KEN SWEET Business Writer, Author at The Rapid City Post

FILE - A security officer works inside of the Consumer Financial Protection Bureau (CFPB) building headquarters, Feb. 10, 2025, in Washington. (AP Photo/Jacquelyn Martin, File)

Trump administration’s changes to the CFPB cost Americans $19B, a new report says

February 9, 2026

The Trump administration has significantly reduced the Consumer Financial Protection Bureau’s activities over the past year. Consumer advocates and Democrats now estimate this has cost Americans $19 billion in lost financial relief. The administration argues the bureau had become too large. Since the administration took control in February, few new investigations have been opened, and several enforcement actions have been dropped. The White House’s attempt to cut staff was blocked by courts, but Congress has already halved the bureau’s budget. Critics say the bureau is now on “life support,” with key consumer protections abandoned.

FILE - An American Express card is shown, Thursday, Jan. 18, 2024, in Atlanta. (AP Photo/Mike Stewart, File)

AmEx profits surge 13% as affluent customers splurge on luxury goods and travel

January 30, 2026

American Express reports a 13% profit increase in the fourth quarter. The credit card giant benefits from affluent clients spending on luxury goods, dining, and travel. The New York-based company earned $2.46 billion, or $3.53 a share, meeting analysts’ forecasts. AmEx continues to encourage spending with perks and rewards. In September, it refreshed the Platinum Card, adding a $400 annual dining credit but raising the annual fee to $895. Customers spent $506.2 billion in the fourth quarter, up from $464 billion a year ago. Gen-Z and Millennials now outspend Gen-X, marking a shift in spending habits.

A sign for Chase bank is seen on an ATM Tuesday, Jan. 6, 2026, in Portland, Ore. (AP Photo/Jenny Kane)

As Trump’s deadline for a cap on credit card rates looms, banks have only questions and no answers

January 17, 2026

President Donald Trump has demanded a 10% cap on credit card interest rates by January 20. Consumer groups, politicians, and bankers remain unclear about the White House’s plans. The White House has not detailed consequences for non-compliance. Researchers estimate Americans could save $100 billion annually if rates are capped. However, banks might lose significant revenue. Shares of major credit card companies have fallen as investors worry about profit impacts. Without a law or executive order, Trump may rely on public pressure to enforce the cap. Some companies, like fintech Bilt, have already announced promotional rate caps.

Goldman Sachs and Morgan Stanley see double-digit profit jumps amid surging stock market

January 15, 2026

Goldman Sachs and Morgan Stanley have reported strong profits in the fourth quarter, driven by a surging stock market and increased deal making. Goldman Sachs saw a 12% rise in net earnings, reaching $4.62 billion. Morgan Stanley reported $4.4 billion in earnings, up from $3.71 billion a year earlier. Wall Street has benefited from deregulatory policies and investor interest in AI technologies. Goldman’s investment fee revenues rose 25%, while Morgan Stanley’s increased by 22%. Goldman also sold its Apple Card portfolio to JPMorgan Chase, exiting consumer banking. Other big banks like JPMorgan, Bank of America, and Citigroup also reported profit increases.

Bilt’s new credit cards will feature 10% interest rate, meeting bipartisan call for lower card rates

January 14, 2026

Bilt has announced an overhaul of its credit cards, introducing an 10% introductory interest rate for one year. This move comes amid political discussions about capping credit card rates, with President Trump recently supporting a similar cap. Bilt, originally focused on rewards for rent payments, is expanding into other financial products. The company aims to address affordability issues and attract new customers. Bilt’s new cards follow a tiered model, offering various rewards and fees. The company is ending its partnership with Wells Fargo and teaming up with Cardless and Column N.A. for its new card offerings.

FILE - A Bank of America ATM is seen, Wednesday, Feb. 3, 2021, in Winchester, Mass. (AP Photo/Elise Amendola, File)

Big banks report soaring profits amid tensions with Trump over credit card interest rates

January 14, 2026

Wall Street is seeing positive results as big banks report increased profits. Bank of America, Citigroup, and Wells Fargo have all shown strong earnings. Bank of America CEO Brian Moynihan says the U.S. economy remains resilient despite risks. However, tensions with the White House are rising. President Donald Trump is pushing to cap credit card interest rates at 10%, which banks oppose. They argue it would limit credit access and harm the economy. Despite these challenges, consumer spending and financial health metrics remain stable, indicating a robust economic environment.

FILE - Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, file)

Wall Street CEOs warn Trump: Stop attacking the Fed and credit card industry

January 13, 2026

Wall Street’s relationship with the Trump administration is souring. Bank executives warned the White House on Tuesday that President Trump’s policies and the Justice Department’s investigation into Federal Reserve Chairman Jerome Powell could harm the economy. BNY CEO Robin Vince criticized attacks on the Fed’s independence, saying it could raise interest rates. Trump is also targeting the credit card industry, proposing a 10% cap on interest rates. Researchers say a cap could cost banks $100 billion annually. JPMorgan CFO Jeffrey Barnum said such actions could reduce credit supply, hurting consumers and the economy.

JPMorgan Chase profits rise 9% in the fourth quarter excluding hit from the Apple Card acquisition

January 13, 2026

JPMorgan Chase is reporting a 9% rise in adjusted profits for the fourth quarter, benefiting from a strong economy in both consumer and investment banking. The bank said Tuesday it earned $13.03 billion, or $4.63 a share. This includes a one-time hit of 60 cents per share from the acquisition of the Apple Card credit card portfolio from Goldman Sachs. Excluding loan-loss reserves, Chase earned $5.23 a share. Analysts expected $4.85 per share. CEO Jamie Dimon remains optimistic about the U.S. economy, noting stable consumer spending and business health. The bank’s revenues rose 7% to $45.8 billion. JPMorgan starts the bank earnings session this week.

FILE - Director of the Office of Management and Budget Russell Vought speaks to reporters at the White House, Thursday, July 24, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson, File)

Judge blocks White House’s attempt to defund the CFPB, ensuring employees get paid

December 30, 2025

A federal judge has ruled that the White House cannot stop funding the Consumer Financial Protection Bureau. This decision comes just days before the bureau would have run out of money. Judge Amy Berman ruled that the CFPB can continue receiving funds from the Federal Reserve, despite the Fed operating at a loss. The case centers on whether Russell Vought, President Donald Trump’s budget director, can effectively shut down the agency. The National Treasury Employees Union has successfully stopped broad layoffs through court actions. The White House’s new legal argument about funding was deemed invalid by the judge.

21 Democratic-led states sue White House over consumer protection bureau funding

December 22, 2025

A coalition of 21 attorneys general from Democratic-led states has sued the Consumer Financial Protection Bureau and its director, Russell Vought. They argue that the White House’s decision to withhold funds from the agency is unconstitutional. The lawsuit centers on the Trump administration’s claim that the CFPB can only be funded by the Federal Reserve’s profits. The Federal Reserve has been running a loss since 2022. The Democratic attorneys general argue that the CFPB was lawfully created by Congress and must be funded. They say defunding the agency will hinder efforts to stop predatory lenders and scammers.

FILE - Office of Management and Budget Director Russell Vought listens to members of the media outside the West Wing at the White House in Washington, Sept. 29, 2025, in Washington. (AP Photo/Evan Vucci, File)

Trump nominates new CFPB director, but White House says agency is still closing

November 19, 2025

President Trump has nominated Stuart Levenbach as the next director of the Consumer Financial Protection Bureau. This move allows Trump’s budget director, Russell Vought, to remain as acting director while the administration works to dismantle the agency. Levenbach, currently an associate director at the Office of Management and Budget, has experience in science and natural resources. His nomination is not expected to proceed to confirmation. Under the Vacancies Act, Vought can act as director for 210 days, but the nomination suspends this limit. The CFPB has been largely nonfunctional this year, with many employees ordered not to work.

FILE - Cash App logos are seen on a phone screen, Sept. 8, 2023, in New York. (AP Photo/Richard Drew, File)

Cash App’s MoneyBot might know your spending habits better than you do

November 13, 2025

Cash App has introduced MoneyBot, a new financial services chatbot that will be integrated into its banking app this winter. Unlike traditional banking chatbots, MoneyBot can perform advanced actions like creating savings plans, buying or selling stock, and evaluating spending habits. This marks a shift towards agentic AI, where chatbots perform tasks on behalf of users. While banks have been cautious about adopting such technology due to liability concerns, Cash App is diving in. MoneyBot analyzes customer transactions and offers personalized recommendations. However, legal and privacy questions remain, especially regarding potential biases in its suggestions.

FILE - In this Feb. 20, 2019, file photo are Mastercard and Visa credit cards in Zelienople, Pa. (AP Photo/Keith Srakocic, File)

Why a Visa-Mastercard legal settlement could lead to your rewards credit card getting declined

November 12, 2025

Visa and Mastercard have proposed a settlement in their long-running legal dispute with merchants over interchange fees. This new settlement, announced Monday, could impact how customers use their credit cards. Merchants may now choose not to accept certain high-reward cards due to higher fees. This change affects the “honor all cards” rule, which previously required merchants to accept all Visa and Mastercard products. Major merchant groups oppose the settlement, arguing it doesn’t sufficiently reduce fees. Visa and Mastercard believe this is the best resolution to avoid a lengthy trial. American Express and debit cards are not involved in this settlement.

FILE - New homes dot the landscape in Middlesex Township, Pa., on April 19, 2023. (AP Photo/Gene J. Puskar, File)

White House’s 50-year mortgage proposal has one notable benefit but a number of drawbacks

November 11, 2025

The White House says it is considering a 50-year mortgage to address the home affordability crisis. Critics argue it won’t solve issues like supply shortages and high interest rates. Bill Pulte, director of the Federal Housing Finance Agency, called it a “game changer” for homebuyers. He noted on X that it’s just one potential solution among others being considered. A 50-year mortgage would lower a borrower’s monthly payments but could dramatically increase their total interest paid. It would also delay equity accumulation compared to a 30-year mortgage.

A sign in a Kwik Trip store shows the store will no longer be using pennies to give change, on Oct. 23, 2025, in Yorkville, Wis. (AP Photo/Morry Gash)

Banks and retailers run short on pennies as the US Mint stops making them

October 30, 2025

The United States is experiencing a shortage of pennies after President Trump decided to stop their production earlier this year. Merchants across the country are struggling to provide exact change, and banks are rationing their remaining supply. Some retailers are even offering promotions to encourage customers to bring in pennies. The shortage began in late summer and is worsening as the holiday season approaches. While the government aims to save money by discontinuing the penny, the abrupt decision has left retailers and banks without guidance. A bill in Congress, the Common Cents Act, seeks to address some of the issues.

U.S. President Donald Trump arrives to meet with soldiers and servicemen at the USS George Washington at the U.S. Navy's Yokosuka base in Yokosuka, south of Tokyo, Tuesday, Oct. 28, 2025. (AP Photo/Eugene Hoshiko)

Trump administration moves to overrule state laws protecting credit reports from medical debt

October 28, 2025

The Trump administration is moving to overrule state laws that protect consumers’ credit reports from medical debt. The Consumer Financial Protection Bureau has drafted an interpretative rule related to the Fair Credit Reporting Act. This rule suggests that the FCRA should preempt state laws on debt reporting to credit bureaus like Experian, Equifax, and Trans Union. This repeals Biden-era regulations allowing states to implement their own credit reporting bans. More than a dozen states, including New York and Delaware, prohibit reporting medical debt on credit reports. The Kaiser Family Foundation estimates Americans owe roughly $220 billion in medical debt.

FILE - Charlie Javice, center, exits Manhattan federal court, Monday, Sept. 29, 2025, in New York. (AP Photo/Yuki Iwamura, File)

JPMorgan Chase wants out of paying $115M legal tab for convicted fraudsters

October 24, 2025

JPMorgan Chase wants to stop paying millions in legal fees for two convicted fraudsters. The bank said in a court filing Friday that Charlie Javice and Olivier Amar have racked up an astronomical $115 million legal bill. The bank said it shouldn’t have to pay and that its agreement to shoulder the costs should end. The bank had agreed to pay legal fees when it bought Javice and Amar’s financial aid startup Frank. Javice was convicted in March of making it seem like Frank had millions more customers than it did. The bank says the bills far exceed any reasonable amount the two may have needed for their defense.

The exterior of JPMorgan Chase's new headquarters at 270 Park Avenue in New York is shown on Tuesday, Oct. 21, 2025. (AP Photo/Ken Sweet)

JPMorgan Chase unveils new 60-story headquarters, reshaping New York City’s skyline

October 21, 2025

JPMorgan Chase unveiled its new 60-story headquarters in New York City on Monday. The building replaces the Union Carbide Building at 270 Park Avenue. It’s one of the first major office towers constructed after the COVID-19 pandemic. The bank plans to house around 10,000 of its 24,000 New York-based employees there. The copper-toned steel tower features 2.5 million square feet of space and new artworks. The building’s construction was a major engineering feat due to its location above Metro North Railroad tracks. JPMorgan now plans to renovate its 383 Madison Avenue location.

Regional banks’ bad loans spark concerns on Wall Street

October 17, 2025

Wall Street is concerned about the health of the nation’s regional banks, after a few of them wrote off bad loans to commercial customers in the last two weeks. Zions Bank, Western Alliance Bank, and Jefferies disclosed bad investments, causing their stocks to fall sharply this week. On Tuesday, JPMorgan Chase CEO Jamie Dimon warned that more problems might arise. The KBW Bank Index, which tracks banks, is down 7% this month. Data from the Federal Reserve shows banks have tapped into overnight facilities for cash, a move not seen since the COVID-19 pandemic.

American Express profits surge 16% in Q3, driven by wealthy card members

October 17, 2025

American Express reports a 16% increase in third-quarter profits, driven by higher card spending, especially among its wealthiest members. On Friday, the company announced earnings of $2.9 billion, up from $2.51 billion a year ago. Earnings per share rose to $4.14, beating analysts’ expectations. AmEx recently refreshed its Platinum Card, adding perks and raising the annual fee to $895. Despite increased competition, customer demand remains strong, with 500,000 requests for the new card finish in three weeks. Average spending per card rose 5% to $6,387. AmEx now expects full-year earnings per share between $15.20 and $15.50.

Wall Street sees major jump in profits, helped by soaring stock prices and deal making

October 14, 2025

Wall Street has experienced one of its most profitable quarters, according to earnings reports from major banks on Tuesday. JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs have all seen significant profit increases, driven by strong deal making, rising stock prices, and a resilient global economy. Despite these gains, bank executives express caution about market conditions and potential overinflated asset prices. JPMorgan’s consumer banking division performed well, boosted by credit card spending. Investment banking revenues also surged, with Goldman Sachs seeing a 42% increase. However, concerns about tariffs, inflation, and geopolitical tensions remain.

American Express Platinum Card gets pricier and adds new perks, including a $400 dining credit

September 18, 2025

American Express’ latest update to its high-end Platinum Card, unveiled Thursday, comes with a lot more perks and a lofty annual fee of $895. The card now includes a $400 dining credit and a $600 hotel credit, up from $300, among other benefits. The $200 increase in the annual fee may pressure cardholders to decide whether to keep the Platinum Card or another high-fee card like Chase’s Sapphire Reserve. The Platinum Card remains popular, but faces competition from other high-reward cards. AmEx emphasizes the value of its perks, totaling roughly $3,500, and aims to offer benefits that exceed the annual fee.

Klarna CEO Sebastian Siemiatkowski, right, rings a ceremonial bell as his company's IPO begins trading on the floor of the New York Stock Exchange, Wednesday, Sept. 10, 2025. NYSE President Lynn Martin applauds at left. (AP Photo/Richard Drew)

Klarna shares rise 15% in their first day of trading on Wall Street

September 10, 2025

Klarna made a solid debut on the New York Stock Exchange, with shares of the Swedish buy now, pay later company rising nearly 15%. The initial public offering was priced at $40, and the shares rose as high as $57 Wednesday before losing some momentum. Founded in 2005, Klarna aims to challenge traditional credit cards with its popular “pay-in-4” plan. Klarna’s co-founders are now billionaires, and major investors like Sequoia Capital are seeing substantial returns. The company is trading under the symbol “KLAR.” Other notable IPOs this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin.

FILE - This is the sign on a PNC Bank in downtown Pittsburgh on Wednesday, Jan. 12, 2022. (AP Photo/Gene J. Puskar, file)

PNC to buy FirstBank for $4.1B, expanding to Arizona, Colorado

September 8, 2025

PNC Financial plans to buy Colorado-based FirstBank for $4.1 billion. The acquisition gives PNC a substantial presence in the Colorado banking market and Arizona. FirstBank, typically branded as 1stBank, is a midsized bank with 120 retail branches and roughly $26 billion in assets. The banks disclosed that stockholders owning 45.7% of FirstBank shares have already voted in favor of the merger. PNC has been on an acquisition streak in recent years, aiming to become a major player in retail banking. This deal will make PNC the largest bank in the Denver market and expand its presence in Arizona.

Armen Kirakosian, Global Senior Manager, Learning & Development TTEC poses in Athens, Greece, Thursday, Aug. 21, 2025. (AP Photo/Thanassis Stavrakis)

AI shakes up the call center industry, but some tasks are still better left to the humans

September 7, 2025

Artificial intelligence is transforming call centers by streamlining tasks and improving customer service. Armen Kirakosian, a call center agent in Greece, now uses AI to access full customer profiles and anticipate issues before speaking to callers. This technology is helping agents focus more on customer service. However, AI’s role in call centers is complex. While AI can handle routine tasks, it struggles with more intricate issues, like identity theft. Companies like Klarna have found that relying solely on AI can save money but also hurt customer satisfaction. The future may involve AI handling simpler tasks, with human agents managing complex ones.

FILE - Several VISA and MASTER credit cards are shown in Buffalo Grove, Ill., Thursday, Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)

Americans would save $100B if credit card rates were capped as Trump proposed, researchers say

September 4, 2025

A new paper from Vanderbilt University suggests Americans could save about $100 billion annually if credit card interest rates were capped at 10%, as proposed by President Donald Trump. The study indicates banks could still remain profitable even with such a cap. The paper found banks could earn profits with a 15% cap while maintaining rewards programs. Trump proposed the cap during the 2024 election, but hasn’t mentioned it since. However, politicians like Sen. Josh Hawley and Sen. Bernie Sanders have introduced similar bills. The banking industry strongly opposes rate caps, arguing they could harm business models.

President Donald Trump speaks with reporters before boarding Air Force One at Lehigh Valley International Airport, Sunday, Aug. 3, 2025, in Allentown, Pa. (AP Photo/Julia Demaree Nikhinson)

Trump opens the door for private equity and crypto as 401(k) retirement plan options

August 7, 2025

Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments. That’s according to an executive order signed Thursday by President Donald Trump. His order could give those financial players long-sought access to a pool of funds worth trillions. There’s no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. New plans from employers could invest in alternative assets, particularly private equity, cryptocurrencies and real estate.

President Donald Trump speaks while making an announcement about Apple with Apple CEO Tim Cook in the Oval Office, Wednesday, Aug. 6, 2025, in Washington. (AP Photo/Alex Brandon)

Trump orders federal regulators to probe alleged bank discrimination against conservatives

August 7, 2025

President Donald Trump has ordered an investigation into whether banks have discriminated against conservatives and industries like gun manufacturers and cryptocurrency companies. This executive order addresses “debanking,” where banks close accounts or refuse business with certain industries. Trump accuses banks like JPMorgan and Bank of America of targeting him and his allies, something both bansk have denied. The order directs federal regulators to ensure banks don’t discriminate based on political or religious beliefs and to refer cases to the Department of Justice. This could lead to civil or criminal investigations. The banking industry argues it has the right to choose business partners, citing risk concerns.

FILE - A customer makes a transaction at an automatic teller machine in Los Angeles on March 27, 2023. (AP Photo/Richard Vogel, File)

Capital One, Walmart: A look at some of the consumer cases dropped by the CFPB under Trump

July 15, 2025

In the nearly six months since the Trump administration has had control of the Consumer Financial Protection Bureau, the bureau’s leadership has focused almost exclusively on rolling back any punishments, fines and penalties doled out against companies during the Biden administration. In some cases, companies that were supposed to refund their customers or pay a penalty for unfair or deceptive practices are no longer bound to make their customers whole. Other companies facing charges of fraud of deceptive practices saw their lawsuits dropped. Companies that got reprieves include Capital One, Walmart and Navy Federal Credit Union.

FILE - A sign stands outside a branch of Wells Fargo bank Wednesday, April 17, 2024, in Littleton, Colo. (AP Photo/David Zalubowski, File)

Fed lifts restrictions placed on Wells Fargo in 2018 because of its fake-accounts scandal

June 3, 2025

The Federal Reserve said Tuesday that Wells Fargo is no longer subject to the restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture. It’s a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways. Faced with reaching unreasonable sales targets, branch employees had opened up millions of fake accounts in order to meet those goals. The Federal Reserve took the unusual step of placing Wells in a program where it could grow no larger than it was in 2018.

KEN SWEET Business Writer.