Latest Banking and credit News

Man admits role in credit card scam targeting crafts chain

Apr. 08, 2021 16:28 PM EDT

CAMDEN, N.J. (AP) — A California man who fled to Mexico after being charged in a widespread credit card scam involving arts-and-crafts retailer Michaels has pleaded guilty to conspiracy to commit bank fraud, federal prosecutors in New Jersey announced Thursday. Jose...

Swiss banker to Venezuelan kleptocrats becomes star witness

Apr. 08, 2021 16:13 PM EDT

MIAMI (AP) — Matthias Krull pulls up his pant leg and slides a gardening shear on the ankle monitor that for two years has been a constant reminder of his crimes. With a court order in hand, and a child’s voice echoing from the next room, the former Swiss banker...

IMF policy panel endorses $650 billion increase in resources

Apr. 08, 2021 15:46 PM EDT

WASHINGTON (AP) — The International Monetary Fund on Thursday authorized a $650 billion expansion of the 190-nation lending institution's resources with the aim of providing more support for vulnerable countries as they battle the coronavirus pandemic. IMF Managing...

Fed's Powell: US nears full reopening to 'different economy'

Apr. 08, 2021 15:21 PM EDT

WASHINGTON (AP) — The U.S. economy, boosted by quickening vaccinations and signs of rapid hiring, is headed toward a strong recovery, Federal Reserve Chair Jerome Powell said Thursday. But he cautioned that not all will immediately benefit. ...

Eastern Caribbean dollar goes digital, a help for unbanked

Apr. 08, 2021 14:49 PM EDT

SAN JUAN, Puerto Rico (AP) — The Eastern Caribbean has created its own form of digital currency meant to help speed transactions and serve people without bank accounts. The Eastern Caribbean Central Bank said its “DCash” is the first such blockchain-based currency...

4 years in prison for man in bank fraud, stolen cattle case

Apr. 08, 2021 10:34 AM EDT

BISMARCK, N.D. (AP) — A Mandan man will serve four years in federal prison for bank fraud and transporting stolen livestock across state lines. Kelly Glatt took out a $1.5 million loan to purchase cattle and supplies, but took steps to hide collateral and assets from...

Major economies support $650 billion boost in IMF resources

Apr. 07, 2021 18:28 PM EDT

WASHINGTON (AP) — Finance officials of the world’s major economies on Wednesday agreed on a proposal to boost the resources of the International Monetary Fund by $650 billion as a way to provide more support to vulnerable countries struggling to deal with a global pandemic. ...

State House funds rail, kills funds aimed at Hoeven's bank

Apr. 07, 2021 17:29 PM EDT

BISMARCK, N.D. (AP) — The North Dakota House agreed Wednesday to fund a rail spur to help a troubled shipping center in Minot, but balked at giving more than $8 million in taxpayer money to bail out a trio of banks — including one owned by Republican U.S. Sen. John Hoeven -- that obtained...

Fed in March saw brighter outlook, yet underscored patience

Apr. 07, 2021 16:52 PM EDT

WASHINGTON (AP) — Federal Reserve officials were encouraged last month by evidence the U.S. economy was picking up, but they showed no sign of moving closer to ending their bond purchases or lifting their benchmark short-term interest rate from nearly zero. Fed...

Startup cards can help build credit even in tough times

Apr. 07, 2021 11:30 AM EDT

While major credit card issuers tightened lending standards and slashed credit limits amid COVID-19, some financial technology startups took a different tack. In 2020, young companies like Grow Credit, TomoCredit and Chime launched or expanded credit cards that are...