Michael Barr, the Fed’s vice chair for supervision, said Congress should pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange.
Speaking at an IBJ economic forecast event Monday, a Fifth Third Bank economist said the chance of heading into another recession is “literally a toss-up, a coin flip.”
The rapid collapse of cryptocurrency exchange FTX into bankruptcy last week has also shaken the world of philanthropy, due to the tens of millions of dollars in financial pledges and influence of FTX founder Sam Bankman-Fried in the “effective altruism” movement.
The funding amount is one of the largest in recent years for an Indiana-based science startup.
The Justice Department and two federal regulators have launched probes into FTX, looking into whether the collapsing cryptocurrency exchange had skirted rules on safeguarding consumer deposits and relationships with trading affiliates, according to four people familiar with the inquiries.
The swift collapse of cryptocurrency exchange FTX sent more shockwaves through the crypto world on Thursday, with authorities now investigating the firm for potential securities violations and analysts bracing for a further downturn in crypto prices.
Bitcoin sank to a two-year low after Binance confirmed earlier rumors and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday.
The deal would make Binance, which is already the biggest cryptocurrency exchange by daily volume, an even more dominant player in the cryptocurrency industry.
Jody Russell Trapp has been sentenced to federal prison for stealing more than $2.2 million from a Fishers company from 2009 to 2011. He fled to Utah and changed his name almost a decade ago before being recaptured.
The average annual percentage rate on new-car loans was 6.3% last month, the highest since April 2019, according to Edmunds.
The political fight is only getting fiercer over whether it’s financially wise or “woke” folly to consider a company’s impact on climate change, workers’ rights and other issues when making investments.
Rising interest rates, inflation and recession risks have eroded consumer confidence and left buyout firms facing a new reality of higher financing costs and potentially lower returns.
A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily.
Many potential homebuyers have moved to the sidelines as mortgage rates have more than doubled this year. Sales of existing homes have declined for eight straight months.
The guidance announced Wednesday by the Consumer Financial Protection Bureau could deal a significant blow to banks that earned nearly $8.5 billion from the charges last year.
A new report from the Federal Deposit Insurance Corp. issued Tuesday found that 4.5% of Americans—representing about 5.9 million households—were without a bank account in 2021.
Attorneys for six Republican-led states are asking a federal appeals court to reconsider their effort to block the Biden administration’s program to forgive billions of dollars in student loan debt.
Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation.
The federal government announced Tuesday a program that will help farmers who have fallen behind on loan payments or face foreclosure.
Credit card debt is rising at its fastest clip in more than 20 years, according to the Federal Reserve Bank of New York. Overall, Americans owe $887 billion on their credit cards, a 13 percent increase from a year ago.
