Latest Banking and credit News

Former mayor charged with bank fraud

Oct. 23, 2020 4:37 PM EDT

MADISON, Wis. (AP) — A federal grand jury has charged a former mayor of Columbus with bank fraud. The Wisconsin State Journal reported that Michael Eisenga was indicted Thursday. The indictment alleges that Eisenga took out a nearly $7 million loan from an Illinois credit union in February 2017 to buy...

FILE - This Aug. 11, 2019 file photo shows an American Express card in New Orleans.  American Express’ fourth-quarter profits dropped by 39%, the credit card giant said Friday, Oct. 23, 2020, as the pandemic’s deep impacts on travel, entertainment and dining dramatically impacted the company’s results. (AP Photo/Jenny Kane)

AmEx profits plunge as travel spending comes to a standstill

Oct. 23, 2020 12:37 PM EDT

CHARLOTTE, N.C. (AP) — American Express' fourth-quarter profits dropped by 39%, the credit card giant said Friday, as the pandemic's deep impacts on travel, entertainment and dining dramatically impacted the company's results. The New York-based company earned $1.07 billion, or $1.30 a share, down from...

A pedestrian wearing a face mask to curb the spread of COVID-19 walks in front of the Greek parliament in central Athens, Tuesday, Oct. 20, 2020. Greece has been experiencing a resurgence of the virus, with the number of new daily cases, most in the Greek capital, often topping 400, and both deaths and the number of those in intensive care units rising. (AP Photo/Thanassis Stavrakis)

Greece: Insolvency overhaul during pandemic triggers spat

Oct. 23, 2020 9:51 AM EDT

ATHENS, Greece (AP) — The Greek government's opposition is trying to block new insolvency legislation that it argues would leave vulnerable mortgage holders more exposed to repossession during the pandemic. The conservative government is overhauling its bankruptcy regulations, replacing a protection...

Turkey central bank keeps rate on hold despite currency drop

Oct. 22, 2020 7:34 AM EDT

ISTANBUL (AP) — Turkey’s Central Bank kept its key interest rate on hold at 10.25% on Thursday, despite market expectations for an increase that would help support the currency. The bank surprised last month with a 2 percentage point rate increase, its first hike in two years, as it tried to contain...

Tennessee warns of credit card skimmers at gas pumps

Oct. 22, 2020 4:30 AM EDT

NASHVILLE, Tenn. (AP) — The Tennessee Department of Agriculture is warning drivers to look out for credit card skimmers at gas pumps. Inspectors have found five of the devices at fuel pumps around the state in the past six weeks, according to the department. The skimmers can read and store data from the...

FILE - This May 22, 2020, file photo shows the Federal Reserve building in Washington. A Federal Reserve survey of business conditions around the country has found that the U.S. economy grew at a “slight to modest” pace in September 2020 and early October. (AP Photo/Patrick Semansky, File)

Fed survey finds tepid growth as US economy battles pandemic

Oct. 21, 2020 6:53 PM EDT

WASHINGTON (AP) — A Federal Reserve survey of business conditions around the country found that the U.S. economy grew at a “slight to modest” pace in September and early October, but also documented many areas of economic activity hobbled by the coronavirus pandemic. The Fed report made...

Former credit union official spared prison in fraud case

Oct. 20, 2020 10:23 AM EDT

SPRINGFIELD, Mass. (AP) — A former loan officer at a Massachusetts credit union involved in a fraud scheme that cost the bank about $4 million has been spared time in prison because of a series of medical issues. Michael DiCenzo, who worked at Greylock Federal Credit Union, was sentenced Monday in federal...

World Bank: 5.2% decrease in MENA economies expected in 2020

Oct. 19, 2020 12:23 PM EDT

CAIRO (AP) — The coronavirus pandemic and a collapse in oil prices have affected all aspects of the Middle East and North Africa, with the region’s economies projected to contract by 5.2% in 2020, the World Bank said Monday. The current projection is 4.1% below the forecast in April, and 7.8% worse...

FILE - In this Nov.13, 2018 file photo, Jihad Azour, the IMF's director of the Middle East and Central Asia Department reacts during his press conference in Dubai, United Arab Emirates. The coronavirus pandemic is hitting countries in the Middle East in wildly different ways, but nearly all are in the throes of an economic recession this year and all but two, Lebanon and Oman are expected to see some level of economic growth next year, according to the latest report published by the International Monetary Fund on Monday, Oct. 19, 2020. (AP Photo/Kamran Jebreili, File)

IMF: Nearly all Mideast economies hit by pandemic recession

Oct. 19, 2020 8:04 AM EDT

DUBAI, United Arab Emirates (AP) — The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as all but two — Lebanon and Oman — are anticipated to see some level of economic growth next year, according to a...

FILE - In this Tuesday Feb. 11, 2020 file photo, Christine Lagarde president of the ECB looks up prior to deliver her speech before the European Parliament's economic and monetary affairs committee at the European Parliament in Strasbourg, France. The head of the European Central Bank says that the economic recovery “risks losing momentum” due to the second wave of coronavirus infections and that the chief monetary authority for the euro countries could add more stimulus if that becomes necessary.  (AP Photo/Jean-François Badias, File)

Europe's central banker: Recovery 'risks losing momentum'

Oct. 19, 2020 5:20 AM EDT

FRANKFURT, Germany (AP) — The head of the European Central Bank says the economic recovery from the coronavirus pandemic “risks losing momentum” due to a second wave of infections and that more stimulus could be added if necessary. “The second wave of the pandemic in Europe, notably...