Many observe that banks seem to be blowing up due to predictable consequences of rising interest rates. How did we get here?| Bits about Money
Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being sordid, for complex structural and microeconomic reasons.| Bits about Money
For ReleaseWASHINGTON — First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.| www.fdic.gov
Know Your Customer policies at financial institutions have more nuance than you'd expect.| Bits about Money