Latest Consumer banking News

US consumers ramped up their credit card spending in October

Dec. 6, 2019 3:59 PM EST

WASHINGTON (AP) — U.S. consumers ramped up their credit card spending in October. The Federal Reserve said Friday that total consumer borrowing rose in October by a seasonally adjusted $18.9 billion, up from a September increase of $9.6 billion. It was the biggest increase in borrowing in three months and...

For banks, data on your spending habits could be a gold mine

Dec. 2, 2019 12:50 PM EST

NEW YORK (AP) — There’s a powerful new player watching what you buy so it can tailor product offerings for you: the bank behind your credit or debit card. For years, Google and Facebook have been showing ads based on your online behavior. Retailers from Amazon to Walgreens also regularly suction up...

Wipe out credit card debt by setting SMART goals

Nov. 21, 2019 12:23 PM EST

Shatoria Smith was tired of the $5,000 in credit card debt she felt was blocking her from reaching her financial goals. She couldn’t see an easy path to being debt-free, so she drew herself a map by adapting a goal-setting framework she’d first heard about in a college business class: the SMART...

Rhode Island expands loan program for local small businesses

Nov. 21, 2019 11:00 AM EST

PROVIDENCE, R.I. (AP) — Rhode Island is expanding its loan program for local small businesses. Treasurer Seth Magaziner announced Thursday that the state is making an additional $10 million available for the loan program called BankLOCAL, which incentivizes local banks and credit unions to lend to smaller...

Federal Reserve, FDIC approve merger of BB&T, SunTrust banks

Nov. 19, 2019 5:21 PM EST

NEW YORK (AP) — The Federal Reserve and the Federal Deposit Insurance Corp. on Tuesday approved the $66 billion merger between BB&T and SunTrust, clearing the last hurdles in creating the sixth-largest bank in the U.S. The combination of BB&T Corp., which is based in Winston-Salem, North Carolina,...

Patrick defends corporations and capitalism in primary bid

Nov. 19, 2019 9:57 AM EST

DES MOINES, Iowa (AP) — Democratic presidential candidate Deval Patrick is centering his fledgling campaign on a defense of corporations and capitalism that puts him directly at odds with some of the party’s most progressive figures. “There is a role in the economy for private equity. You bet...

US long-term mortgage rates rise; 30-year at 3.75%

Nov. 14, 2019 1:38 PM EST

WASHINGTON (AP) — U.S. long-term mortgage rates rose this week amid optimism over prospects for the U.S. economy. Rates remain at historically low levels, however, as an incentive to prospective homebuyers. Mortgage giant Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage jumped...

Burgerville settles credit card hack lawsuit

Nov. 12, 2019 3:53 PM EST

PORTLAND, Ore. (AP) — Burgerville has an initial agreement to settle a class-action lawsuit against them over a hack that potentially exposed thousands of customers' credit and debit card information. The Oregonian/OregonLive reports the Vancouver, Washington-based restaurant chain was one of over 100...

Maryland man gets prison time for auto loan scheme

Nov. 10, 2019 6:30 PM EST

ANNAPOLIS, Md. (AP) — A former mortgage broker has been sentenced to more than eight years in prison for defrauding people and financial institutions out of over $1 million through an auto-loan application scheme. The Capital Gazette of Annapolis reports a federal judge on Friday also ordered 48-year-old...

NY regulator vows to investigate Apple Card for sex bias

Nov. 9, 2019 7:20 PM EST

NEW YORK (AP) — A New York regulator is investigating Goldman Sachs for possible sex discrimination in the way it sets credit limits. The bank denies wrongdoing. The investigation follows a series of viral tweets by entrepreneur and web developer David Heinemeier Hansson about algorithms used for the Apple...