonwealth Bank prepared to close the only bank in the NSW Riverina town, an inquiry has been told.

The Guardian - UK

Crisis-hit CBI shelves plans for tie-up with manufacturing body Make UK

Confederation of British Industry tells members it is confident an alternative emergency cash rescue will be found

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