Today's latest breaking news about business and finance including tech, industry, crypto, and the stock market.
The FDIC and Federal Reserve signed off on resolution plans for 15 banking giants with over $250 billion in assets, finding no shortcomings — while the Comptroller of the Currency broke ranks and voted against the American Express letter.
Bank of America Institute card data shows hobby spending jumped 7.9% year over year in August while transactions grew just 3.4% — meaning Americans are paying steeper prices for the same pastimes. Older millennials lead the spending, and rising fuel costs are pushing families away from travel and back toward the crafts table.
The Federal Reserve released economic projections from its September 15-16 meeting showing a 25 basis point rate hike as inflation runs at 3.4%, gasoline hits $4.47/gallon, and consumer sentiment crashes to near-record lows.
The Federal Reserve Board approved Peoples Bancorp's application tied to its merger with Citizens National Corporation, giving the Ohio-based holding company every regulatory clearance it needs to close a deal across six states and the District of Columbia.
The Federal Reserve Board has released two draft rules implementing the GENIUS Act, setting 1:1 reserve requirements, capital standards, and a tailored application process for banks seeking to issue payment stablecoins.
The Federal Reserve raised its benchmark rate to a 3.75%–4% target range this month, the first increase since July 2023, pushing borrowing costs higher for credit cards, HELOCs and new mortgages while savings yields are expected to creep up.
The Fed released two long-overdue proposals for regulating payment stablecoin issuers, requiring full reserve backing and a bank-style application process — but the agency blew through its own statutory deadline and is now begging the public to tell it what to do.
The Federal Reserve Board approved a major bank merger application from Peoples Bancorp Inc., raising fresh questions about consolidation in the financial sector and what it means for everyday Americans.
Federal banking agencies are seeking public comment on new third-party risk management guidance while issuing a statement aimed at helping community banks deal with core service providers.
The Federal Reserve Board announced approval of an application by BancFirst Corporation, adding another consolidation to the growing list of bank mergers waved through by federal regulators.
The Federal Reserve Board has approved Peoples Bancorp Inc.'s application to merge with Citizens National Corporation, clearing the way for the Marietta, Ohio-based bank to acquire Citizens Bank of Kentucky and establish branches across the Bluegrass State.
The Federal Reserve Board announced the termination of enforcement actions against SNB Bancshares and its subsidiary Bank of Eufaula, quietly closing out regulatory orders that had lingered over the Oklahoma institutions.
