KEN SWEET

AP Business Writer

President Joe Biden sits after speaking during a meeting with his Competition Council in the State Dining Room of the White House in Washington, Tuesday, March 5, 2024. (AP Photo/Andrew Harnik)

Texas judge moves late fee case to DC, accusing banks of venue shopping for favorable ruling

A federal judge in Texas has accused the major banking industry groups and the U.S. Chamber of Commerce of forum shopping in their lawsuit against the Consumer Financial Protection Bureau.

In this courtroom sketch, Sam Bankman-Fried, second from right, stands while making a statement during his sentencing in Manhattan federal court, Thursday, March. 28, 2024, in New York. Crypto entrepreneur Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud that unraveled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency. (Elizabeth Williams via AP)

Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for a cryptocurrency fraud that a prosecutor has described as one of the biggest financial frauds in U.S. history. Federal Judge Lewis A.

FILE - This April 22, 2005, file photo, shows logos for MasterCard and Visa credit cards at the entrance of a New York coffee shop. Visa and MasterCard announced, Tuesday, March 26, 2024, a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars. (AP Photo/Mark Lennihan, File)

Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants

Visa and Mastercard have announced a major settlement with U.S. merchants, potentially ending nearly two decades of litigation between merchants and the major payment companies over credit card fees.

Embattled New York Community Bancorp gets $1 billion cash infusion, adds Steven Mnuchin to its board

Embattled New York Community Bancorp is getting a lifeline of more than $1 billion as a group of investors plug cash into the troubled bank. The deal will bring four new directors to the board, including Steven Mnuchin, the former U.S.

President Joe Biden speaks during a meeting of his Competition Council to announce new actions to lower costs for families in the State Dining Room of the White House in Washington, Tuesday, March 5, 2024. (AP Photo/Andrew Harnik)

Biden administration would cap credit card late fees at $8, part of campaign against junk fees

President Joe Biden is highlighting a proposal to cap all credit card late fees. It’s the latest effort in the White House push to end what it has called junk fees and a move that regulators say will save Americans up to $10 billion a year.

Capital One credit cards are shown in Mount Prospect, Ill., Tuesday, Feb. 20, 2024. Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s biggest lenders and credit card issuers. (AP Photo/Nam Y. Huh)

Americans’ reliance on credit cards is the key to Capital One’s bid for Discover

Americans have become increasingly reliant on their credit cards since the pandemic. So much so that Capital One is willing to bet more than $30 billion that they won’t break the habit.

File - A Discover card is used to pay for gasoline at a Sam's Club in Madison, Miss., July 1, 2021. Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation's biggest lenders and credit card issuers. (AP Photo/Rogelio V. Solis, File)

Capital One’s bid for Discover carries expectation that Americans won’t slow credit card use

Capital One Financial is betting that Americans will keep shopping and use a credit card to pay for their purchases at stores and on the internet. Capital One announced Monday that it would buy Discover Financial Services for $35 billion.

FILE - A branch office of Capital One Bank is pictured on May 7, 2009, in New York. Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation's biggest lenders and credit card issuers, according to a news release issued by the companies Monday, Feb. 19, 2024. (AP Photo/Mark Lennihan, File)

Capital One to buy Discover for $35 billion in deal that combines major US credit card companies

Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s biggest lenders and credit card issuers.

Motorists drive past a sign outside a branch of Wells Fargo bank, Wednesday, Sept. 20, 2023, in Deadwood, S.D. The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The news sent Wells Fargo's stock up sharply in afternoon trading as investors speculated that the bank, which has been kept under a tight leash by regulators for years, may be able to start growing again. (AP Photo/David Zalubowski, File)

US eases restrictions on Wells Fargo after years of strict oversight following scandal

The Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.

New York Community Bancorp tries to reassure investors as stock continues to wobble

New York Community Bancorp tried to reassure investors Wednesday that it is financially sound, a day after the bank’s credit rating got downgraded to “junk.”

FILE - Chase Bank ATMs are shown, Thursday, March 25, 2021, in New York. (AP Photo/Mark Lennihan, File)

Bucking industry trends, Chase to open 500 new locations largely in cities where rivals dominate

JPMorgan Chase plans to open at least 500 new branches in the next three years, the bank said Tuesday.

DOJ says First National Bank discriminated against Black, Latino borrowers in North Carolina

The Justice Department says First National Bank discriminated against Black and Latino homebuyers in North Carolina for a period of at least four years, the latest in a long list of banks who have been caught redlining.

File - Credit card options are shown on a store's door on Nov. 29, 2018 in Philadelphia. Noticeable pockets of Americans are quickly running up their credit card balances and increasing numbers are now falling behind on their debts. (AP Photo/Matt Rourke, File)

Some Americans have become saddled with credit card debt as rent and everyday prices remain high

Noticeable pockets of Americans — renters, and lower- and middle-income borrowers — are running up their credit cards balances, and increasing numbers are falling behind on their debts.

FILE - A direct mail advertisement for American Express is shown in Miami, Oct. 29, 2019. American Express is rolling out several updates Thursday, Feb. 1, 2024, to its Delta SkyMiles credit cards that will give additional benefits to users. AmEx is eager to soothe sore Delta Air Lines customers who have considered abandoning the airline after last year’s SkyMiles loyalty fiasco. (AP Photo/Wilfredo Lee, File)

AmEx tries to win over grumpy Delta customers with revamped SkyMiles credit cards

American Express is rolling out several updates to its Delta SkyMiles credit cards that will give additional benefits to users.

FILE - In this March 19, 2012 file photo, a sign for American Express is shown in New York. American Express reports their earnings on Friday, Jan. 26, 2024. (AP Photo/Mark Lennihan, File)

AmEx 4Q profits jump 23% as cardmembers carry heftier balances

President Joe Biden speaks in the State Dining Room of the White House, Oct. 31, 2023, in Washington. The Biden administration proposed banning another type of bank “junk fee” on Wednesday, Jan. 24, 2024 targeting fees that are typically charged by banks when a transaction is declined in real time. (AP Photo/Andrew Harnik)

Biden regulators target transaction-declined fees, considered another type of bank ‘junk fee’

The Biden administration has proposed banning another type of bank “junk fee,” targeting fees that are typically charged by banks when a transaction is declined in real time.

File - A customer makes a transaction at an automatic teller machine in Los Angeles on March 27, 2023. The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck. (AP Photo/Richard Vogel, File)

Overdraft fees could drop to as low as $3 under new Biden proposal

The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

FILE - Consumer credit cards are posed in North Andover, Mass., March 5, 2012. The Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks’ ability to charge customers a fee when they overdraw their bank account. Opponents of the fees often cite the example of a $3 cup of coffee costing someone $40. (AP Photo/Elise Amendola, File)

Banks prepare to take on the Biden administration over billions of dollars in overdraft fees

The Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks’ ability to charge customers a fee when they overdraw their bank account.

FILE - Lights are on at the world headquarters of Goldman Sachs in New York on Jan. 24, 2023. Goldman Sachs’ profits jumped 51% from a year earlier, the investment banks said Tuesday, helped by the strong returns in the overall market in the last three months of the year. However the storied investment bank closed out a difficult 2023 with its profits down nearly a third from 2022, as the bank wrote off its consumer banking franchise and laid off employees in what the bank has called a turnaround year. (AP Photo/Peter Morgan)

Goldman Sachs 4Q profits jump 51%, but full year reflects difficult period for the bank

Goldman Sachs’ profits jumped 51% from a year earlier, the investment bank said Tuesday, helped by the strong returns in the overall market in the last three months of the year.

Boeing to increase quality inspections on 737-Max following Alaska Airlines blow out

Boeing told employees Monday that it plans to increase quality inspections of its 737 Max 9 aircraft, following the failure of emergency exit door panel on an Alaska Airlines flight last week.

FILE - Chase Bank ATMs are shown, Thursday, March 25, 2021, in New York. (AP Photo/Mark Lennihan, File)

Banks upbeat on US consumer despite bank profit declines, inflation and rising debt levels

Three of the nation’s biggest banks say their profits fell last quarter. JPMorgan Chase, Bank of America and Citigroup have been dealing with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signat

FILE - An advertisement for the cryptocurrency Bitcoin displayed on a tram, May 12, 2021, in Hong Kong. U.S. regulators are soon expected to decide whether to approve the first bitcoin exchange-traded fund, a development that could thrust the once niche and nerdy corner of the internet even further into the financial mainstream. (AP Photo/Kin Cheung, File)

New funds will make investing in bitcoin easier. Here’s what you need to know

Nearly a dozen new bitcoin funds began trading in U.S. markets for the first time Thursday, providing increased access to the cryptocurrency for everyday investors.

FILE - An advertisement for the cryptocurrency Bitcoin displayed on a tram, May 12, 2021, in Hong Kong. U.S. regulators are soon expected to decide whether to approve the first bitcoin exchange-traded fund, a development that could thrust the once niche and nerdy corner of the internet even further into the financial mainstream. (AP Photo/Kin Cheung, File)

Regulators approve new bitcoin funds in move that could spur more investment in the digital currency

The Securities and Exchange Commission has reluctantly approved trading of the first exchange-traded funds that hold bitcoin.

FILE - The seal of the U.S. Securities and Exchange Commission at SEC headquarters, June 19, 2015, in Washington. The Securities and Exchange Commission said Tuesday, Jan. 9, 2024, that a post on X, formerly known as Twitter, announcing that the securities regulator had approved the trading of exchange-traded funds holding bitcoin was fake, and that the agency’s account had been “compromised.” (AP Photo/Andrew Harnik, File)

SEC chair denies a bitcoin ETF has been approved, says account on X was hacked

The Securities and Exchange Commissions says a post on X announcing that the agency had approved exchange-traded funds holding bitcoin was “unauthorized,” and that the agency’s account was hacked.

A tram passes the European Central Bank in Frankfurt, Germany, Thursday, Dec. 14, 2023. The U.S. Federal Reserve and most other major central banks spent most of the year deploying their interest-rate weapons against the worst bout of inflation in four decades. (AP Photo/Michael Probst)

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023

The tide turned against inflation. Artificial intelligence went mainstream — for good or ill. Labor unions capitalized on their growing might to win more generous pay and benefits.

(AP Illustration/Peter Hamlin)

Klarna CEO Siemiatkowski says buy now, pay later is used by shoppers who otherwise avoid credit

Sebastian Siemiatkowski is a co-founder and CEO of Klarna, the Sweden-based company that’s one of the world’s biggest providers of buy now, pay later services to customers. Klarna started off in Europe and entered the U.S. market in 2015.

Charles W. Scharf, CEO and President, Wells Fargo & Company; Brian Thomas Moynihan, Chairman and CEO, Bank of America; Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.; Jane Fraser, CEO, Citigroup; Ronald O'Hanley, CEO, State Street; Robin Vince, CEO, BNY Mellon; David Solomon, CEO, Goldman Sachs; and James P. Gorman, CEO, Morgan Stanley, testify during a Senate Banking, Housing, and Urban Affairs Committee oversight hearing to examine Wall Street firms on Capitol Hill, Wednesday, Dec. 6, 2023, in Washington. (AP Photo/Alex Brandon)

CEOs of the nation’s biggest banks warn that new regulations could harm the economy

The heads of Wall Street’s biggest banks used an appearance on Capitol Hill to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation.

Binance founder and CEO Changpeng Zhao, right, leaves federal court in Seattle, Tuesday, Nov. 21, 2023, after pleading guilty to violations of U.S. anti-money laundering laws. (Ken Lambert/The Seattle Times via AP)

Regulators and law enforcement crack down on crypto’s bad actors. Congress has yet to take action

While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry.

FILE - In this March 16, 2017, file photo, a customer enters a Citibank branch, in New York. Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday, Nov. 8, 2023. (AP Photo/Mark Lennihan, File)

Citigroup discriminated against Armenian Americans, federal regulator says; bank fined $25.9 million

A federal regulator says Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards.

FILE - In this April 24, 1984, file photo, Steve Jobs, left, chairman of Apple Computers, John Sculley, center, president and CEO, and Steve Wozniak, co-founder of Apple, unveil the new Apple IIc computer in San Francisco. Apple has turned 40, and its a very different company from the audacious startup that Jobs and Wozniak launched in a Silicon Valley garage in 1976. (AP Photo/Sal Veder, File)

Testing-821

Halloween weekend shootings across US leave at least 11 dead