At this time of the year, I always remember the probably apocryphal story of the British ambassador to the US who was asked by a journalist what he would like for the holidays. “Oh I don’t know,” he replied, “I suppose a small box of candied fruit would be lovely.” When the article was published, he read that the German ambassador wished for world peace, the Canadian envoy wanted an end to poverty and hunger, and Her Majesty’s representative hoped for a box of candy. At least the Brit was least likely to be disappointed. This got me thinking about…

With interest rates easing and inflation cooling, small businesses are getting a much-needed break. A change to the Small Business Administration’s (SBA) refinancing program will help them take advantage of the shift. The SBA’s recent rule changes to its 504 loan program make it easier for businesses to refinance debt and capitalize on lower rates. The SBA’s 504 loan program helps small businesses finance major expenses like real estate and equipment with lower down payments and longer repayment terms than traditional loans. It can also be used to refinance existing debt. In November, the SBA made changes that streamlined the…

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,…

These entrepreneurs, traders and investors are making an outsized impact in fintech, crypto and traditional financial services. By Jeff Kauflin, Nina Bambysheva, Maneet Ahuja, Steven Ehrlich, Lindsey Choo and Stephen Pastis Credit card transactions carry little information about whom customers are paying. This makes it hard for banks to know whether they’re sending money to a bakery, a marijuana dispensary… or a fraud ring. “Banks are relying on data infrastructure from the 1960s,” says Oban MacTavish, who cofounded Spade along with Cooper Hart. Through data partnerships, AI and human review, the three-year-old New York City-based startup builds expansive databases covering…

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,…