WASHINGTON – The House overwhelmingly approved a bill Wednesday that would cut the interest rate on many student loans in half, putting even more pressure on the dwindling number of credit unions that continue to make student loans. The legislation would lower the rate from 6.8% to 3.4% in stages over five years for need-based loans. The proposal would cost about $6 billion and affect nearly 5.5 million students who get the subsidized loans each year. The $6 billion would be raised by reducing the government's guaranteed return to lenders who make student loans, cutting back the amount the government pays for defaulted loans and requiring lenders to pay more in fees.
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Bridge will join a number of digital asset firms vying for the coveted charter, seizing on the crypto-friendly environment in the second Trump term.
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Treasury laid off all of its Community Development Financial Institution Fund staff on Friday, with the reduction in force notices saying that the department plans on abolishing the fund.
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After a quarter in which Goldman Sachs beat Wall Street's expectations, CEO David Solomon said he was seeing a "meaningful improvement" in the macroeconomic environment.
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The San Francisco-based banking giant reported a 9% annual jump in quarterly profits. It also made official its appointment of CEO Charlie Scharf as chairman.
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The megabank's multiyear effort to simplify its business model and improve its risk management is starting to pay off in the form of more consistent profitability and improved returns, CEO Jane Fraser told analysts.
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The credit infrastructure and analytics company secured $35 million in a Series D funding round, led by Socium Ventures, the venture capital division at Cox Enterprises, to expand cash-flow underwriting into auto lending and personal loans.
October 14