The financial news that actually matters
Every time you tap your credit card at a coffee shop or swipe at a gas pump, the merchant pays a fee you never see on your receipt. On June 30, 2026, the Office of the Comptroller of the Currency made sure it stays that way. The federal banking regulator finalized an interim rule that…
Mark McCloskey kept his bank account for more than two decades. Then he pointed a rifle at protesters outside his St. Louis home during the 2020 unrest, became a national lightning rod, and within months received a letter from his bank: account closed, no further explanation. McCloskey is far from alone. Gun shop owners, cryptocurrency…
In 2014, a licensed firearms dealer in Wisconsin opened his monthly bank statement and found a letter instead. His account was being closed. No fraud allegation, no compliance violation, no explanation beyond a boilerplate reference to the bank’s right to terminate relationships at its discretion. He was one of dozens of gun retailers, payday lenders,…
Pay your property taxes in Cook County, Illinois, with a credit card and you will see a convenience fee tacked on at checkout. That fee exists because the county has to cover the interchange charge, typically 1.5% to 3% of the transaction on a credit card, that flows to the bank behind your card every…
On June 30, 2026, the Office of the Comptroller of the Currency issued a preemption determination that stopped Illinois’ Interchange Fee Prohibition Act from ever touching a single transaction processed by a nationally chartered bank. The state law was set to take effect the very next day, July 1. That one-day gap between the federal…
The Federal Reserve last cut interest rates in December 2025. Six months later, the federal funds rate is still parked at 3.50% to 3.75%, right where the FOMC left it. But Capital One, Marcus by Goldman Sachs, and Synchrony Bank didn’t wait around. All three have quietly trimmed the APYs on their high-yield savings accounts…
For years, the pattern played out the same way. A firearms dealer in Mississippi would open a business checking account, operate it without incident, and then receive a letter saying the bank was ending the relationship. No overdrafts. No fraud. No explanation beyond a vague reference to “risk.” Cryptocurrency firms, tobacco retailers, adult entertainers, and…
A firearms dealer in Georgia loses his business checking account. A cryptocurrency startup in Wyoming gets dropped by three banks in six months. A faith-based foster care agency in Texas is told its views on marriage make it too risky to bank. None of them broke the law. All of them were swept up in…
If you have a high-yield savings account at Capital One, Marcus by Goldman Sachs, or Synchrony, your interest rate likely dropped this month. You probably were not told. All three banks lowered the annual percentage yields on their flagship savings products in May 2026, according to rate changes reflected on their websites. Capital One’s 360…
If you have been earning 4% or better on your savings without thinking much about it, check your account. That number has probably slipped. As of late May 2026, three of the most popular online savings accounts in the country have trimmed their rates below the 4% APY threshold that became a benchmark for rate-conscious…