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News stories tagged with "banking"

Photo: <a href="">Jason Comely</a>, Creative Commons, some rights reserved
Photo: Jason Comely, Creative Commons, some rights reserved

Debit card companies reach payday loan agreement

ALBANY, N.Y. (AP) New York's financial regulators are working with Visa and MasterCard to stop illegal payday loans through debit card transactions.

The Department of Financial Services says Wednesday they've reached agreement with Visa and MasterCard to provide information to card companies about payday lenders that are using debit cards to circumvent New York laws to recover loans.  Go to full article
Tarry Tatro and Irene Clarke in front of the People's United branch
Tarry Tatro and Irene Clarke in front of the People's United branch

In Alburgh, Vermont, citizens recruit a bank

When you drive across the bridge from Rouse's Point, New York, into Vermont, the first town you hit is Alburgh. It's a small community, about 2,000 people. And its geography is unusual: it's on a peninsula that borders Quebec, is surrounded by Lake Champlain, and doesn't touch any land in the United States.

Alburgh may be small and isolated, but the People's United branch has been on Alburgh's Main Street for as long as most people can remember. And when the local bank announced it would close, townspeople decided that was just too isolated. Sarah Harris has our story.  Go to full article

Banker paints sobering picture

One of New York's leading community bankers delivered a sobering message at the county Housing Council's annual dinner in Canton this week. Kenneth Abt told the gathering that the subprime mortgage collapse of last year will have consequences that are deeper and broader than any recent downturn. Abt is chairman and CEO of First Federal Savings and Loan of Middletown, New York, in the Hudson Valley. He's a director of the New York Banker's Association, served as chair of the state's League of Savings Institutions. He spoke with Martha Foley in our studios before the address. His visit came as new polls were indicating that mortgage anxiety was spreading to people who were far from the subprime world, "regular" people with regular mortgages.  Go to full article

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