Deutsche Bank's DWS Settles German Greenwashing Probe
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Deutsche Bank AG 's investment arm DWS settled a long-running investigation by German prosecutors into alleged greenwashing.
DWS agreed to pay an amount that is slightly higher than the $19 million the unit paid to settle with U.S. authorities over the matter, according to people familiar with the matter who spoke on condition of anonymity.
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Axios
an hour ago
- Axios
Big banks are now in Trump's crosshairs
President Trump is planning an executive order that would punish banks if they are believed to be discriminating against political conservatives. Why it matters: The president has previously targeted law firms and media companies, but with banks — one of the most heavily regulated industries — the administration has a number of levers it can pull to apply pressure. Driving the news: Appearing on CNBC Tuesday morning, Trump seemed to give a nod to a Wall Street Journal report that the White House is preparing an executive order directing regulators to penalize any bank found to have dropped a client on political grounds. The president accused both JPMorgan Chase and Bank of America of discrimination, by refusing to take his personal business. The big picture: A number of conservatives and crypto executives have claimed for years that they were "debanked" for political reasons, and the Senate Banking Committee held a hearing on some of those claims in February. Both JPMorgan and Bank of America have said that political reasons are not a factor in their customer decisions. "We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed," a JPMorgan spokesperson says. "We're pleased to see the White House is addressing this issue, for which we've been advocating for many years, and look forward to working with them to get this right." The banking industry has also pointed to anti-money-laundering and reputational risk regulation as possible factors in restricting access. Bank regulators, however, have recently dropped reputational risk as part of their scrutiny. The intrigue: For the president, the political is clearly personal. On CNBC, Trump said of JPMorgan: " I had many, many accounts loaded up with cash. I was loaded up with cash. And they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out.' I said, 'You got to be kidding. I've been with you for 35, 40 years.'" Reality check: Trump was a businessman before becoming a conservative politician. In a 2019 article about investigations into Deutsche Bank, The New York Times noted that in recent decades, the German bank "was the only mainstream financial institution consistently willing to do business with Mr. Trump, who had a history of defaulting on loans. " What to watch: If and when an executive order comes out (the WSJ cautions the administration's plans could change), it will indicate whether banks' regulatory burden becomes heavier or lighter under this administration.
Newsweek
2 hours ago
- Newsweek
Student Loan Borrowers in This State May Be Eligible for Up to $5K Credit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The state of Maryland is offering a student loan tax credit worth up to $5,000, but time is running out to apply. The Student Loan Debt Relief Tax Credit is offered through the Maryland Higher Education Commission (MHEC) and is available to state taxpayers who took on at least $20,000 in loans. Why It Matters Student debt remains a major financial burden for millions of Americans, with recent Pew Research indicating that one in four U.S. adults under 40 carries student loan debt, usually between $20,000 and $25,000. The resumption of student loan interest for more than 7 million borrowers in SAVE forbearance has put additional pressure on repayment efforts nationwide. Harvard graduates celebrate at their commencement ceremony on May 29, 2025. Harvard graduates celebrate at their commencement ceremony on May 29, 2025. Libby O'Neill/Getty Images What To Know For Maryland residents, the Student Loan Debt Relief Tax Credit provides a targeted opportunity to ease this burden, potentially saving individuals thousands of dollars. However, the application window for 2025 closes on September 15. As loan balances and monthly payments rise, state-sponsored programs like this are of growing relevance to borrowers and the broader economy, offering a model for how states might alleviate student financial challenges. Eligible applicants can receive an average tax credit of about $1,870, with awards reaching up to $5,000 for the 2025 tax year. The pool for this year's credits is $9 million, with priority given to state employees. "This is an incredible opportunity for in-state borrowers, especially those who are seeing interest starting to accrue after years of a pause on accumulation," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. Last year, nearly 85 percent of applicants qualified for some level of relief, and applicants may apply each year without a cap. "This is for Maryland residents who took on at least $20,000 in student loans and still have a balance of $5,000 or more," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "You've also got to be actively paying on your loans—so if you're in deferment or default, you may not qualify." Eligibility Requirements Be a Maryland taxpayer who maintains Maryland residency for the 2025 tax year. File a Maryland state income tax return for 2025. Have initially incurred at least $20,000 in undergraduate or graduate student loan debt. Have at least $5,000 in outstanding student loan debt at the time of application. Be actively making student loan payments. "Most people that apply do qualify for some amount of money, so we want to make sure that people know, don't count yourself out, because it is very likely that you will qualify for at least some amount of money," Kristin Clarkson, communications director at MHEC, told Baltimore station WMAR-2 News. Applicants should gather necessary documents from their loan servicers and tax preparers as soon as possible. Recipients must apply the awarded credit directly to their student debt and provide receipts to the MHEC. Borrowers have three years to show proof that the full credit amount was paid toward their loan. Failure to submit proof by the stated deadlines for any given year results in the state recapturing the tax credit through the Comptroller's Office. Further details and application materials can be found on the MHEC website Alongside the state credit, borrowers may also be eligible for federal tax deductions of up to $2,500 in student loan interest, subject to income limits. For 2024, those who paid $600 or more in interest should receive a Form 1098-E from their lender and can review IRS rules on the IRS website. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Some states have leftover funds from previous programs, and Maryland is putting those dollars to work. It makes sense—if you're buried in student debt, you're probably not spending much, and that means less tax revenue for the state. By freeing up some of that burden, the state hopes folks can spend more, maybe save more, and eventually put more money back into the local economy." Bobbi Rebell, a certified financial planner and consumer finance expert at told Newsweek: "This is a great resource for so many borrowers but the clock is ticking. The key here is to go back into student mode and make sure you study all the rules and make sure to follow every single one, leaving no room for error. The slightest technical mistake will cost you dearly." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "For residents of other states, this Maryland-based program is undoubtedly one that will make them envious of those who qualify. The amount varies per filer, but the amazing thing of the credit is the already outlined qualifications are the only rules. There are no additional income requirements." What Happens Next Applicants must submit all required materials by September 15. "Pay attention to the deadline and the details," Rebell said. "Get started now because you may be dependent on others like your accountant or tax preparer to give you the proper documentation and they may be on vacation." The Maryland Higher Education Commission will notify successful candidates by December 2025. Recipients then have three years from the close of the applicable tax year to demonstrate that the awarded funds were directly applied to their student loan, or risk having the credit recaptured by the state. "It won't fix everything—wages and living costs are still rising—but it's a start. And it might help people get ahead just a little faster," Thompson said.
CNBC
2 hours ago
- CNBC
Credit card debt reaches $1.21 trillion — in line with last year's all-time high, NY Fed finds
Credit card balances are ticking higher in 2025, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Balances rose by $27 billion in the second quarter to a collective $1.21 trillion — in line with last year's all-time high. The total is up 2.3% from the previous quarter. At the same time, "we are still seeing elevated delinquency rates for credit cards," the New York Fed researchers found, with 6.93% of balances transitioning to delinquency over the last year. "This looks to be a little bit of catch up," the researchers said on a press call Tuesday, in part due to "unusual leniency during the pandemic" and because consumers "may have overextended themselves" as inflation spurred higher costs in the years since. "Those are things we have been keeping an eye on," the New York Fed Researchers said. Credit card debt had remained stable for decades. However, in the years since the pandemic, households largely spent down their excess savings while the cost of living jumped, which sparked a sharp rebound in credit card balances. Separate data from Equifax found that many consumers continue to spend, despite high prices and high borrowing costs, while credit card delinquency rates remain relatively flat. But subprime borrowers show signs of strain, with a rising share of the overall debt, according to Equifax. Subprime generally refers to those with a credit score of 600 or below. "There's a growing K-shaped split in the consumer landscape, with subprime borrowers falling behind," Tom O'Neill, market pulse advisor at Equifax, said in a statement. Many subprime borrowers are younger cardholders with shorter credit histories. These are also the borrowers more at risk of facing debt repayment challenges now that the Trump administration has restarted collection efforts on defaulted federal student loans. More from Personal Finance:Trump floats tariff 'rebate' for consumersSenate bill aims to increase affordable housingStudent loan borrowers — how will the end of the SAVE plan impact you? Tell us "I think most people are generally doing OK, but it wouldn't take much for them to not be OK," said Matt Schulz, chief credit analyst at LendingTree. "So many Americans are a job loss, income reduction or medical emergency away from real financial trouble." On the other side of the divide, just over half of cardholders — or 54% — typically pay in full, thereby avoiding interest, according to another report by Bankrate. "Their card usage is counted among balances but isn't true debt like the other 46% of cardholders are facing," said Ted Rossman, Bankrate's senior industry analyst. By way of example: With annual percentage rates just over 20%, if you made minimum payments toward the average credit card balance ($6,371), it would take you more than 18 years to pay off the debt and cost you $9,259 in interest over that time period, Rossman calculated. "There's a huge difference between someone who uses credit cards for rewards and convenience versus someone who is carrying pricey debt for years."
