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Fed: Inflation, Ukraine biggest threats to financial system

NEW YORK (AP) — The Federal Reserve said Monday that Russia's war in Ukraine and surging inflation are now the greatest threats facing the global financial system, supplanting the coronavirus pandemic...

Anti-discriminatory bank law getting update for modern era

NEW YORK (AP) — The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poo...

Despite payment, investors brace for Russia to default

NEW YORK (AP) — Prices for Russian credit default swaps — insurance contracts that protect an investor against a default — plunged sharply overnight after Moscow used its precious foreign currency res...

Visa's 2Q profits jump 21% as pandemic eases across globe

NEW YORK (AP) — Payment processing giant Visa's profits rose 21% in the first three months of the year fueled by a large jump in spending on the company's namesake credit and debit card network. ...

American Express profits fall slightly, but spending jumps

NEW YORK (AP) — American Express' first-quarter profits fell roughly 6% from a year earlier, but the company saw a 30% jump in spending on its namesake cards in the quarter as its cardmembers returned...

Bank of America Q1 profits fall 12%, much less than rivals

NEW YORK (AP) — Bank of America posted a 12% decline in first-quarter profits from a year earlier, a decline that was much less than the ones its rivals had reported the previous week. The nation's se...

Big bank profits decline as deal-making, mortgages slow

NEW YORK (AP) — Four big banks reported noticeable declines in their first-quarter profits Thursday, as the volatile markets and war in Ukraine caused deal-making to dry up while a slowdown in the hou...

JPMorgan profits drop 42%, bank writes down Russian assets

NEW YORK (AP) — JPMorgan Chase said its first quarter profits dropped by 42% from last year, partly because the bank wrote down nearly $1.5 billion in assets due to higher inflation and Russia's war i...

CFPB sues TransUnion for violating previous agreement

NEW YORK (AP) — The Consumer Financial Protection Bureau is suingTransUnion and one of its long-time executives alleging that the credit company completely “disregarded” a previous order from five yea...

Russia to pay bonds in rubles, which may cause default

NEW YORK (AP) — Russia said Wednesday that it made a debt payment in rubles this week, a move that may not be accepted by Russia’s foreign debt holders and could put the country on a path to an histor...

JPMorgan's Dimon warns of myriad issues for economy, bank

NEW YORK (AP) — Jamie Dimon laid out a laundry list of big risks looming for the global and U.S. economy in his letter to JPMorgan Chase shareholders on Monday, Dimon’s annual lett...

Ned Johnson, who made Fidelity a fund titan, dies at 91

NEW YORK (AP) — Edward “Ned” Johnson III, a businessman who grew Fidelity Investments into the financial giant it is today, has died. He was 91. Johnson's family confirmed Thursday t...

PayPal enables customers to send money to Ukrainians

NEW YORK (AP) — PayPal said Thursday that its users will now be able to send money to Ukrainians, both in the war-ravaged country as well as those now refugees across Europe. Previou...

Insider Q&A: Brian Moynihan, CEO of Bank of America

NEW YORK (AP) — As CEO of Bank of America since 2010, Brian Moynihan has been largely credited with rebuilding the bank after the Great Recession and financial crisis. Moynihan poin...

Apple says iPhone to accept tap-to-pay without more hardware

NEW YORK (AP) — Apple said Tuesday it is expanding the iPhone's capabilities to accept contactless payments, making it easier for merchants to conduct tap-to-pay transactions without having to buy add...