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Why big banks are "canaries in the economic coal mine"

Jan 9, 2023
On Friday, Bank of America, Citigroup, Wells Fargo and JPMorgan Chase will post earning reports. Parts of their business struggled in the fourth quarter.
Michael M. Santiago/Getty Images

One big bank halts new fossil fuel investments. Will others follow?

Dec 29, 2022
HSBC said it will stop investing in new oil and gas fields. Climate activist Bill McKibben calls it a welcome first step.
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Large banks, including J.P. Morgan Chase, are creating a system to reimburse customers who fall victim to scams.
Michael M. Santiago/Getty Images

How identity theft and fraud upended one woman's life

Nov 9, 2022
"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.
The FTC has instructions on what to do if you've stopped receiving government benefits because of identity theft. Above, blank Social Security checks are run through a printer at the U.S. Treasury facility in Philadelphia.
William Thomas Cain/Getty Images

Why banks are setting aside cash to cover bad loans

Oct 18, 2022
When the economy starts looking scary, bank executives have to make a judgment call about their outstanding loans.
Banks are setting aside extra money in case of a recession, which could lead to loan defaults. Think of it like hoarding acorns for winter.
Richard Heathcote/Getty Images

The Federal Reserve’s 12 districts reflect an economy that no longer exists

Sep 21, 2022
The locations of the regional banks made sense for the economy of 1913. Populations and industries have shifted since then.
High-profile officials in the Federal Reserve System have offered differing attitudes toward future rate hikes following data that suggest a recent moderating of inflation.
Drew Angerer/Getty Images

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Why has it taken so long for savings account interest rates to start rising?

Sep 16, 2022
The national average is still a paltry 0.13%, according to Bankrate, even as the Federal Reserve hikes interest rates.
Online banks tend to pay the highest rates on savings accounts because they don't have the same overhead costs as brick-and-mortar banks.
Frederic J. Brown/AFP via Getty Images

How banks use Big Tech's deposits to fund the fossil fuel industry

Jun 22, 2022
Some tech giants have pledged to decarbonize operations. But their cash contributes to climate change, says environmentalist Bill McKibben.
Longtime environmental activist Bill McKibben says banks are worsening climate change by financing carbon-intensive projects, and much of the cash comes from tech giants.