Hugh Son's profile photo

Hugh Son

New York

Reporter at CNBC

CNBC reporter , banks + payments . Served 12 years @business .

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Articles

  • Banks keep high rates inspired by now-dead CFPB rule

    4 days ago | businessandamerica.com | Hugh Son |Gabrielle Fonrouge

    The New York Stock Exchange is seen during morning trading on July 31, 2024 in New York City. Michael M. Santiago | Getty Images News | Getty ImagesLast year, banks quickly raised interest rates to record levels and added new monthly fees on credit cards when a Consumer Financial Protection Bureau rule threatened a key revenue source for the industry. Now, they’re far more reluctant to reverse those steps, even after bank trade groups succeeded in killing the CFPB rule in federal court last month.

  • Banks are keeping credit card rates high even after the CFPB rule they blamed for high APRs was killed

    1 week ago | nbcnews.com | Hugh Son |Gabrielle Fonrouge

    By and Last year, banks quickly raised interest rates to record levels and added new monthly fees on credit cards when a Consumer Financial Protection Bureau rule threatened a key revenue source for the industry. Now, they’re far more reluctant to reverse those steps, even after bank trade groups succeeded in killing the CFPB rule in federal court last month.

  • SoFi CEO says fintech bank is bringing back crypto investing

    2 weeks ago | cnbc.com | Hugh Son

    SoFi CEO Anthony Noto said the fintech bank will bring back cryptocurrency investing after a "fundamental shift" in the regulatory landscape under the Trump administration. SoFi was forced to drop crypto investing in late 2023 as a condition of receiving a bank charter in a time of heightened federal scrutiny of digital assets. Customers, who had access to more than 20 crypto coins at the time, were either shunted to Blockchain.com or liquidated their holdings.

  • Wealthy consumers upped their spending last quarter, while the rest of America is cutting back

    2 weeks ago | cnbc.com | Hugh Son

    America, at the start of 2025, is a tale of two consumers. Lower-income earners are reining in their transactions to focus on essentials, while the wealthy continue to spend freely on perks including dining out and luxury travel, according to first-quarter results from U.S. credit card lenders.

  • Corporate America shelled out millions for Trump's inauguration. Now he's upending many of their businesses

    3 weeks ago | flipboard.com | Gabrielle Fonrouge |Annika Kim Constantino |Leslie Josephs |Ari Levy |Amelia Lucas |Melissa Repko | +2 more

    3 hours agoReality is catching up with Elon Musk. It’s a rare thing to shoot yourself in the foot and win a marathon. For years, Elon Musk has managed to do something like that with Tesla, achieving monumental success in spite of a series of self-inflicted disasters. There was the time he heavily promoted the …

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Hugh Son
Hugh Son @Hugh_Son
6 May 25

RT @EamonJavers: Bob is a legend in financial journalism, and a true gentleman. Always a pleasure to work with and chock full of insights.…

Hugh Son
Hugh Son @Hugh_Son
29 Apr 25

news: @SoFi CEO Anthony Noto said the fintech bank will bring back cryptocurrency investing after a “fundamental shift” in the regulatory landscape under the Trump administration.... 👇 https://t.co/Nz0cJWZw9y

Hugh Son
Hugh Son @Hugh_Son
12 Apr 25

RT @DivesTech: “This is the dream scenario for tech investors,” Dan Ives, global head of technology research at Wedbush Securities, told CN…