Firstsun Capital Bancorp(FSUN.US)

European Central Bank Governing Council member and Bundesbank President Nagel: I never expected to witness the risk to the independence of the Federal Reserve

US bank stocks fall as investors weigh credit card rate cap deadline

U.S. bank stocks declined as investors awaited clarity on the Trump administration's January 20 deadline for a proposed 10% cap on credit card interest rates. While the cap aims to improve affordability, banks warn it could limit credit availability. Major banks like JPMorgan Chase, Bank of America, and Citigroup saw significant drops in their stock prices. Analysts suggest a potential political compromise may emerge to avoid the cap's implementation, with alternative offerings from card providers being considered.

Supreme Court weighs Trump's firing of the Fed's Lisa Cook by social media

The U.S. Supreme Court is set to hear arguments regarding President Trump's attempt to fire Federal Reserve Governor Lisa Cook via social media. Cook claims her constitutional rights were violated, as she was not given due process before the termination. The case raises questions about presidential power and the independence of the Federal Reserve, with lower courts siding with Cook on the procedural grounds. Trump's administration argues that a government officer's position is not a property right under the Constitution. The outcome could have significant implications for the central bank's autonomy.

EXCLUSIVE: Trump's 10% Credit Card Rate Cap Sounds Great — But Experts Say It Could Kill Rewards, Hurt Airlines And Shrink Credit Access

President Trump's proposal for a 10% cap on credit card interest rates has sparked debate among experts. Critics warn that while it may seem beneficial for consumers, it could negatively impact credit access, rewards programs, and industries like airlines that rely on credit card partnerships. Experts suggest that premium customers may benefit more, while subprime borrowers could face tighter credit access. The proposal is seen as a form of price control that could lead to unintended consequences, including reduced revenues for banks and potential economic distortions.

FHLBank Chicago launches $28 million Downpayment Plus Grant programs to help homebuyers in Illinois and Wisconsin.

The Federal Home Loan Bank of Chicago (FHLBank Chicago) is tackling housing affordability by introducing the 2026 Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) grant initiatives. A total of $28 million will be allocated to aid income-eligible homebuyers in Illinois and Wisconsin in conquering the obstacle of saving for a down payment. This move aims to support individuals in achieving homeownership by alleviating financial burdens associated with purchasing a home. This effort is crucial amidst the ongoing challenges surrounding housing affordability.