US tariffs recently imposed on goods from China will cost American households $106 billion annually, according to a report from the Federal Reserve Bank of New York. These tariffs likely will reduce overall tariff revenue collected by the US and will "create large economic distortions," the report said.
A Federal Reserve survey found that over one quarter of Americans who have jobs have nothing saved for retirement. Within the 18-to-29 age group, the percentage rises to 42%.
The Federal Deposit Insurance Corp. has reached a lawsuit settlement with two small-dollar lenders that accused regulators of pressuring banks to stop business with them. The FDIC plans to train bank examiners on small-dollar lending policies and encourages financial institutions to take a risk-based approach, rather than denying services to small-dollar lenders.
JPMorgan Chase has terminated a relationship with Purdue Pharma, maker of opioid OxyContin, sources say. Purdue faces thousands of lawsuits tied to OxyContin abuse and overdose.
Cyberattacks in mobile banking increased during the first quarter, with the majority of attacks coming from a new version of the Asacub malware, according to Kaspersky Lab. Criminals are after mostly money but are stealing credentials, too.
Federal Reserve officials are in agreement a patient approach to interest rates is the right course to take "for some time," according to meeting minutes. Many members support Chairman Jerome Powell's opinion that recent weakening of inflation is "likely to be transitory."
Many people fail to realize that their professional image is suffering, writes Rebecca Koenig, who lists nine indications an employee lacks self-awareness. Consult with someone you trust to give you honest feedback about how others perceive your competency and social skills.
A federal judge has ruled that Deutsche Bank and Capital One can release President Donald Trump's financial records to the House Financial Services Committee. Wells Fargo and TD Bank have reportedly given the committee records in response to subpoenas.
The US House of Representatives approved a bill that would reverse changes made at the Consumer Financial Protection Bureau during Acting Director Mick Mulvaney's tenure, but President Donald Trump is likely to veto the bill if it passes the Senate. The bill includes a plan to create an office focused on student loans and financial products for young adults.
- Page 1