Finance
House Oversight Committee subpoenas big banks for Biden financial records
The Home Oversight Committee has subpoenaed 4 main monetary establishments in its probe of Hunter Biden’s enterprise offers, the panel’s chairman confirmed Friday — whereas accusing Democrats of making an attempt to scare potential witnesses off testifying
Financial institution of America, Cathay Financial institution, JPMorgan Chase, and HSBC have acquired subpoenas associated to the panel’s investigation into the Biden household’s world influence-peddling scheme, Fox Information first reported.
Mervyn Yan, a former enterprise affiliate of first son Hunter Biden, has additionally been subpoenaed for his monetary data, in response to the report.
Rep. James Comer (R-Ky.) accused the committee’s rating Democrat, Jamie Raskin (D-Md.) of leaking the financial institution subpoena information in an try to “thwart cooperation” from others.
“[Oversight Democrats] have once more disclosed Committee’s subpoenas in an affordable try to thwart cooperation from different witnesses,” Comer tweeted after the subpoena information broke.
“Nobody must be fooled by Rating Member Raskin’s video games. We have now the financial institution data, and the information are usually not good for the Biden household,” he added.
Raskin despatched a letter to Comer on Thursday claiming Democrats on the committee have been being saved at midnight about info collected by Republicans on the panel.
“It has been practically three months because you assumed duty of the Committee, and in that point, I’ve grown more and more alarmed by your efforts to defend info from Committee Democrats, together with info collected as a part of your investigation into members of the President’s household,” Raskin wrote.
“I’m additionally troubled by your obvious public misrepresentations about sure investigative steps Committee Republicans have taken on this matter — a probe you’ve deemed your ‘high precedence’ within the 118th Congress,” he added.
Biden household monetary data obtained by Comer by means of the committee’s subpoena energy final month revealed President Biden’s daughter-in-law Hallie to be a “new” member of the family seemingly concerned in Hunter’s abroad enterprise pursuits.
The financial institution data present Hallie Biden, the widow of the president’s late son Beau Biden, acquired $35,000 in two transfers in 2017 from Biden household affiliate Rob Walker, who was wired $3 million on March 1, 2017, from State Vitality HK Restricted, a agency affiliated with CEFC China Vitality.
Comer famous on the time that the financial institution data don’t embrace the primary names of all Biden household recipients, that means there could also be others concerned along with Hunter, Hallie and first brother James Biden.
The Kentuckian isn’t the one investigator with curiosity within the Biden household’s banking data.
In 2019, Delaware US Legal professional David Weiss, who’s dealing with the Justice Division’s federal legal investigation of Hunter Biden, subpoenaed JPMorgan Chase for the now-53-year-old’s transactions involving the Financial institution of China, in response to nonprofit web site Marco Polo.
The order despatched by Weiss to JPMorgan Chase financial institution requested for the data of any worldwide monetary transactions over the earlier 5 years involving Hunter and James Biden, in addition to Hunter’s former enterprise companions Devon Archer and Eric Schwerin, in response to paperwork obtained by the watchdog.
The subpoena was issued by Weiss on Might 15, 2019, when Joe Biden was a presidential candidate, and 5 weeks after Hunter allegedly left his notorious laptop computer in a Delaware restore store.
MOBILE, Ala. (WALA) – A former finance director for the City of Semmes has been arrested and charged with theft by deception and credit card fraud, according to jail records.
According to the Mobile County Sheriff’s Office, 48-year-old Heather Davis is accused of embezzling between $3,000 to $6,000 from her current employer, McDonald’s.
According to a post on the City of Semmes Facebook page from March 4, 2023, Davis began working for the city in February in 2023 as the finance director.
However, Semmes Mayor Brandon Van Hook told FOX10 News Davis has not worked for the city in over a year.
The Mobile County District Attorney’s Office said these charges do not stem from her position with the City of Semmes.
Davis was also a former city clerk for the City of Satsuma.
Davis turned herself in today after a warrant for her arrest was issued, according to investigators.
Jail records show Davis has since been released on a $10,000 bond.
This is a developing story
Copyright 2025 WALA. All rights reserved.
By Nupur Anand
NEW YORK (Reuters) – U.S. consumers are starting to curb their spending in response to high prices and a worsening economic outlook, according to consumer finance company Synchrony Financial (SYF).
Americans have been accumulating more debt amid strain in their finances, with delinquencies edging up for auto loans, credit cards and home credit lines, the Federal Reserve said last month.
Philadelphia Federal Reserve President Patrick Harker has also warned that trouble may be brewing for the U.S. economy, which is showing signs of stress in the consumer sector with consumer confidence also waning.
The belt-tightening indicates that Americans, whose finances are broadly healthy, are preparing for their finances to be more stretched, said Max Axler, chief credit officer of Synchrony. Most clients are still keeping up their loan repayments, he added.
“Purchase volumes have gone down across the industry as consumers across all income groups become more thoughtful about spending,” Axler told Reuters.
Synchrony, which issues credit cards in partnership with retailers and merchants, has more than 100 million consumer credit accounts.
U.S. consumer sentiment plunged to a nearly 2-1/2-year low in March as inflation expectations soared. Some economists have warned that President Donald Trump’s sweeping tariffs could boost prices and undercut growth.
Concerns about higher prices have driven consumers’ long-term inflation expectations to levels last seen in early 1993.
Retailers including Target and Walmart have said that shoppers are being careful with their spending, waiting for deals or making tradeoffs to lower-priced items.
Household spending cuts could be a precursor to increasing late credit payments or loan defaults, analysts said. While default rates have remained broadly steady, spending is being watched carefully as an early indicator of deteriorating consumer finances.
Borrowers could also become more cautious, taking out fewer or smaller loans and crimping a key source of revenue for banks. Across the industry, loan growth slowed by 5% to 12% in February versus a year earlier, HSBC analyst Saul Martinez said.
“There is clearly a slowdown, and it shows that the consumer is vulnerable,” Martinez said. “And for banks, slowing loan growth could result in lower net interest income and revenue,” he added.
The concerns about household finances have also weighed on consumer finance stocks with shares of American Express (AXP), Capital One (COF), Synchrony, (SYF) and Discover (DFS) down between 15-22% over the past month, Martinez said.
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