Latest Banking and credit News

A man stands in front of a blank electronic stock board supposedly showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, Oct. 1, 2020. Trading on the Tokyo Stock Exchange was suspended Thursday because of a problem in the system for relaying market information. Most other Asian markets were closed for national holidays. (AP Photo/Eugene Hoshiko)

Tokyo trading stops over system failure, China on holiday

Oct. 1, 2020 12:07 AM EDT

TOKYO (AP) — Trading on the Tokyo Stock Exchange was suspended Thursday because of a problem in the system for relaying market information. Most other Asian markets were closed for national holidays. The Tokyo Stock Exchange said that all trading was stopped because of the problem, and will not resume for...

Federal Reserve extends ban on big bank dividends, buybacks

Sep. 30, 2020 5:55 PM EDT

NEW YORK (AP) — The Federal Reserve is extending until the end of the year its restrictions on large banks and financial services companies paying out dividends and buying back stock. The Fed made the announcement Wednesday aimed at bolstering the banks as the coronavirus pandemic has causes millions of...

Man pleads guilty to bank fraud involving 6 states

Sep. 30, 2020 12:38 PM EDT

CONCORD, N.H. (AP) — A man has pleaded guilty in federal court in New Hampshire to using other people's identification to make bank withdrawals in six states totaling about $111,000. Court documents say Derrick McKenzie, 61, of Mount Vernon, New York, entered bank branches in New Hampshire, New York, New...

FILE - In this Friday, Dec. 22, 2017 file photo, President Donald Trump speaks to reporters after signing a tax bill and continuing resolution to fund the government, in the Oval Office of the White House in Washington. Trump’s true financial picture has gotten renewed scrutiny in the wake of a New York Times report in September 2020 that he declared hundreds of millions in losses in recent years, allowing him to pay just $750 in taxes the year he won the presidency, and nothing for 10 of 15 years before that. (AP Photo/Evan Vucci)

Trump facing devastating debt load? Experts say not so fast

Sep. 29, 2020 7:03 PM EDT

NEW YORK (AP) — President Donald Trump reportedly must pay back more than $300 million in loans over the next four years, raising the possibility his lenders could face an unprecedented situation should he win a second term and not be able to raise the money: foreclosing on the leader of the free world....

Ex-IMF chief acquitted in Spanish bank stock listing case

Sep. 29, 2020 4:52 PM EDT

MADRID (AP) — Spain’s National Court has acquitted 34 people who were tried over the stock market listing of financial firm Bankia, including former International Monetary Fund chief Rodrigo Rato. Rato, who is serving a 4 1/2-year prison sentence for a separate case involving the misuse of Bankia's...

FILE - In this Sept. 1, 2020 file photo, riot policemen beat anti-government protesters during a protest near Parliament Square, in Beirut, Lebanon. An economic meltdown, a revolution, financial collapse, a virus outbreak and a cataclysmic explosion that virtually wiped out the country's main port. The past year has been nothing short of an earthquake for tiny Lebanon, with an economic meltdown, mass protests, financial collapse, a virus outbreak and a cataclysmic explosion that virtually wiped out the country’s main port. Yet Lebanese fear even darker days are ahead. (AP Photo/Hassan Ammar, File)

AP Analysis: Dark days ahead for Lebanon as crisis bites

Sep. 29, 2020 4:30 PM EDT

BEIRUT (AP) — In less than a year, Lebanon has been hit by an economic meltdown, mass protests, financial collapse, a virus outbreak and a cataclysmic explosion that virtually wiped out the country’s main port. Yet Lebanese fear even darker days are ahead. The country’s foreign reserves are...

European Central Bank head: Ready to add stimulus if needed

Sep. 28, 2020 1:03 PM EDT

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde says the bank's massive monetary stimulus measures have helped stabilize the economy amid the pandemic and the ECB is ready to deploy even more stimulus if necessary. Lagarde told members of the European Parliament's economic and...

Tennessee man convicted of bank fraud, conspiracy

Sep. 28, 2020 7:56 AM EDT

JACKSON, Tenn. (AP) — A Tennessee man has been convicted in federal court of defrauding three banks in Tennessee and Alabama. Charles Ray Smith, 71, of Crump, deposited and directed others to deposit more than $116 million in fraudulent bank checks into his companies' bank account, defrauding Central Bank...

A little girl holds palm oil fruit collected from a plantation in Sumatra, Indonesia, Nov. 13, 2017. An Associated Press investigation has found many palm oil workers in Indonesia and neighboring Malaysia endure exploitation, including child labor. (AP Photo/Binsar Bakkara)

Palm oil labor abuses linked to world’s top brands, banks

Sep. 24, 2020 10:32 PM EDT

PENINSULAR MALAYSIA (AP) — Jum’s words tumble out over the phone, his voice growing ever more frantic. Between sobs, he says he’s trapped on a Malaysian plantation run by government-owned Felda, one of the world’s largest palm oil companies. His boss confiscated and then lost his...

Treasury Secretary Steve Mnuchin testifies during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, Wednesday, Sept. 24, 2020, in Washington. (Toni L. Sandys/The Washington Post via AP, Pool)

Mnuchin and Powell back jobless aid and small business loans

Sep. 24, 2020 2:23 PM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still...