Latest Financial services News
Rhode Island community bank to pay $9M to resolve discriminatory lending allegations
PROVIDENCE, R.I. (AP) — A community bank in Rhode Island agreed to pay $9 million to resolve allegations that it engaged in lending discrimination by redlining majority-Black and Hispanic neighborhoods, a U.S. attorney announced Wednesday. A complaint accused Washington Trust...
Chase UK will soon bar its customers from making crypto transactions due to an uptick in scams
NEW YORK (AP) — Chase UK, JP Morgan's British digital bank, says it will bar customers from making cryptocurrency transactions starting next month — citing an uptick in scams and fraud. From Oct. 16 onward, Chase customers will no longer be able to make crypto transactions using...
JPMorgan to pay $75 million on claims that it enabled Jeffrey Epstein's sex trafficking operations
NEW YORK (AP) — JPMorgan Chase agreed Tuesday to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled the sex trafficking acts committed by financier Jeffrey Epstein. JPMorgan said that $55 million of the settlement will go toward local charities that...
Interest rates will stay high 'as long as necessary,' the European Central Bank's leader says
FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that interest rates will stay high enough to restrict business activity for “as long as necessary” to beat back inflation. Still, she sympathized with homeowners who have seen their mortgage payments jump. ...
Things to know about California's new proposed rules for insurance companies
SACRAMENTO, Calif. (AP) — Months after California's home insurance market was rattled by major companies pausing or restricting their coverage, the state's top regulator said Thursday that he would write new rules aimed at persuading insurers to continue doing business in the nation's most...
Wildfire-prone California to consider new rules for property insurance pricing
SACRAMENTO, Calif. (AP) — California will let insurance companies consider climate change when setting their prices, the state's chief regulator announced Thursday, a move aimed at preventing insurers from fleeing the state over fears of massive losses from wildfires and other natural disasters....
Stock market today: Asian shares mixed after interest rates-driven sell-off on Wall Street
Asian shares were mixed on Friday after another slump on Wall Street driven by expectations that U.S. interest rates will stay high well into next year. Hong Kong and Shanghai advanced while Tokyo, Seoul and Sydney declined. U.S. futures edged higher and oil prices rose. ...
Bank of England joins US Fed in keeping interest rates unchanged after inflation declines
LONDON (AP) — The Bank of England on Thursday joined the U.S. Federal Reserve in pausing interest rate increases after a surprising fall in U.K. inflation eased concerns about the pace of price rises. In a development that few predicted just two days ago, the central bank kept its...
Turkey’s central bank hikes interest rates again in further shift in economic policies
ISTANBUL (AP) — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The bank hiked its policy rate to 30%,...
Sweden's central bank hikes key interest rate, saying inflation is still too high
STOCKHOLM (AP) — Sweden’s central bank raised its key interest rate Thursday, saying that “inflationary pressures in the Swedish economy are still too high,” although there were signs that inflation had begun to fall. The Riksbank raised its policy rate by a quarter of a...
