Latest Banking and credit News

Stocks slump after murky jobs report as markets swing

Dec. 03, 2021 16:46 PM EST

A week of volatile swings on Wall Street ended Friday with more losses for stocks, as a mixed batch of U.S. job market data triggered another bout of dizzying trading. The S&P 500 closed 0.8% lower after erasing a 0.7% gain in the early going. The benchmark index was...

Struggling Chinese developer warns it could run out of money

Dec. 03, 2021 14:40 PM EST

BEIJING (AP) — A Chinese developer that is struggling under $310 billion in debt warned Friday it may run out of money to “perform its financial obligations” — sending regulators scrambling to reassure investors that China’s financial markets can be protected from a potential...

EXPLAINER: Turkey's currency is crashing. What's the impact?

Dec. 03, 2021 09:37 AM EST

ANKARA, Turkey (AP) — Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices. ...

Maryland man pleads guilty to bank fraud conspiracy

Dec. 03, 2021 08:40 AM EST

BALTIMORE (AP) — A Maryland man has pleaded guilty to his role in a bid to victimize businesses and cause losses totaling more than $4 million through a stolen check scheme. The U.S. Attorney's Office for Maryland says in a news release that Oyekanmi Oworu, 35, of...

Wall Street balks as Fed signals party's ending, but is it?

Dec. 02, 2021 13:23 PM EST

NEW YORK (AP) — The Federal Reserve's job, its longest-serving chairman once said, is to “take away the punch bowl just as the party gets going,” and that's exactly the message Wall Street took from comments by current Chair Jerome Powell this week. Stock prices...

US long-term mortgage rates relatively flat this week

Dec. 02, 2021 10:19 AM EST

SILVER SPRING, Md. (AP) — The average interest rate for long-term mortgages in the U.S. remained flat this week, following the Federal Reserve suggesting that it would start tightening credit by raising its benchmark rate. Mortgage buyer Freddie Mac reported Thursday...

Fed survey finds supply-chain shortages boosting inflation

Dec. 01, 2021 17:18 PM EST

WASHINGTON (AP) — Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported Wednesday. In a survey of business conditions around the country, the Fed's 12 regional banks found that the economy continued...

Visa CEO: COVID caused permanent shift to digital payments

Dec. 01, 2021 13:30 PM EST

SAN FRANCISCO (AP) — Al Kelly believes there has been a permanent shift in how consumers worldwide pay for goods and services. His 91-year-old parents are a prime example. The CEO of payments processing giant Visa recently visited his mother just after she'd finished...

Capital One drops all overdraft fees, latest bank to do so

Dec. 01, 2021 11:19 AM EST

NEW YORK (AP) — Capital One said Wednesday that will get rid of all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to shy away from the long-hated practice. The Virginia-based bank said it will still allow customers to...

Should You Bank With Your Brokerage?

Dec. 01, 2021 08:21 AM EST

If you’ve invested with a brokerage firm in recent years, you may have noticed that your brokerage offers a product called a cash management account. These accounts are very similar to a checking or savings account and typically provide competitive interest rates, debit cards and other...