Latest Banking and credit regulation News

Millennial Money: How credit can beat buy now, pay later

Dec. 06, 2022 09:26 AM EST

At first glance, a “buy now, pay later” plan’s promise of no interest or upfront fees can seem more appealing than a credit card’s terms. Dividing a transaction into, say, a pay-in-four installment plan sounds straightforward and manageable. Unlike credit cards, though, these...

Senate approves divestment in Russia over Ukraine war

Nov. 16, 2022 18:47 PM EST

SPRINGFIELD, Ill. (AP) — The Illinois Senate on Wednesday unanimously approved withdrawing state investments in Russia to protest its nearly nine-month war against Ukraine. The 50-0 vote on President Don Harmon's legislation requires divestment of money in Russian banks and...

'Zombie Debt': Homeowners face foreclosure on old mortgages

Nov. 16, 2022 00:07 AM EST

Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000. “I was shocked,” said Prophete, who refinanced her two-family home in 2006, six years after arriving from...

Fed's top financial regulator urges 'guardrails' for crypto

Nov. 14, 2022 19:23 PM EST

WASHINGTON (AP) — The top U.S. banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange. Michael Barr, the Fed's vice chair for...

Shock for visitors hoping for new Argentine exchange rate

Nov. 09, 2022 14:21 PM EST

BUENOS AIRES, Argentina (AP) — Visitors to Argentina are still not receiving a more favorable exchange rate when paying with credit and debit cards days after the new measure was announced last week, although officials insist it is only a matter of time until it is implemented. ...

China central bank deputy governor faces corruption probe

Nov. 05, 2022 01:01 AM EDT

BEIJING (AP) — A deputy governor of China's central bank is under investigation on suspicion of “serious violations of discipline and law,” the ruling Communist Party's corruption agency said Saturday. The Central Commission for Discipline Inspection did not provide any details...

As Israel's far right parties celebrate, Palestinians shrug

Nov. 03, 2022 08:50 AM EDT

RAMALLAH, West Bank (AP) — The apparent comeback of former Prime Minister Benjamin Netanyahu and the dramatic rise of his far-right and ultra-Orthodox allies in Israel's general election this week have prompted little more than shrugs from many Palestinians. “It's all the same to...

Ex-Wilmington Trust president reaches settlement with SEC

Nov. 01, 2022 18:54 PM EDT

DOVER, Del. (AP) — The former president of the only financial institution to be criminally charged in connection with the federal bank bailout program in the wake of the 2008 financial crisis has reached a settlement with federal securities regulators in a related civil action. In...