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Banks and Credit Unions


Fed Triggers Third Interest Rate Cut of 2019

Chairman Jerome Powell announced the Federal Reserve's third quarter-point interest rate...

The Federal Reserve announced a quarter-point interest rate reduction yesterday, its third such move this year. The target federal funds rate now stand at 1.5% after starting the year at 2.25%.


Fed Announces First Rate Cut in 11 Years

Jerome Powell, seen here with Donald Trump in 2017, has faced pressure from the president and...

Federal Reserve Chairman Jerome Powell officially announced a widely expected cut to the federal funds rate yesterday, dropping the central bank's target by a quarter-point to 2%.


Auto Loan Interest Rates Hit 10-Year High

The annual percentage rate on new financed vehicles is expected to average 6.36% in March, compared to 5.66% last year and 4.44% five years ago, according to the latest report from Edmunds.


In Memoriam: NextGear Capital's Founder Fuller

John Fuller, founder of NextGear Capital, died Wednesday at age 75, the company announced. Fuller is known throughout the auto retail industry as an innovator in the floorplanning segment, having founded and sold Automotive Finance Corp. and Dealer Services Corp., the latter to Manheim.


Embattled Wells Fargo Chief Steps Down

Wells Fargo directors said an external candidate will replace Wells Fargo President and CEO Tim...

Tim Sloan, president and CEO of Wells Fargo & Co., will retire June 30, the bank announced. General Counsel Allen Parker will serve as interim chief executive while the search for a new leader is conducted.


Auto Loans Reach $1.14 Trillion

Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade...

Average monthly payments for new-vehicle purchases ($530), new-vehicle leases ($430), and used vehicles ($381) all reached new highs, growing by 4% to 6% year-over-year. Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade ago.