Latest Banking and credit News

FILE - This July 21, 2020 file photo shows The New York Stock Exchange.  Stocks are rebounding in early trading on Wall Street Wednesday, Aug. 12, carrying the S&P 500 back toward the cusp of its record high. The benchmark index was up 1% after the first half-hour of trading and on pace for its eighth gain in nine days.  (AP Photo/Mark Lennihan, File)

Stocks rebound on Wall Street, S&P 500 trades above record

Aug. 12, 2020 5:54 PM EDT

Stocks marched broadly higher on Wall Street Wednesday, briefly nudging the S&P 500 above its all-time closing high set in February, before the coronavirus pandemic led to a historic market plunge. The benchmark index notched a 1.4% gain, its eighth in nine days. It ended within 0.2% of its record high from...

FILE - In this Nov. 25, 2019 file photo Federal Reserve Bank of Boston President Eric Rosengren, left, speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn.  Rosengren said in remarks delivered online Wednesday, Aug. 12, 2020,  that states in the South and West that allowed their businesses to reopen after short shutdowns saw an initial burst of economic activity. But spikes in infection rates soon followed and those states’ economies are now lagging those in the Northeast as consumers have become more cautious.  (AP Photo/Steven Senne, file)

Boston Fed chief: States' rush to reopen slowed US recovery

Aug. 12, 2020 12:31 PM EDT

WASHINGTON (AP) — A top official at the Federal Reserve criticized the decision by many states to reopen businesses this spring before getting the virus fully under control, and said those choices have hindered an economic recovery in the U.S. Eric Rosengren, president of the Federal Reserve Bank of...

FILE - In this Nov. 25, 2019 file photo Federal Reserve Bank of Boston President Eric Rosengren, left, speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn. Rosengren  on Friday, Aug. 7, 2020 defended the central bank’s efforts to launch a Main Street lending program and said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens.  (AP Photo/Steven Senne, file)

Fed official defends slow start to Main Street loan program

Aug. 7, 2020 12:56 PM EDT

WASHINGTON (AP) — A top Federal Reserve official on Friday defended the central bank’s efforts to launch a Main Street lending program and said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens. While the Fed...

An outdoor table is ready for customers at Loretta and the Butcher restaurant during the coronavirus pandemic, Thursday, Aug. 6, 2020, in the Coconut Grove neighborhood in Miami. Restaurants continue to offer outdoor dining and take-out only, with indoor dining still not permitted in Miami-Dade County. (AP Photo/Lynne Sladky)

Fed's Main Street pandemic support program off to slow start

Aug. 6, 2020 7:20 PM EDT

WASHINGTON (AP) — The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations. In its first report on the program, the Fed said Thursday it had provided $76.9...

A soldier stands at the devastated site of the explosion in the port of Beirut, Lebanon, Thursday, Aug. 6, 2020. French President Emmanuel Macron came in Beirut to offer French support to Lebanon after the deadly port blast. (AP Photo/Thibault Camus, Pool)

The Latest: Macron says France doesn’t want to run Lebanon

Aug. 6, 2020 2:18 PM EDT

BEIRUT (AP) — The Latest on the explosion in Beirut (all times local): 9:15 p.m. French President Emmanuel Macron has denied that he's seeking to pull the strings in Lebanon and revive France’s colonial-era influence over a country reeling from a giant, deadly explosion. Macron was on a visit to...

FILE-In this Thursday, Aug. 16, 2018 file photo, a man walks away after changing currency at a currency exchange shop in Istanbul. Turkey's currency dropped to an all-time low against the dollar on Thursday Aug. 6, 2020, as the global recession created by the coronavirus pandemic brings to the fore weaknesses in the country's economy. (AP Photo/Lefteris Pitarakis, File)

Turkish currency hits all-time low amid market jitters

Aug. 6, 2020 11:18 AM EDT

LONDON (AP) — Turkey’s currency dropped to an all-time low against the dollar on Thursday as the global recession created by the pandemic brings to the fore weaknesses in the country's economy. The Turkish lira fell to 7.307 against the dollar, past the previous low of 7.26 in May and is down about...

FILE - In this Wednesday, March 11, 2020 file photo, pedestrians wearing face masks pass the Bank of England in London. The Bank of England left its benchmark interest rate at a record low of 0.1% on Thursday Aug. 6, 2020, as it expressed caution about how rapidly the United Kingdom's economy will recover from the COVID-19 pandemic. (AP Photo/Matt Dunham, File)

Bank of England says economy will take time to heal

Aug. 6, 2020 6:43 AM EDT

LONDON (AP) — The Bank of England predicted Thursday that the economic downturn in the U.K. economy might be less severe than it thought at the start of the COVID-19 pandemic - even as it warned it would take a longer time to heal the scars. The central bank opened the door to providing more monetary...

A currency trader wearing a face mask walks near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, Aug. 6, 2020. Stocks were mixed in Asia on Thursday despite strong gains overnight on Wall Street, where the rally just kept on rolling. (AP Photo/Lee Jin-man)

Asian shares mixed as US talks on stimulus still stalled

Aug. 5, 2020 11:17 PM EDT

Stocks were mixed in Asia on Thursday despite strong gains overnight on Wall Street, where the rally just kept on rolling. Investors are watching to see if lawmakers will come ahead with fresh stimulus for the U.S. economy. Tokyo's Nikkei 225 index shed 0.4% to 22,438.61 while the Shanghai Composite index gave...

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. A group of congressional Democrats introduced legislation Wednesday, Aug. 5, that would require the Federal Reserve to pursue the elimination of racial disparities in jobs, wealth and income as one of its policy goals. (AP Photo/Jacquelyn Martin, File)

Fed should address racial gaps in jobs, income, Dems propose

Aug. 5, 2020 7:20 PM EDT

A group of congressional Democrats introduced legislation Wednesday that would require the Federal Reserve to pursue the elimination of racial disparities in jobs, wealth and income as one of its policy goals. The legislation would also require the Fed's chair, currently Jerome Powell, to report every six...

FILE - In this July 16, 2019, file photo, a man walks across the street from a Capital One location in San Francisco. Delayed receipt of money from the coronavirus relief bill is one of the newest difficulties faced by people who don’t have bank accounts. But there are other challenges as well, and it may come as an unwelcome surprise that banks sometimes turn down those applying for their first account.  (AP Photo/Jeff Chiu, File)

How to get started if you’ve never had a bank account

Aug. 5, 2020 10:51 AM EDT

Managing your money without a bank account is doable. But it can pose challenges — and the COVID-19 pandemic has only added more. Your economic impact payment might’ve arrived weeks or months after others’ did, in the form of a check or prepaid debit card, because you couldn’t choose...