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Ken Sweet

Ken Sweet

Inc.com

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Abrupt bankruptcy of financial middleman Synapse freezes bank accounts of tens of thousands of U.S. businesses and consumers

Synapse filed for Chapter 11 bankruptcy protection in April and has shut down its services to some of its fintech or bank partners, including Evolve...

23.05.2024 50

Fortune

Ken Sweet

Mastercard says it expects new AI software to find compromised credit and debit cards quicker

Mastercard is integrating artificial intelligence into its fraud-prediction technology.

22.05.2024 30

Fortune

Ken Sweet

Joe Biden's plan to slash $14 billion in credit-card late fees is halted by a federal judge in Texas

The new regulations that were proposed by CFPB would have set a ceiling of $8 for most credit card late fees, which average about $32 now.

11.05.2024 60

Fortune

Ken Sweet

Jamie Dimon calls on America to unite amid ‘great crises’ to protect ‘essential freedoms, including free enterprise’

The comments came in the JPMorgan Chase CEO's annual shareholder letter, where he often weighs in on broad topics.

08.04.2024 70

Fortune

Ken Sweet

Biden’s CFPB cracks down on credit card late fees, caps them at $8

The rule would bring the average credit card late fee down from $32. The bureau estimates banks brought in roughly $14 billion in credit card late...

05.03.2024 5

Fortune

Ken Sweet

Capital One's deal to buy Discover for $35bn 'will shrink the marketplace a little more now', credit card analyst says

The deal marries two of the largest credit card companies that aren't banks first, like JPMorgan Chase and Citigroup.

20.02.2024 9

Fortune

Ken Sweet

Biden administration eases Wells Fargo oversight, saying bank has sufficiently fixed its toxic culture after years of scandals

The news sent Wells Fargo's stock up sharply as investors speculated that the bank, which has been kept under a tight leash by regulators for years,...

16.02.2024 20

Fortune

Ken Sweet

First National Bank caught ignoring Black, Latino neighborhoods in North Carolina as redlining mortgage scandal grows

This is the 13th redlining settlement that the Biden Administration has brought against banks since 2021.

06.02.2024 20

Fortune

Ken Sweet

That bank charge from a transaction getting declined in real time is another 'junk fee,' Biden's CFPB claims

“Banks should be competing to provide better products at lower costs, not innovating to impose extra fees for no value,” said CFPB Director Rohit...

25.01.2024 30

Fortune

Ken Sweet

Overdraft fees could go as low as $3 under rule change proposes by Biden's Consumer Financial Protection Bureau

"Banks call it a service — I call it exploitation," President Joe Biden said in a statement.

17.01.2024 40

Fortune

Ken Sweet

Bank overdraft fees could drop to $3 under new Biden proposal: ‘Banks call it a service—I call it exploitation’

The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even...

17.01.2024 50

Fortune

Ken Sweet

'We are not where we need to be': Boeing vows to step up quality inspections on 737 Max planes after door panel blowout

Top exec Stan Deal vows "hard look at our quality practices in our factories and across our production system" in email to employees.

16.01.2024 10

Fortune

Ken Sweet

Wall Street's biggest rivals unite to slap down Biden's proposed changes to how banks are regulated

JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Jane Fraser of Citigroup and Goldman Sachs' David Solomon all argued against a number of...

07.12.2023 10

Fortune

Ken Sweet

FTX founder Sam Bankman-Fried’s former hedge fund chief (and ex-girlfriend) Caroline Ellison says he hoped to be U.S. president someday

Repeatedly, Ellison made clear that Bankman-Fried was behind the biggest financial moves in his companies, to the point that bitcoins he created were...

11.10.2023 8

Fortune

Ken Sweet

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