Troubles in the financial sector spur action. Members of Congress are considering banking reforms after the failures of Silicon Valley Bank, Signature Bank, and First Reserve Bank this…
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FTC Reports Rise in Text Message Scams
Commission analysis reveals fake bank fraud warnings as the most common. The Federal Trade Commission (FTC) has announced the findings of recent analysis of text message scams. In…
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Treasury Reaches Settlement with British American Tobacco
Resolves alleged violations of U.S. sanctions against North Korea. The Department of the Treasury reached a legal settlement with British American Tobacco (BAT) on Thursday, allowing the company…
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Federal Reserve Raises Interest Rates Again
Currently at 5 percent. Federal Reserve officials raised interest rates a quarter of a percent Wednesday. Rates are now at their highest since 2007. This increase is yet another…
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U.S. District Judge Sentences Infinity Q Founder to 15 Years
Imprisonment is the result of securities fraud. U.S. District Judge Denise Cote sentenced James Velissaris, the founder of Infinity Q Management, to 15 years of prison for misleading…
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Legislators Agree Bank Closure Fallout Requires Action
Promise to subpoena SVB CEO after two-week district break Senators began a two-week break to do local work in their respective states, but not before communicating their agreement…
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Senators Questions Fed Banking Regulators
They ask why there was no federal response to the warning signs ahead of the bank’s collapse. The Senate Banking Committee pressed banking regulators on their failure to…
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Treasury Secretary Says Financial Sector Stabilizing
The department continues support for banks, advocates for regulation updates Secretary of the Treasury Janet Yellen said that she believes that the financial sector is beginning to recover…
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Fed Again Considers Interest Rate Hike
Central bank members meet Wednesday. The two-day policy meeting of the Federal Reserve will meet Tuesday and Wednesday. Among their major considerations are the strains that have come…
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President Biden Seeks Tougher Penalties on Execs of Failed Banks
He wants Congress to levy legal and monetary penalties. President Biden has urged federal legislators to pass legislation for regulators that would hold the executives of failed banks…
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