Personal income increased 0.5%, or $114.1 billion, in May, the Commerce Department said today. The personal savings rate—a percentage of disposable personal income—was 3.9%. Meanwhile, personal consumption expenditures increased 0.2%, or $47.8 billion.
Three Democratic senators have introduced legislation to revive a Biden-era rule that would lower the cap on credit card late fees to $8.
Comptroller of the Currency Jonathan Gould said he sees no benefit in the FDIC continuing to require filings from large banks that detail their suggested orderly resolution in case of a bank failure, known as CIDI plans. He...
BNPL is now the fourth most accepted form of payment at small businesses, behind debit or credit cards, digital wallets, and cash. At the same time, merchants express growing interest in cryptocurrency.
Lawmakers have agreed to budget $324 million for the Community Development Institutions Fund in fiscal year 2026, which would maintain the program’s funding at current levels, according to a conference report released by the Senate Appropriations Committee.
The rate for a 30-year fixed-rate mortgage was 6.06% this week. The rate for a 15-year fixed-rate mortgage was 5.38%.
While the Trump administration’s concern about affordability is commendable, a proposed 10% cap on credit card interest rates would hurt the very people the president is seeking to help, American Bankers Association President and CEO Rob Nichols told...
