Funding cuts to credit counselors will devastate American communities
Federal grants funding nonprofits that help people build strong credit are being slashed. The result will be more foreclosures, evictions, bankruptcies and out-of-business signs at small businesses across the country.
Better-than-expected jobs report backs Fed’s rate stance
The Bureau of Labor Statistics issued its unemployment report for June, showing that the economy added 147,000 jobs. The report supports the Federal Reserve’s patience to cut interest rates.
Exclusive: Warren presses Fed on stress capital buffer
A Federal Reserve proposal to calculate stress capital buffers would mean that the banking system could be less likely to withstand an economic shock, the Democratic senator said.
The Fed can ignore Trump — but markets are listening
The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
Ripple joins other crypto firms seeking trust bank charters
The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
Erebor’s charter bid rides wave of fintech-friendly policy
Backed by tech billionaires, the crypto-focused digital startup bank’s timely application reflects the current administration’s openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers’ political ties.
NCUA sets high bar for criminal referrals after Trump order
The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
Influential Fed supervision official takes resignation offer
Michael Gibson, director of the Federal Reserve’s supervision and regulation division, has accepted the agency’s voluntary resignation offer and plans to leave this month after more than three decades at the central bank.
Bank groups encourage Treasury switch to digital payments
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
Tech’s response to the rise of check fraud
Now more than ever, businesses globally have become increasingly susceptible to financial fraud.