Fed stops big banks from buying back stock, caps dividends

NEW YORK (AP) — A worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause the nation’s 34 largest banks to collectively lose roughly $700 billion, the Federal Reserve ...

Trump administration wraps up overhaul of banking law

NEW YORK (AP) — The Trump administration is moving forward with its overhaul of the law that protects borrowers from discrimination by banks, despite both banks and community groups saying an major ov...

Insider Q&A: Jack Heath of Washington Trust Bank

PHOENIX (AP) — Banks both large and small have had to dramatically adapt to the coronavirus pandemic. They've closed branches as customers fall behind on their debts and small businesses that were fin...

Bank of America 1Q profit falls 45% due to virus pandemic

NEW YORK (AP) — Bank of America reported Wednesday that its quarterly profits dropped by 45% from a year ago, the latest major bank to say it took a hard hit from the coronavirus pandemic. ...

JPMorgan 1Q profit plunges as virus causes massive losses

NEW YORK (AP) — JPMorgan Chase said Tuesday that first-quarter profit plunged by 69% from a year ago, as the bank set aside billions of dollars to cover potential losses tied to the coronavirus pandem...

Fed eases limit on Wells Fargo to make more small biz loans

NEW YORK (AP) — Citing the coronavirus pandemic and an unprecedented need for loans and assistance for small businesses, the Federal Reserve is lifting its lending restrictions on Wells Fargo. ...

With billions at stake, banks try to save stunned borrowers

NEW YORK (AP) — Tarred as villains during the 2008 financial meltdown, banks of all sizes are trying to help out Americans reeling from the economic crisis caused by the coronavirus outbreak. ...

Filthy lucre: Paper money shunned for fear of virus spread

NEW YORK (AP) — In a world suffering a pandemic, cash is no longer king. A growing number of businesses and individuals worldwide have stopped using banknotes in fear that physical c...

Most renters will not receive protections under WH proposal

NEW YORK (AP) — Most Americans who rent their home, many of whom have lost their jobs in the sudden economic slowdown caused by the coronavirus outbreak, will not be eligible for eviction protections,...

FDIC warns of scams saying banks in trouble from outbreak

NEW YORK (AP) — One of the nation's bank regulators is urging Americans not to withdraw large sums of cash and to beware of fraudsters claiming that banks are limiting customers' access to their money...

New Wells Fargo CEO: Issues will not resolve until 2021

NEW YORK (AP) — The third chief executive of Wells Fargo in four years appeared in front of Congress on Tuesday, saying that there's much the bank needs to do to fix its cultural problems, and isn't e...

Gov't says Fifth Third opened fake accounts like Wells Fargo

NEW YORK (AP) — The Consumer Financial Protection Bureau has filed a lawsuit against Fifth Third Bank, alleging the bank's employees opened fake accounts for customers in order to meet aggressive sale...

Banks made $233.1 billion in profits in 2019, regulator says

NEW YORK (AP) — The banking industry collectively made $233.1 billion in profits in 2019, the Federal Deposit Insurance Corporation said Tuesday, the industry's second-most profitable year ever. ...

JPMorgan to stop lending to coal companies, arctic drillers

NEW YORK (AP) — JPMorgan Chase & Co. will no longer do business with coal companies and will restrict financing to companies that drill in the Arctic, the company announced Tuesday. ...

Former Wells Fargo CEO fined $17.5M for sales scandal

NEW YORK (AP) — Federal regulators have slapped former Wells Fargo Chief Executive John Stumpf with a $17.5 million fine for his role in the bank's sales practices scandal. Four oth...