KEN SWEET

AP Business Writer

File - A customer uses an ATM at a Bank of America location in San Francisco, Monday, April 24, 2023. Bank of America is being ordered to pay more than $100 million to customers for double-dipping on some fees imposed on customers, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization. (AP Photo/Jeff Chiu, File)

Bank of America hit with $250M in fines and refunds for ‘double-dipping’ fees and fake accounts

Bank of America must reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.

FILE - Sen. Elizabeth Warren, D-Mass., speaks during the Senate Committee on Banking, Housing and Urban Affairs hearing on oversight of the credit reporting agencies at Capitol Hill in Washington, Thursday, April 27, 2023. A group of Democratic senators is asking the nation's consumer finance watchdog to take action against medical credit cards such as CareCredit, saying use of these cards can result in patients paying much more for their medical care than they should. (AP Photo/Jose Luis Magana, File)

Medical credit cards may lead patients to overpay for their health care, Democrats warn

A group of Democratic senators is asking the Consumer Financial Protection Bureau to take action against medical credit cards such as CareCredit, saying the cards’ deferred interest features are confusing and often lead to consumers paying high interest rates after a promotional period has ended.

The largest US banks would survive a severe recession, the Fed’s ‘stress tests’ show

The nation’s 23 largest banks passed the Federal Reserve’s so-called stress tests this year, a sign that the nation’s banking system remains resilient despite the recent banking crisis that that led to the failure of three banks.

Visa 1Q profits rise 6%, new CEO to take over Feb. 1

Payment processing giant Visa Inc. says its profits in its latest quarter were up 6% from a year earlier, helped by the continued rise of digital payments across the globe. The company’s current CEO, Al Kelly, will step down on Wednesday.

Housing market chills as mortgage rates, prices scare buyers

Rising mortgage rates have combined with already high home prices to discourage would-be buyers. Mortgage applications have declined sharply.

Existing home sales up 4.3% in October, fifth monthly gain

Sales of existing homes rose for a fifth straight month in October, the National Association of Realtors said Thursday. Existing homes sales rose 4.3% to an seasonally-adjusted rate of 6.85 million annualized units.

JPMorgan: some customers, employees misused COVID programs

JP Morgan Chase is saying that a number of its employees and customers may have abused the Paycheck Protection Program and other coronavirus stimulus programs. The New York bank says it is working with law enforcement in some cases.

JPMorgan 1Q profit drops 70% as it readies for loan defaults

JPMorgan Chase is preparing for the possibility that customers ranging from credit card holders to oil companies could fail to pay back billions of dollars in loans as the economy reels from the coronavirus outbreak.

JPMorgan to stop lending to coal companies, arctic drillers

JPMorgan Chase & Co. will no longer do business with coal companies and will restrict financing to companies that drill in the Arctic, the company announced Tuesday.

Advocates: Crucial bank law softened under Trump proposal

The Trump administration is proposing changes to a decades-old law designed to keep banks from discriminating against the poor and disadvantaged, but critics argue the changes could make it easier for banks to potentially ignore the under-served, particularly communities of color.

Former Wells Fargo CEO fined $17.5M for sales scandal

Federal regulators have slapped former Wells Fargo CEO John Stumpf with a $17.5 million fine for his role in the bank’s sales practices scandal.

Wall Street feuds with Warren, much to her apparent delight

Senator Elizabeth Warren’s proposed wealth tax is putting her at odds with some of Wall Street’s wealthiest, and the fight is increasingly spilling out into the open.

Zuckerberg defends Facebook’s currency plans before Congress

Facebook CEO Mark Zuckerberg has endured hours of prickly questioning from lawmakers as he defended the company’s new globally ambitious project to create a digital currency while also dealing with widening scrutiny from U.S. regulators.

JPMorgan Chase 3Q profits up 8% but loan growth slows

JPMorgan’s third-quarter profit grew 8% thanks to higher interest rates and strong performance at its investment banking business.

Goldman Sachs 3Q profit falls 26%, short of expectations

Goldman Sachs said third quarter profits fell 26%, as the bank was hurt by losses on some of its public investments and slower activity in its investment bank.

Despite defections, Facebook officially launches Libra

Facebook is officially moving forward with its digital currency project Libra, despite several high-profile defections from the project and intense criticism from U.S. regulators and politicians.

Visa, Mastercard shun Facebook’s Libra digital currency plan

Visa and Mastercard are dropping out of Facebook’s Libra project, a major setback to the social network’s plan for a worldwide digital currency.

PayPal drops out of Libra, Facebook’s payments project

As cashless stores grow, so does the backlash

A small number of restaurants and stores are going cash-free, catering to customers who increasingly pay with a card or smartphone.

Delta, AmEx renew credit card deal; Delta boosts outlook

American Express and Delta Air Lines are extending their credit card partnership through 2029, a significant extension of one of the larger financial partnerships between a major U.S. airline and a credit card company.

Wells Fargo CEO Sloan steps down after rocky tenure

The CEO of Wells Fargo is stepping down after a rocky tenure during which the troubled bank dealt with a seemingly unending wave of scandals.

CFPB’s Kraninger reverses Mulvaney changes to advisory board

The new head of the Consumer Financial Protection Bureau is reversing yet another policy her predecessor put in place at the financial watchdog.

BB&T, SunTrust merge to create nation’s 6th largest bank

Two Southern banking giants _ BB&T and SunTrust _ are merging in a $66 billion deal, the first big bank merger since the chaos of the 2008 financial crisis.

Hampered by scandals, Wells Fargo’s profits stagnate

Wells Fargo’s profits fell slightly in the fourth quarter as the consumer banking giant remains restrained by federal regulators, who put a tight leash on it after years of scandals and missteps.

AP Exclusive: Gov’t questions unfair student loan practices

Navient, one of the nation’s largest student loan servicing companies, may have driven tens of thousands of borrowers struggling with their debts into high-cost repayment plans.

Goldman, Morgan report strong 3Q profits; shares jump

Insider Q&A: Amalgamated Bank CEO Keith Mestrich

Amalgamated Bank underwent the biggest change in its 95-year history this summer, going public on the Nasdaq stock exchange as the nation’s only union-owned, publicly traded bank.

Florence likely to expose gaps in flood insurance

After nearly a decade of declines, more Americans are buying flood insurance. Still, far too many residents in regions vulnerable to flooding, such as the Carolinas, remain unprotected.

Jamie Dimon says he could beat Trump, walks back comment

Wells Fargo to pay $2.1 billion for role in housing bubble

Wells Fargo agreed to pay a $2.1 billion fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble.