Money, Wealth & Power—A Daily Look at the Financial World
Savers chasing high CD yields at a single bank face a hard ceiling most do not fully understand: the Federal Deposit Insurance Corporation caps coverage at $250,000 per depositor, per insured bank, for each ownership category. That limit applies whether the money sits in one jumbo CD or is spread across a dozen shorter-term certificates…
U.S. merchants paid a record $160.70 billion in card processing fees in 2022, and the pressure on small businesses has only intensified since. As cash transactions decline and consumers increasingly reach for credit cards, shop owners face swipe fees that now rank among their largest monthly operating costs. Legislative efforts and court battles have so…
Student loan borrowers filing their 2025 tax returns face a narrowing window of tax benefits that many will miss entirely. The IRS allows a deduction of up to $2,500 in student loan interest paid during the year, but eligibility depends on filing status, income thresholds, and documentation details that trip up a significant share of…
JPMorgan Chase has acknowledged in a federal court filing that it shut accounts tied to Donald Trump weeks after the January 6 attack on the U.S. Capitol, a rare written admission about how it handled one of its most controversial clients. The disclosure arrives as Trump pursues a $5 billion lawsuit accusing the bank of…
Governor Gavin Newsom signed legislation on February 19, 2026, authorizing a $590 million emergency loan to four Bay Area public transit agencies facing a combined deficit projected at more than $800 million in the coming fiscal year. The measure, SB 117, directs the California State Transportation Agency (CalSTA) to lend funds from the Transit and…
The U.S. Department of Education has flagged more than 1,800 colleges and universities over poor student loan repayment outcomes, warning that institutions failing to address high default and delinquency rates could face restrictions on federal funding. The action, rooted in guidance first issued in May 2025 under the Trump administration, ties schools directly to the…
Families across the United States routinely add adult children or other relatives to bank accounts as a shortcut for helping aging parents pay bills or manage daily finances. That seemingly simple move, however, can trigger federal gift tax obligations, reduce FDIC insurance protection, and open the door to financial exploitation. With federal regulators tightening guidance…
Bank of America has faced scrutiny over how it handles customer fees and rewards, and the bank’s approach to perks and service can differ sharply by customer tier. Some higher-balance customers may qualify for richer benefits such as travel-related perks and fee waivers, while others may see fewer advantages depending on the specific account or…
The U.S. Department of Education has finalized a new rule on Public Service Loan Forgiveness that redefines which employers qualify borrowers for debt cancellation, with an effective date of July 1, 2026. Separately, a legal settlement between the Trump administration and the American Federation of Teachers has forced the Department to restart processing of stalled…
Roughly one in four federal student loan borrowers is behind on payments, and a growing share are sliding toward outright default, according to federal data and a new report from two left-leaning advocacy organizations. The Century Foundation and Protect Borrowers argue the Trump administration’s policy decisions contributed to the deepening crisis, while an Education Department…