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Citi to refund $700 million for deceptive credit card practices

Citi to refund $700 million to customers, pay $70 million in fines, for illegal card practices.
Volcker says US bank oversight ineffective, seeks overhaul

Former Fed Chairman Volcker calls for overhaul of financial oversight system.
Biz Bits

...most of the costs of the settlement with the FDIC, the Consumer Financial Protection Bureau and the Office of Comptroller of the Currency.? Associated Press
Regulators push for stronger bank capital

MILWAUKEE - A virus never before seen in the U.S. has killed millions of baby pigs in less than a year, and with little known about how it spreads or how to stop it, it's threatening pork production and pushing up prices by 10 percent or more.
JPMorgan admits fault, pays $920 million in trading loss

WASHINGTON - The financial penalty is staggering. JPMorgan Chase & Co. will pay $920 million for trading losses that shook the financial world last year.
Business briefs

The European Central Bank withheld the stimulus of an interest rate cut Wednesday, keeping up the pressure on eurozone politicians to take decisive action - even as growth predictions worsened and fears intensified that Spain may need help bailing out its banks.
US banks agree to pay $8.5 billion to clean up mortgage mess

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners.
Ex-JPMorgan executives pressed about trading loss

WASHINGTON - Two former high-ranking executives at JPMorgan Chase faced tough questions from senators Friday about why the bank played down risks and hid losses from regulators when it was losing billions of dollars.
Reimbursement ordered in cases of improper foreclosure

WASHINGTON --- The federal government on Wednesday ordered 16 of the nation's largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon.
Fed enters investigation of foreclosures

Raising pressure on banks, the Federal Reserve is wading into the investigation of whether mortgage lenders cut corners and used flawed documents to foreclose on homes.