The financial news that actually matters
Every deposit account opened at an FDIC-insured bank in the United States receives federal deposit insurance the moment the account is funded. Customers do not need to apply, enroll, or pay a fee. The protection is backed by the full faith and credit of the U.S. government, and the cost falls entirely on the banks…
On May 1, 2026, Georgia state regulators shut down Community Bank and Trust, a small lender based in LaGrange, Georgia, and handed control to the FDIC as receiver. Within hours, another institution stepped in to take over insured deposits, and every customer kept full access to their money. The FDIC estimates the failure will drain…
Every depositor at Metropolitan Capital Bank & Trust in Chicago kept full access to their money after the bank was shut down on January 30, 2026, with all $212.1 million in deposits transferred to First Independence Bank of Detroit. The resolution turned a potential crisis for account holders into a seamless transition, but it also…
Developers racing to build the data centers that power artificial intelligence are running into a wall that no amount of capital spending can fix: the electric grid cannot connect new facilities fast enough. The Federal Energy Regulatory Commission has taken direct action on co-location disputes tied to AI-driven power demand, and its interconnection reform orders…
Every single filer in the United States will be able to earn $16,100 in 2026 before owing a dollar of federal income tax, a figure the IRS locked in after factoring inflation adjustments and statutory changes from the One, Big, Beautiful Bill. The number applies to returns filed in 2027 and also covers married individuals…
Kroger plans to shut down roughly 60 supermarkets over the next 18 months, a move that will cost the company $100 million in impairment and closure charges. The closures target the grocery chain’s weakest-performing locations, and the company has not yet identified which stores will close. Interim CEO Ronald Sargent said the strategy is designed…
Federal prosecutors have charged the CEO, CFO, and COO of Tricolor Auto in connection with what authorities describe as a billion-dollar collapse built on falsified auto-loan data and double-pledged collateral. The fallout is hitting some of the largest names in banking. Barclays PLC disclosed credit impairments tied to Tricolor in its 2025 annual report, and…
Misam M. Abidi, a 47-year-old resident of Nolensville, Tennessee, now faces 11 federal counts after a grand jury in the Western District of Tennessee returned an indictment tying him to a cryptocurrency Ponzi scheme operated through a company called Star Credit Holdings. The charges span wire fraud, running an unlicensed money transmitting business, assisting in…
Every insured depositor at two failed U.S. banks in 2026 has been made whole, but the speed of both closures raises pointed questions about what stress signals regulators saw before pulling the trigger. Metropolitan Capital Bank and Trust and Community Bank and Trust, based in West Georgia, are the only FDIC-insured institutions to fail so…
ServiceNow and Salesforce, two of the largest enterprise software companies in the world, both reduced staff in June 2026 as each firm accelerated the transfer of routine work to artificial intelligence systems. The cuts arrived not during a revenue downturn but alongside public statements from both companies about AI handling tasks that employees once performed….