Small business group files suit over Biden student loan plan
The new suit is one of a growing number of legal challenges against the proposal laid out by President Joe Biden in late August to cancel up to $20,000 in debt for certain borrowers.
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Fraud, scam cases increasing on Zelle, Senate report finds
Since being launched in June 2017, Zelle has become a popular way for bank customers to send money to friends and family. A new report says large banks who partly own the service have been reluctant to compensate customers who have been victims of fraud or scams.
U.S. mortgage rates up for 6th week, with 30-year at 6.7%
The beefier rates mark highs not seen in 15 years, before a crash in the housing market triggered the Great Recession.
Regions Bank to refund $141M for illegal overdraft fees
A federal investigation found Regions was charging overdraft fees on some ATM withdrawals as well as some debit card purchases, even after the bank told the customers they had enough funds to cover the transactions.
GOP critics say politics drives ESG choices for investment firms
Conservative Republican blowback continues to grow against a concept known as ESG investing, which takes environmental, social and corporate governance concerns into consideration when assessing the value of companies.
Indianapolis-area insurance broker charged in $4M Ponzi scheme
Former insurance broker Brian Simms of Lebanon was arrested Wednesday after being charged with six counts of wire fraud by a federal grand jury.
Average U.S. long-term mortgage rates hit 15-year high
Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2007 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy.
Fed attacks inflation with another big hike and expects more
The Federal Reserve boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.
Bank CEOs warn of ‘daunting’ challenges from inflation
Democrats called JPMorgan Chase, Bank of America, Wells Fargo and Citigroup to Washington, D.C., to talk about pocketbook issues as households contend with the highest inflation since the early 1980’s and the midterm election looms just weeks away.
Federal Reserve likely to signal higher rate hikes ahead
Economists expect Fed officials to forecast that their key rate could go as high as 4% by the end of this year. They’re also likely to signal additional increases in 2023, perhaps to as high as roughly 4.5%.
Treasury recommends exploring creation of digital dollar
The Biden administration is moving one step closer to developing a central bank digital currency, saying it would help reinforce the U.S. role as a leader in the world financial system.
Mortgage rates hit 6%, first time since 2008 housing crash
Rising interest rates—in part a result of the Federal Reserve’s aggressive push to tamp down inflation—have cooled off a housing market that has been hot for years.
Westfield-based Taranis lands $40M growth investment
Taranis, which was founded in Israel in 2015 and moved its headquarters to Westfield in 2020, offers a software platform farmers can use to monitor and manage their crops.
IRS to look into setting up free electronic tax filing system
The IRS has lacked the funding—or the clout to outmaneuver private lobbyists—to seriously consider its own e-filing platform, current and former officials say, forcing taxpayers instead to deal with a consortium of private providers.
U.S. House panel calls for cryptocurrency fraud oversight
The inquiries come as the cryptocurrency market has seen immense volatility, as bitcoin lost nearly half its value at one point this year and other cryptocurrencies fell even more.
Fed’s real-time payment system coming as soon as May
In development for effectively a decade, FedNow is expected to allow banks of any size to send payments to each other in real-time. That will allow bank customers to send real-time payments to one another on the same rails.
Biden announces long-awaited student debt-forgiveness plan
The plan calls for $10,000 or more in federal loan forgiveness for millions of Americans. Democrats are betting that President Joe Biden, who has seen his public approval tumble over the past year, can help motivate younger voters to the polls with the announcement.
Companies facing first tax on stock buybacks in Biden bill
Under the bill, companies will face a new 1% excise tax on purchases of their own shares, effectively paying a penalty for a maneuver that they have long used to return cash to investors and bolster their stock price.
Car-charging investment soars, driven by EV growth, government funds
More than $4.8 billion has been pumped into the electric-vehicle charging industry this year—a combination of roll-out announcements, debt financing, investment and acquisitions. And this is just the deals that have disclosed financial figures.
Banks are beefing up their loan-loss reserves
Banks aren’t reporting signs of trouble in their loan portfolios, but, at the same time, many that were reducing their reserves last year are now building them back up.