Financial related news.
WASHINGTON (AP) — Raised on welfare by his grandmother, Joseph Sais relied so much on food stamps as a college student that he thought about quitting school when his eligibility was revoked. In the midst of the COVID-19 pandemic, Sais said, he missed an “important letter” and temporarily lost his eligibility for the Supplemental Nutrition [...]
WASHINGTON (AP) — An IRS plan to test drive a new electronic free-file tax return system next year has supporters and critics of the idea mobilizing to sway the public and Congress over whether the government should set up a permanent program to help people file their taxes without needing to pay somebody else to [...]
NEW YORK (AP) — Americans increased their spending modestly last month as inflation eased in many areas and the job market remains remarkably strong. Retail sales rose 0.2 percent from May to June, a bit smaller than what analysts were expecting. The gain followed a revised 0.5 percent increase the previous month, the Commerce Department [...]
WASHINGTON — The number of Americans applying for jobless benefits fell again as the labor market continues defy the Federal Reserve's attempt to cool it through higher interest rates. Applications for jobless claims fell by 12,000 to 237,000 for the week ending July 8, from 249,000 the previous week, the Labor Department reported. The four-week [...]
WASHINGTON (AP) — After two years of painfully high consumer prices, the U.S. inflation rate has reached its lowest point in more than two years. The 3 percent rate announced for June was thanks in part to easing prices for gasoline, airline fares, used cars and groceries. The inflation figure the government reported earlier this [...]
Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent. Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the Office of the Comptroller of the Currency, the Consumer Financial [...]
WASHINGTON — The reprieve is over. Just as the American economy is struggling with high inflation and interest rates, the coming resumption of student loan payments poses yet another potential challenge. The suspension of federal student loan payments, which took effect at the height of the pandemic in 2020, expires late this summer. Interest will [...]
WASHINGTON (AP) — An inflation index that is closely monitored by the Federal Reserve tumbled in May to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs. At the same time, consumers barely increased their spending that month, boosting it just 0.1 percent, after a solid 0.6 percent [...]
The rapidly expanding landscape of nonprofit, donor-backed collectives paying college athletes to promote charities has been hit with a potentially seismic disruption. A recent 12-page memo from the Internal Revenue Service determined that, in many cases, such collectives may not qualify as tax-exempt if their main purpose is paying players instead of supporting charitable works. [...]
NEW YORK (AP) — 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 led to the failure of Silicon Valley Bank, Signature Bank and First Republic Bank. The Fed's report issued last week did show [...]