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Banks

House approves cannabis banking bill

by Nancy Marshall-Genzer
Apr 20, 2021
Most banks shy away from letting cannabis businesses open accounts, fearful they could run afoul of federal laws.
Cannabis is still illegal under federal law, and most banks shy away from letting cannabis businesses open accounts, because the cash could be considered proceeds from illegal activity.
Drew Angerer/Getty Images
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FDIC campaigns to get the unbanked to open accounts

by Justin Ho
Apr 7, 2021
Over 7 million Americans don't have bank accounts. One big incentive to opening one: direct deposit of federal relief payments.
There are plenty of reasons why disadvantaged communities might avoid the banking system, but one benefit is the ability to deposit relief money.
Justin Sullivan/Getty Images
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BNY Mellon announces it will offer cryptocurrency services

by Justin Ho
Feb 12, 2021
Mainstream banks may offer a layer of legitimacy to cryptocurrency that is appealing to big institutional investors.
Storing cryptocurrency like Bitcoin hasn’t always been easy. People have to worry about hackers and keep track of passwords for their digital wallets.
Dan Kitwood/Getty Images
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Why is the price of silver soaring?

by David Brancaccio , Nova Safo , Victoria Craig and Alex Schroeder
Feb 1, 2021
Individual investors are apparently fueling the increase. It's a similar strategy to what we've seen with GameStop stock.
Retail investors are now targeting big banks who have bet against the price of silver.
Bet_Noire via Getty Images
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COVID-19

Some banks are lending less in an uncertain economy

by Justin Ho
Jan 21, 2021
Many businesses are nervous about borrowing right now. And banks aren't earning much on the loans they are making.
The lending decline for some banks comes despite the fact that interest rates are at near-record lows.
Andrew Caballero-Reynolds/AFP via Getty Images
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Big banks' profits are doing better than the economy

by Justin Ho
Jan 15, 2021
They've been raking in money thanks to the strong stock market, companies' appetite for debt and initial public offerings.
Spencer Platt/Getty Images
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New Trump administration rule limits large banks' ability to turn away business

by Andy Uhler
Jan 15, 2021
Large banks can't deny services to businesses, like gun-makers and oil drillers, just based on what they do.
The rule prohibits large banks from refusing to lend to certain business sectors, after Republicans voiced frustration at what they saw as a reluctance by banks to finance gun-makers and energy firms.
Jim Watson/AFP via Getty Images
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COVID-19

Community banks are thriving. Bankers worry it won't last.

by Justin Ho
Dec 11, 2020
A recent FDIC report found that community bank profits rose last quarter, thanks to fee income from PPP loans and mortgage refinancing.
La Salle State Bank in Illinois outsourced management of its ATMs to save costs.
John Moore/Getty Images
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Fed looks to overhaul laws meant to make sure lower-income Americans have access to loans

by David Brancaccio , Candace Manriquez Wrenn , Erika Soderstrom and Alex Schroeder
Sep 22, 2020
The law is meant to demand that when banks take deposits from a particular area, they also make loans there.
The Federal Reserve building in Washington, D.C.
Chip Somodevilla/Getty Images
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The credit union that aims to be a "lifeboat" in times of crises

by Kai Ryssdal and Sean McHenry
Aug 26, 2020
Bill Bynum says Hope Credit Union is his ministry, giving predominantly Black communities a place to bank.
Bill Bynum
Courtesy of Hope Credit Union
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