Articles written by Ken Sweet
Sorted by date Results 1 - 25 of 54
By 
Biden administration would cap credit card late fees at $8, part of campaign against junk fees
WASHINGTON (AP) — The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called junk fees and a move that regulators say will save Americans up to $10 b...
FTX founder Sam Bankman-Fried acknowledges in court that customers were hurt but denies fraud
NEW YORK (AP) — Sam Bankman-Fried, testifying at his fraud trial Friday, cast himself as a bumbling cryptocurrency visionary who knew nothing about the industry when he started FTX or about marketing when he became the face of his company and not e...
Homeowners face rising insurance rates as climate change makes wildfires, storms more common
NEW YORK (AP) — A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says. A r...
FEMA has paid out more than $5.6 million to Maui survivors, a figure expected to grow significantly
NEW YORK (AP) — The Federal Emergency Management Agency said Friday it has approved more than $5.6 million in assistance to nearly 2,000 households in Maui so far as the federal government tries to help survivors of the devastating wildfires. The W...
Worldcoin scans eyeballs and offers crypto. What to know about the project from OpenAI's CEO
NEW YORK (AP) — Weeks after its international launch, Worldcoin is drawing the attention of privacy regulators around the world, with the Kenya's government going so far as to shut down the service indefinitely. The international ID startup, b...
Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns
NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with these apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned on Thursday. The alert comes s...
The banking crisis isn't over. But how bad will it get?
NEW YORK (AP) — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains stro...
Profits at big US banks show few signs of industry distress
NEW YORK (AP) — The nation's largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical failures last month that put the nation's banking industry into crisis mode, the nation's biggest b...
Big banks create $30B rescue package for First Republic
NEW YORK (AP) — Eleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third to fail in less than a week and head off a broader banking crisis. San Francis...
Bank runs used to be slow. The digital era sped them up
NEW YORK (AP) — A bank run conjures images of "It's a Wonderful Life," with anxious customers crammed shoulder to shoulder, desperately pleading with a harried George Bailey to hand over their money. The failure of Silicon Valley Bank last week had t...
Government races to reassure US that banking system is safe
NEW YORK (AP) — Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial i...
Bank to pay $31M redlining settlement, DOJ's largest ever
NEW YORK (AP) — The Justice Department accused Los Angeles-based City National Bank on Thursday of discrimination by refusing to underwrite mortgages in predominately Black and Latino communities, requiring the bank to pay more than $31 million in t...
Wells Fargo to pay $3.7B over consumer law violations
WASHINGTON (AP) — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against s...
FTX founder agrees to extradition, expected to fly to US
NEW YORK (AP) — Sam Bankman-Fried told a Bahamian court Wednesday that he has agreed to be extradited to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX. The former FTX CEO appeared at a Magistrate's Court a...
FTX founder charged in scheme to defraud crypto investors
NEW YORK (AP) — The U.S. government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday, alleging he intentionally deceived customers and investors to enrich himself a...
Bankman-Fried to face off with lawmakers over FTX collapse
CHARLOTTE, N.C. (AP) — The former CEO of the failed cryptocurrency firm FTX will testify before a congressional committee Tuesday, his first appearance under oath since FTX filed for bankruptcy roughly a month ago. Sam Bankman-Fried is scheduled t...
$740M in crypto assets recovered in FTX bankruptcy so far
NEW YORK (AP) — The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentially billions of dollars likely missing f...
AP source: US authorities investigate crypto exchange FTX
NEW YORK (AP) — 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 d...
With Americans feeling pinched, Biden targets 'junk fees'
NEW YORK (AP) — With time running out before the election, President Joe Biden highlighted his administration's push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of h...
DOJ: Warren Buffett's mortgage company redlined in Philly
NEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett's Berkshire Hathaway discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice s...
Stocks sink on new COVID variant; Dow loses 905 points
NEW YORK (AP) — Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. Investors were uncertain w...
Americans sour on economy amid inflation woes: AP-NORC Poll
SAN FRANCISCO (AP) — Americans' opinions on the U.S. economy have soured noticeably in the past month, a new poll finds, with nearly half expecting economic conditions to worsen in the next year. Just 35% of Americans now call the national economy go...
Millions fear eviction as US housing crisis worsens
NEW YORK (AP) — More than 4 million people say they fear being evicted or foreclosed upon in the coming months, just as two studies released Wednesday found that the nation's housing availability and affordability crisis is expected to worsen s...
Stocks fall as investors fret over jobless claims, inflation
Stocks posted modest losses on Thursday as investors had little reason to buy stocks with discouraging economic data and a steady rise in bond yields, which has start to raise concerns about inflation. The S&P 500 index dropped 17.36 points, or...
Stocks fall on Wall Street as hopes for new virus aid fade
Stocks gave up some of their recent gains Monday as hopes faded on Wall Street that Washington will come through with badly needed aid for the economy before Election Day. The S&P 500 dropped 1.6%, its worst day in more than three weeks. The...
