banking
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PublishedNovember 2, 2022
Fed unleashes another big interest rate hike but hints at a pullback
It is the central bank’s 6th rate hike this year – a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.
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PublishedOctober 26, 2022
With Americans feeling pinched, Biden targets banks’ ‘junk fees’
The Consumer Financial Protection Bureau is targeting overdraft fees charged by banks as well as bad check fees, which are levied against a bank customer when a check isn't valid.
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PublishedOctober 25, 2022
Record number of Americans now have bank accounts, government reports
The FDIC attributed most of the improvement to the stronger economy in 2021, as the coronavirus pandemic restrictions largely expired and there were low levels of unemployment.
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PublishedAugust 26, 2022
Dow drops 1,008 points on Fed chairman’s rates speech
Jerome Powell says further interest rate increases are in order to beat back the high inflation sweeping the country.
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PublishedAugust 26, 2022
Chairman Powell says Fed could keep lifting rates sharply ‘for some time’
Stocks tumbled after Jerome Powell's remarks, and bond yields rose, a sign that investors foresee more large interest rate hikes ahead.
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PublishedAugust 18, 2022
Bank of America’s overdraft fees down 90% under new policy
Revenue is down after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.
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PublishedAugust 1, 2022
Longtime Maine-based commercial banker announces retirement
Raymond "Chip" Kelly, KeyBank Maine market president, plans to retire in November after a more than 37-year career, 30 of which have been spent in Maine.
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PublishedJuly 25, 2022
Fed set to impose another big rate hike to fight inflation
Despite conflicting signs, for now the Federal Reserve is focused squarely on its inflation fight, and this week it’s set to announce another hefty hike in its benchmark interest rate.
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PublishedJuly 7, 2022
Brian King named Bank of America Maine president
King will oversee the bank's operations and philanthropic giving in the state.
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PublishedJune 26, 2022
Maine’s marijuana industry booming no thanks to banks
Owners must use cash and other workarounds as a reluctant financial industry worries about federal retribution
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