OBSERVATIONS FROM THE FINTECH SNARK TANK Got a side hustle or do gig work? If not, you might be in the minority pretty soon. According to a survey from Bankrate, more than a third of American adults—including roughly half of Gen Zers and Millennials—now have a side hustle. Some make big money from it: On average, a side hustle brings in nearly $10,700 a year. The most popular side hustles? Furniture assembly, data analytics, and pet sitting. More than a third of side hustlers use the cash just to pay regular bills, and about a third say they’ll always need…

Additional information about bank bonuses: checking account bonuses, bank sign-up bonuses and moreWhat does the Fed rate announcement mean for bank account bonuses?In November 2024, the Federal Reserve announced it would lower the federal funds rate (the rate which commercial banks use to borrow and lend money to one another). Previously, the Fed changed the rate in September 2024, which was the first change that year and a decrease. The Fed increased the rate four times in 2023 and seven times in 2022. The changes haven’t directly affected bank bonuses, but it could still be a good time to open…

Our Nerds say:“When choosing a savings account, a high rate isn’t the only thing you’ll want to consider. You’ll want to see whether there are any monthly fees or withdrawal limits. “It’s also important to pick an account that meets your overall banking needs. If you want your checking and savings accounts to be at the same bank, for example, you’ll want to go with an institution that offers both checking and high-yield savings.”Best high-yield savings accounts: full list of editorial picksWhen selecting the best high-yield savings accounts, NerdWallet uses multiple data points, including monthly fees, minimum balance requirements, APY,…

OBSERVATIONS FROM THE FINTECH SNARK TANK The Consumer Financial Protection Bureau (CFPB) issued a final rule to implement Section 1033 of the Consumer Financial Protection Act of 2010. Hailed by many in the banking industry as bringing “open banking” to the US, the rule mandates that financial institutions provide consumers with access to their personal financial data upon request. The data must be shared securely and reliably with consumers or authorized third parties. Key provisions of the rule include: Data accessibility. Banks and credit unions are required to make financial transaction histories and account information available to consumers or their…

The election of a new administration marks a pivotal moment for the U.S. This change comes as the stock market reaches all-time highs and the Federal Reserve signals fresh moves, including a recent decision to cut interest rates. These developments highlight a critical economic truth: “no tree grows to the sky.” Just as trees have natural limits to their growth, economies and markets must also recalibrate to sustain balance. As we navigate this period of normalization, businesses must adjust expectations and strategies to align with this new reality. A Shifting Political and Economic Landscape With fresh leadership in Washington, D.C.,…

The Consumer Financial Protection Bureau (CFPB), a federal agency championed by Massachusetts Senator Elizabeth Warren in 2011 to protect consumers against predatory financial services, has ramped up enforcement actions against fintech and financial services companies under President Biden. In 2023, it ordered $3.1 billion in fines and refunds for consumer relief, the largest sum it had ordered since 2015. Just yesterday, it finalized a rule saying that some big tech firms like Apple that offer payment apps will be subject to CFPB supervisory exams, like banks. But with the advent of a Republican-controlled Congress and a second Donald Trump administration,…

Are we at the point where regulation and investing are finally in sync to do something BIG when it comes to plastic waste? Where regulation is done right, society benefits, and usually, investor opportunities follow. One of the areas where we’re seeing this happen in real-time is with the further development of a policy concept called Extended Producer Responsibility (EPR) for plastic packaging. The idea is that brands pay fees based on how much plastic packaging they sell into a market. When it works well, those fees are used to prevent plastic pollution and advance the circular economy. When it…

The second Trump administration is headed for a colossal collision with the Federal Reserve. Make no mistake, almost all of the media will be siding with Fed head Jerome Powell and his institution. They will parrot the central bank’s party line that any attack is a highly dangerous assault on its indepen- dence—and a formula for future inflation. Don’t buy this baloney. The looming big battle isn’t about the Fed’s independence; it’s about the performance of our central bank. More particularly, it’s about the models on which it bases its decisions. The core premise of these models is that pros-…

One of the first tasks of the Trump Treasury Department should be to abandon the Basel regime of banking regulations. These are rules emanating from the Bank for International Settlements, an institution owned by 63 central banks, including the Fed, and based in Basel, Switzerland. The Basel Accords are recommendations concerning capital requirements and risk measurements. We’re on the third round, hence the nomenclature Basel III. U.S. banks overall are more than adequately capitalized. Regulations are stifling bank lending and unnecessarily increasing costs. JPMorgan Chase’s boss, Jamie Dimon, estimates that regulations add as much as 80 basis points to mortgages.…

Newtek Bank is an online bank, headquartered in Miami, that features high rates and minimal fees on its consumer savings account and certificates of deposit. The high-yield savings account earns an annual percentage yield of 5.25% for balances of $0.01 and up. There are no monthly fees or minimum balance requirements to open or maintain the account. Funding an account requires an external bank account, and the bank doesn’t have same-day transfers, such as through a partnership with Zelle.CD terms have a standard range from six months to five years, and there’s a minimum deposit of $2,500, which is somewhat…