Tag: banks
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In key swing states, the lines at food banks are growing longer
Across the rural communities and industrial towns of western Michigan, semitrucks hauling thousands of pounds of food are pulling up to church parking lots and community centers where growing lines of people are waiting for a few boxes of free groceries. One truck can carry enough food for up to 600 households, but some days…
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‘Penguin Bandit’ who robbed multiple Colorado banks sentenced to 13 years in prison
A man whom authorities named the “Penguin Bandit” was sentenced to more than 13 years in federal prison last week after robbing multiple banks in the Denver, Colorado area. Samuel Richard Ruthstrom, 42, made a plea agreement with federal prosecutors after robbing four banks and attempting to rob a fifth in a matter of a…
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Israel strikes banks in Lebanon to hit Hezbollah’s finances
Al-Qard Al-Hassan, or AQAH, has been under U.S. sanctions since 2007, with the U.S. Department of the Treasury describing the bank as being used by Hezbollah “as a cover to manage the terrorist group’s financial activities” and to “gain access to the international financial system.” In the years since, Treasury officials have continued to accuse…
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Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, healthcare and more
With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options. For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they’ll face, the mergers they’ll be allowed to…
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The Fed is finally cutting rates, but banks aren’t in the clear just yet
Falling interest rates are usually good news for banks, especially when the cuts aren’t a harbinger of recession. That’s because lower rates will slow the migration of money that’s happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds. When the Federal Reserve cut…
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FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle
The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records…