Banks

In Southern California and South Carolina, businesses are looking for loans. But in the Midwest, owners are hesitant to borrow.

Seven banks, including Wells Fargo and Capital One, are launching a competitor to services like Apple Pay and PayPal later this year.

In the face of high inflation, rising interest rates and a slowing global economy, banks are setting aside reserves — just in case.

It used to be the top mortgage lender in the country.

On Friday, Bank of America, Citigroup, Wells Fargo and JPMorgan Chase will post earning reports. Parts of their business struggled in the fourth quarter.

HSBC said it will stop investing in new oil and gas fields. Climate activist Bill McKibben calls it a welcome first step.

Econ Extra Credit newsletter #130

With new fintech comes new fraud.

"I said, what can I do to stop this? And the customer service rep. goes, 'Well, if we could stop all instances of fraud, we would but we can't,'" says Jessica Roy, assistant editor of Utility Journalism at The Los Angeles Times.

When the economy starts looking scary, bank executives have to make a judgment call about their outstanding loans.