Latest Banking and credit News

Court filing: Manafort faces more than 19 years in prison

Feb. 15, 2019 8:54 PM EST

WASHINGTON (AP) — Paul Manafort, the one-time chairman of Donald Trump's presidential campaign, could spend more than 19 years in prison on tax and bank fraud charges, prosecutors said Friday. Court documents filed by special counsel Robert Mueller's office reveal that Manafort faces possibly the...

Congress urged to fully open banks to marijuana industry

Feb. 13, 2019 7:46 PM EST

LOS ANGELES (AP) — Bank officials and others urged Congress on Wednesday to fully open the doors of the U.S. banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan....

NY Fed: Auto loan delinquencies at highest point since 2010

Feb. 12, 2019 6:28 PM EST

DETROIT (AP) — Borrowers are behind in their auto loan payments in numbers not seen since delinquencies peaked at the end of 2010, according to the Federal Reserve Bank of New York. More than 7 million Americans were 90 or more days behind on their car loans at the end of last year, 1 million more than...

Fed Chairman Powell says prosperity not felt in all areas

Feb. 12, 2019 4:42 PM EST

ITTA BENA, Miss. (AP) — Federal Reserve Chairman Jerome Powell traveled Tuesday to a historically black university in the Mississippi Delta to deliver a message that the nation's prosperity has not been felt in many such areas around the country. Powell said that many rural areas had been left out and...

Socialist Maduro seeks to raise dollars with appeal to greed

Feb. 11, 2019 9:07 AM EST

CARACAS, Venezuela (AP) — When Jose Humberto Vivas needs to trade dollars for Venezuelan bolivars, he usually flouts the nation's rigid exchange controls by turning to illegal currency traders. But last week, Vivas put a few hundred dollars in his wallet and headed to an exchange house regulated by...

At Dubai summit, Pakistan premier warns of 'painful' reforms

Feb. 10, 2019 10:17 AM EST

DUBAI, United Arab Emirates (AP) — Pakistan's Prime Minister Imran Khan said Sunday his nation needed "painful" economic reforms to cut back on its massive debt, just after meeting the head of the International Monetary Fund, signaling the former cricketer may be willing to slash government spending for a...

Going green: States would get free hand under pot bill

Feb. 8, 2019 9:50 PM EST

Oregon Sen. Ron Wyden proposed legislation Friday that would give states a free hand to allow legal cannabis markets without the threat of federal criminal intervention, the latest push in Congress to bolster the nation's burgeoning pot industry. The proposal, identical to a bill in the House, aims to ease the...

Data center smoke causes outage for Wells Fargo customers

Feb. 7, 2019 7:08 PM EST

NEW YORK (AP) — Smoke at one of Wells Fargo's data centers left some of the bank's customers without access to online or mobile banking as well as accessing cash from ATMs on Thursday. Wells Fargo said workers discovered the problem following routine maintenance. "We're working to restore all our services...

The Latest: Puerto Rico says aid en route to Venezuela

Feb. 7, 2019 7:07 PM EST

CARACAS, Venezuela (AP) — The latest on Venezuela's political crisis (all times local): 8:05 p.m. Puerto Rico's government says 3,600 pounds (1,633 kilograms) worth of donated supplies are en route to Venezuela as part of a humanitarian aid mission. Officials said earlier Thursday that they had sent the...

BB&T, SunTrust merge to create nation's 6th largest bank

Feb. 7, 2019 12:40 PM EST

NEW YORK (AP) — Southern banking giants BB&T and SunTrust announced they would merge in a $66 billion deal, the first big bank merger since the chaos of the 2008 financial crisis. The deal would create yet another financial titan in the U.S. The combined company will be the sixth-largest retail bank in...