Category: #Banking
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House fails to pass bill to promote credit fairness for LGTBQ-owned businesses
The House on Tuesday failed to pass a bill aimed at ensuring that LGBTQ-owned businesses aren’t facing discrimination when applying for credit.Lawmakers considered the bill,…
Central banks are headed toward digital currencies
The U.S. is starting a national conversation around a central bank digital currency (CBDC). Why it matters: Several other countries have already experimented with or…
Biden administration reverses Trump-era policy that hampered probes of student loan companies
The Biden administration announced Friday it is reversing a Trump-era policy and will broaden the ability for state and federal regulators to investigate large student…
States threaten to pull assets from banks that drop coal
More than a dozen Republican state treasurers are threatening to pull assets from large financial institutions if they agree to decarbonize their lending and investment…
Main Street is starting to rebuild from a pandemic that barely hurt Wall Street.
Main Street is finally beginning to rebuild from the hurricane that barely glanced Wall Street. Between the lines: Small businesses are always particularly exposed when…
The US cannabis industry’s one big problem: Too much cash
Most banks refuse to service the industry because of federal rules, leaving marijuana sellers to deal with bags of cash. Source: https://www.aljazeera.com/economy/2021/5/24/the-us-cannabis-industrys-one-big-problem-too-much-cash Droolin’ Dog sniffed…
How Hackers Are Using Raspberry Pi to Hack ATMs
Cybercriminals are waging a war against banks, emptying their ATM machines of money. Their tools of choice are malware, a key from eBay, and a…
New Bill Would Ban Bitcoin Mining Across New York State for Three Years
A new bill that hit the New York state senate on Monday is aiming to put a multi-year pause on crypto mining operations across the…
Yellen taps top Fed aide to serve as acting bank cop
Treasury Secretary Janet Yellen has tapped Federal Reserve official Michael Hsu to serve temporarily as one of the nation’s top bank cops, according to two…
China leads the world with new state-backed digital currency
In a push to dominate global financial technology, the Chinese government is aiming to roll out the world’s first state-backed digital currency. Why it matters:…
Facebook’s Long-Stalled Digital Currency Could be Tested This Year: Report
Facebook hopes to launch a trial of its long-stalled digital currency project by the end of this year, according to a new report from CNBC….
Venmo Launches Ability to Buy, Sell, and Hold Cryptocurrencies Like Bitcoin
Payment app Venmo will now let users buy, sell, and hold four cryptocurrencies, including bitcoin, ethereum, litecoin and bitcoin cash, according to a press release…
Cannabis banking act passes U.S. House with bipartisan support
The U.S. House of Representatives passed a landmark bill aimed at easing restrictions placed on the cannabis industry. The SAFE ACT (Secure and Fair Enforcement)…
$50K of student loan forgiveness would wipe out federal debt for 36M, new data shows
More than 36 million Americans would have their federal student loans completely erased if the Biden administration were to accede to progressive demands to cancel…
Rep. Ayanna Pressley Urges President To Act On Student Loan Debt As Biden Considers Executive Action
Long reluctant to erase student loan debt by executive order, President Joe Biden may be shifting his position. Education Secretary Miguel Cardona was asked to…
‘A win-win solution’: Banking and booze could save the U.S. Postal Service, advocates say
“Postal banking is an elegant solution that would provide the USPS upwards of $9 billion a year in revenue and would address the high cost…
The Cash app’s parent company is now running its own bank
Jack Dorsey, the CEO of both Twitter and Square, tweeted today that the “Bank now open.” What he’s referring to is that now, about a…
Fed glitch shuts down wire transfers, direct deposits, other services
Enlarge / The Federal Reserve Building in Washington, DC. (credit: Rudy Sulgan / Getty Images) Federal Reserve electronic systems that enable US banks to send…
Mastercard will support cryptocurrency payments later this year
Mastercard has become the latest payment company to give cryptocurrencies its blessing. The financial services firm has begun preparations to support select cryptocurrencies later this…
Dow tumbles 700 points amid GameStop mania, on pace for worst day since October
There are fears that the GameStop frenzy is a sign of a larger bubble in the market. Source: https://www.nbcnews.com/business/markets/dow-tumbles-700-points-amid-gamestop-frenzy-pace-worst-day-n1256186 Droolin’ Dog sniffed out this story…
Bank cop halts Trump rule boosting loans to private prisons, energy industry
A key bank regulator on Thursday halted a last-minute, Trump-era rule that would prevent big banks from denying loans and other services to entire industries…
Mastercard to raise fees to EU firms by 500% for online sales to UK shoppers
Change from October could lead to higher prices for those paying with UK-issued cards Mastercard is to increase the fees it charges EU firms to…
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