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Stories Tagged as

Banking

Race and Economy

Black, Hispanic and poorer families pay the price for being "unbanked"

by Samantha Fields
Aug 22, 2022
Low-income, Black, and Hispanic Americans are much more likely to lack a bank account or use alternative financial institutions like payday lenders.
A new report from the Joint Economic Committee in Congress finds that Black, Hispanic, and poorer Americans are much more likely to be considered "unbanked" or "underbanked".
Oli Scarff/Getty Images
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With rising interest rates, and plenty of cash on hand, banks may be looking to lend

by Justin Ho
Apr 13, 2022
Banks are starting to offer "teaser rates" to get consumers in the door.
People walk past the JP Morgan Chase Building on Park Avenue. An influx of deposits during the pandemic have put many banks in position to lend.
TIMOTHY A. CLARY/AFP/GettyImages
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Could China's payments system be a SWIFT workaround for Russia?

by David Brancaccio , Erika Soderstrom and Alex Schroeder
Mar 1, 2022
China's system is known as the Cross-Border Interbank Payments System, or CIPS for short.
China's CIPS interbank payments system is seen as a possible avenue for Russia after it was cut off from the more widely used SWIFT system.
ISAAC LAWRENCE/AFP via Getty Images
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Louis DeJoy on why he’s slowing mail and raising prices at the USPS: “We have no money”

by David Brancaccio and Rose Conlon
Nov 17, 2021
The Postmaster General explains his controversial plan for the future of the Postal Service.
Postmaster General Louis DeJoy testifies during a hearing before the House Oversight and Reform Committee in 2020.
Tom Williams/Getty Images
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Here's a powerful position at the Fed you likely don't know about

by Nancy Marshall-Genzer
Sep 21, 2021
What is the vice chair for supervision? Only the top banking cop at the Fed ... but the job description can still be vague.
The Federal Reserve building in Washington, DC.
DANIEL SLIM/AFP via Getty Images
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About a quarter of Americans have no emergency savings

by Amanda Peacher
Jul 21, 2021
A Bankrate.com survey found that while the pandemic has afforded some the opportunity to save money, many low-income households could not.
Around 25% of Americans report having no emergency savings, up from 21% in 2020, per a new Bankrate.com survey.
Hugh Pinney via Getty Images
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With child tax credit payments coming, FDIC wants more people to use banks

by Florian Martin
Jul 14, 2021
A disproportionate number of Black and Latinx Americans don’t have bank accounts. Studies show they could be losing money.
The Federal Deposit Insurance Corp. is trying to reduce the proportion of Americans who lack accounts, leaving many to pay check-cashing fees.
Justin Sullivan/Getty Images
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Big banks' second-quarter earnings come with caveats

by Amanda Peacher
Jul 13, 2021
Remember: this economy is very unusual.
The headquarters of Goldman Sachs in New York City. The bank reported second-quarter earnings today that blew past Wall Street expectations, posting a net profit of almost $5.5 billion.
Johannes Eisele/AFP via Getty Images
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Why does Citibank want to open more branches in the age of online banking?

by Justin Ho
May 17, 2021
Mostly, it's about marketing.
Physical bank branches are good for building relationships with customers whom the bank hopes will buy more services over time.
Andrew Caballero-Reynolds/AFP via Getty Images
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Walmart wants to be your bank

by Kristin Schwab
Jan 12, 2021
It's making a bet that people will want to bank where they already get their groceries, pet care and prescriptions.
Walmart is creating a bank that may strengthen its position in retailing.
Scott Olson/Getty Images
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