The Bank of America Corp. (BAC) on this Tuesday unveiled a revamp of its checking-account options and services “that will help customers avoid excessive overdraft fess and better manage their finances.” Its shares are up 0.5% to $17.70.

Most of the US financial shares traded lower on Wednesday ahead of the Federal Reserve’s expected outlook on the economy and its plans for monetary policy later in the day. Federal Reserve officials are trying their best to stay out of the limelight this week out of fear that any steps they might take could be construed as tightening policy. According to the analyst point of view on Wednesday, the Financial Select Sector SPDR ETF (XLF) dipped 0.4% to $15.27. Most financial stocks on the Standard & Poor’s 500 traded lower, but American International Group’s (AIG) shares were up 1.3% to $46.38.

On the other hand in the US, two of the nation’s largest banks have eased controversial overdraft rules for customers as the financial-services industry faces criticism over charging lucrative fees to boost sagging profits in the recession. In Europe, the European Commission on Wednesday cleared asset management company BlackRock Inc. (BLK) to buy Barclays Global Investors from U.K. bank Barclays PLC (BCS). BlackRock shares climbed 4.5% to $217.60.

On the political front, the US Treasury Secretary Timothy Geithner on Wednesday defended the department’s proposal to create a Consumer Financial Protection Agency before a House of Representatives committee, saying it is needed to supervise banks as well as write rules for mortgages and credit cards.

So, these all things are clearly showing that the US is improving slightly so time is demanding some more efforts n order to support the US financial situation.

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US economical decline was started when the banks went in worst situation and announced the US worst banking sector got collapsed and then a chain of banks failure started. If a bank goes bad, its chartering institution turns it over to the Federal Deposit Insurance Corp. The FDIC follows an orderly process for putting the bank in receivership, then liquidating its assets or selling it off to a healthy institution. Deposits are guaranteed, and there’s no threat to the overall financial system.

The most important part of President Obama’s remarks on financial reform dealt with the need for a policy to deal with firms deemed “too big to fail” — enterprises so large and interconnected that a collapse would pose a threat to the entire system.

No similar process exists for a highly diverse financial supermarket like Citigroup or Bank of America, or Lehman Brothers, which collapsed a year ago and triggered the financial crisis. As Obama noted, proper resolution authority is needed to put an end to the notion of “too big to fail.” Officials shouldn’t face the stark choice of letting a large firm fail or bailing it out with public money.

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US Financial fight is continue on the record as they are facing their worst ever decades financial crisis which was started form the bug shock of the failure of the Lehman brothers. The world’s great media organizations are still piling on the Lehman Brothers remembrance bandwagon this week. It’s not every day that a 158-year-old Wall Street landmark collapses, triggering financial panic around the world and the worst global recession in more than 70 years. The failures of this U.S biggest bank become the major reason of the financial down fall.

Financial time did a great job and wrote according to the situation put together on the dramatic events. Now, the thing is that the Lehman brothers fall out still continues and they are down under the crisis. Another very important media Reuters also involved meanwhile, have this sweeping multimedia offering called time of crisis that’s worth your time. Now, this crisis is more than over a year and still no proper recovery is made as we have the example of Lehman brothers who are still suffering and downfall is continued on them. For an intimate portrait of how the crisis affected some 200 million Chinese migrant workers because the crisis is still continue. So, after experiences all this problem now this time is to think seriously that how we can save our country form these down falls and make a future plan to avoid from these crises in future.

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The US economy may be entering into a good zone, but their banks are still in intensive care. Banking in the US is about to get a whole lot more expensive for consumers as the government pick and choose who gets to live and who is allowed to fail? The number of “problems” banks has swelled to 416, up from 305 at the end of March, helping drain the country’s deposit insurance fund to its lowest level in 16 years, according to a quarterly status report yesterday from the US Federal Deposit Insurance Corp. (FDIC).

Now the question which will rise from the people “is their savings will remain safe?”The grim tally prompted FDIC chairwoman Sheila Bair to reassure Americans that their savings remain safe. “No matter how challenging the environment, the FDIC has ample resources to continue protecting depositors as we have for the last 75 years.” Ms. Bair said firmly. “No insured depositor has ever lost a penny of insured deposits, and no one ever will.” She acknowledged that the slow painful process of cleaning up bad banks, which has sapped the FDIC’s resources, could drag on for more than a year after the economy recovers.

Banking crisis is impacting badly and draining the FDIC’s resources as banks fail at a faster rate than it can readily handle. The insurance fund, which protects deposits of up to $250,000 (US) at roughly 8,200 US banks and savings institutions, has dwindled to just $10.4-billion. That’s down from more than $45-billion a year ago, as the FDIC has been forced to set aside funds to handle looming failures. So far, 81 banks have closed their doors this year, including 45 since the end of March. So, these are some very big challenges for the government to resolve and drive their country successfully!

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The US mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday. As we know that the US trying to get rid of the current worst economical situation but they are still struggling with the major disaster was the loan rates on homes were raised high by the banks. This rise in home loans laid a very bad impression on the people in the US. Most of the people get homeless and now the situation is that the economically US facing their life’s worst phase and this situation affecting country badly.

After Fed announcement of no change in rates the World stock markets shot higher Thursday, after the US Federal Reserve said the world’s largest economy appeared to be “leveling out” from its worst ever recession. “We have more and more confirmation the US recession is ending and investors are currently buying into this,” said John Mar, co-head of sales trading, Daiwa Securities SMBC Co. in Hong Kong.

So, these rapid changes are affecting many sectors but the major thing is to save the industry specially the mortgage industry. As president Obama has promised with their nation that he and his administration will bring the change in the country and we are waiting for that change because the change in Stocks, economical destabilization and applications for loans to buy homes, an early indicator of sales, rose slightly and affecting economically.

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