Low Rates, Fewer Loans Cut BofA’s 4Q Profits
Bank of America's results were helped by an $828 million release from its reserves for expected loan losses.
Wells Fargo Shares Dip 7% on Q4 Revenue Miss
"Our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us."
FTC Says Fintech Startup Beam Misled Consumers
Beam allegedly made false promises to users of its app that it would provide them with 24/7 access to their funds and substantial interest rates.
Inflation Flat in October as Coronavirus Surges
“With the explosion in virus numbers putting downward pressure on demand in the short-term, we expect inflation to remain subdued for a while yet."
Bank of England Boosts Bond-Buying Program
The bank will purchase another 150 billion pounds in bonds to shore up the U.K. economy as the country enters a second lockdown.
Nebraska Voters OK 36% Cap on Payday Loan Interest
“This is a huge victory for Nebraska consumers and the fight for achieving economic and racial justice."
HSBC Beats Estimates, May Resume Dividend
“These were promising results against a backdrop of the continuing impacts of COVID-19 on the global economy."
No Interest Rate Increases for Three Years: Fed
The Fed's Open Market Committee said that the ongoing public health crisis would continue to weigh on economic activity, employment, and inflation.
Will the Federal Reserve Cut Interest Rates Below 0% This Week?
“Terrifyingly high unemployment and potentially rapid disinflation are powerful arguments in favor."
Fed Cuts Interest Rates in Emergency Virus Move
“We saw a risk to the outlook of the economy [from the coronavirus outbreak] and we chose to act," Fed Chair Jerome Powell says.
U.S. Consumer Spending Increases 0.2% in January
“Consumers shielded the economy from global headwinds for most of 2019 but they won’t prove immune to the coronavirus outbreak."