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April 13, 2011

Jamie Dimon's 35-page letter to JP Morgan Chase shareholders is an interesting commentary on how his bank has navigated the financial crisis. The letter offers extensive insight into discrete elements of the WaMu acquisition.  Dimon even proffers several surprising opinions about TARP, Dodd-Frank, and the CFPB. While he extends some support for each, he is less than content with either the Durbin Amendment or the new Basel rules.

Tom Brown says that JP Morgan Chase's letter, penned by Jamie Dimon, is an outstanding letter.

March 25, 2011

Local bank, waiting regulatory approval for a sale, misses its TARP paymentCrescent State Bank (CRFN) missed its scheduled TARP payment that was due this week. Crescent says that it wants to preserve its capital. This is an interest moment for Crescent. The North Carolina Bank reached an agreement with Piedmont Community Bank Investors to sell a majority stake

March 10, 2011

In the wake of the Durbin Amendment, some big banks are thinking about putting NSF fees on to debit cards.

NSF fees are not overdraft fees. Consumers can opt-in for overdraft protection right now. Consumers that do not will have their purchases declined. If they opt-out, they can't get an

March 7, 2011

Experian will include rent payments in the factors that it uses to determine credit scores.

February 25, 2011

H&R Block issued an early summary of its tax season on Thursday. The report shows that Block is doing better than last year, particularly with its digital returns.

In all, returns are up more than 2 percent.

These are interesting numbers. Since they only go through February 15th, the customer population

February 11, 2011

The FDIC sent a "Notice of Charges" to Republic Bancorp, asserting that it considers its refund anticipation loan (RAL) program to be  "unsafe and unsound." The filing, which RBCAA published overnight, establishes the possibility of an administrative hearing for Republic to contest the

February 9, 2011

If ninety percent of home mortgages are purchased by two entities, then why would now be a good time to shut them down?

There is an article in today's Wall Street Journal which reports that President Obama is ready to eliminate Fannie Mae and Freddie Mac. The plan is supposed to be contained within a "white paper" that is traveling around the White House right now. Although several plans are supposed to be in play, the idea would call for a gradual roll back of Fannie and

February 3, 2011

An agreement reached between the Bureau of Prisons and the IRS will put an end to efforts by prisoners to operate fraudulent tax refund schemes. In the past few years, prisoners have successfully gamed the IRS for millions of dollars in refunds.

It appeared that some prisoners were filing multiple returns, aided by partners on the outside that used false social security numbers. More than half of the false returns came from prisoners at the London Correctional Institution in London, Ohio.

February 2, 2011

With expansion plans that will vault it to the upper tier of RAC facilitators, EPS Financial is poised to tell us if an unbanked tax filer pick a new tax preparer because he or she can save $20 on the back end of their return?

EPS is a relatively new (since 2010) entrant in the bank product settlement field, but with the loss of Chase, they are picking up a lot of business from independent preparers.

Yet the company's approach, which is to offer lower-price settlement products, assumes that people will respond to a

January 28, 2011

Mo' Money Taxes re-branded itself as MoneyCo USA last year. They've honored their long tradition of producing unusual advertisements.