Banking and Lending

Treasury Recommends Exploring Creation of a Digital Dollar

Treasury Recommends Exploring Creation of a Digital Dollar

By Fatima Hussein | The Associated Press | September 19, 2022 | Reprints

The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.

Powell: Higher Rates Unlikely to Cause Deep Recession

Powell: Higher Rates Unlikely to Cause Deep Recession

By Christopher Rugaber | The Associated Press | September 9, 2022 | Reprints

The last time the Federal Reserve faced inflation this high, in the early 1980s, it jacked up interest rates to double-digit levels – and in the process caused a deep recession. Fed Chair Jerome Powell doesn’t think that will be necessary this time.

Mortgage Rates Continue Their Upward Climb

Mortgage Rates Continue Their Upward Climb

By Matt Ott | The Associated Press | September 8, 2022 | Reprints

Average long-term U.S. mortgage rates jumped again this week, hitting the highest levels in almost 14 years and pushing even more would-be buyers out of the market.

KeyBank: Hackers of Third-Party Provider Stole Customer Data

KeyBank: Hackers of Third-Party Provider Stole Customer Data

By Frank Bajak | The Associated Press | September 6, 2022 | Reprints

Hackers stole personal data including Social Security numbers, addresses and account numbers of home mortgage holders at KeyBank, the bank reports, in the breach of a third-party vendor that serves multiple corporate clients.