The Consumer Financial Protection Bureau (CFPB) has ordered U.S. Bank to pay $21 million for engaging in illegal conduct during the COVID-19 pandemic. This ruling comes after tens of thousands of American workers lost access to their unemployment benefits due to the bank's actions.
The National Association of Realtors (NAR) has projected that the number of existing-home sales will reach 4.71 million in 2024, marking a 13.5% increase from the anticipated 4.1 million in 2023.
State legislators from across the country recently gathered at Stanford University to participate in The Hunt Institute's Early Childhood Policy Academy. The three-day event, co-hosted by the Stanford Center on Early Childhood, aimed to educate policymakers on the importance of investing in early childhood development.
The Office of Financial Research (OFR) has reported elevated threats to U.S. financial stability, concluding that the risks have increased since the previous year.
The Consumer Financial Protection Bureau (CFPB) has mandated Atlantic Union Bank to pay $6.2 million for illicitly accumulating overdraft fees. The bank was found guilty of improperly enrolling customers into paying these fees.
Investments in productivity-boosting measures have resulted in an uptick in the U.S. Middle Market Business Index. The RSM US Middle Market Business Index (MMBI) recorded a 4.7% surge in productivity during the third quarter.
A new study conducted by researchers at Stanford Medicine has found that the psychoactive drug ibogaine, when combined with magnesium, effectively reduces symptoms of post-traumatic stress disorder (PTSD), anxiety, and depression, and improves functioning in veterans with traumatic brain injuries (TBI). The study, published in Nature Medicine, includes data from 30 veterans of U.S. special forces who underwent ibogaine treatment at a clinic in Mexico.
On November 28th, the Federal Reserve declared its support for Indian County Development through the reformed Community Reinvestment Act. This move is aimed at encouraging federally insured banks to fulfill the credit needs of the communities where they operate.
The Federal Housing Administration (FHA) has announced new loan limits for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs for 2024, according to a press release by the FHA.
Bank of America has been ordered by the Consumer Financial Protection Bureau (CFPB) to pay a $12 million penalty for submitting false mortgage lending information to the federal government, according to documents released by the CFPB.
The Consumer Financial Protection Bureau (CFPB) has ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct, including withdrawing funds from customers' bank accounts without their permission, making deceptive statements about loans, and canceling loan extensions. According to a document published by the CFPB, Enova paid a $3.2 million penalty in 2019 and was ordered to cease its illegal conduct.
The Consumer Financial Protection Bureau (CFPB) released a report that highlighted medical debt collection protection issues that consumers face. Efforts by states and the bureau are being taken to end the collection of inaccurate medical bills that sometimes consumers do not actually owe.
Consumer Financial Protection Bureau and 11 states announced that they ordered Prehired to provide over $30 million in relief for illegal student lending practices. This order is a result of Prehired's alleged illegal practices including false job placement promises, abusive debt collection practices, and "income share" loans.
Mastercard is doubling down on an effort to detect and stop crypto fraud with the help of AI. This initiative aims at enhancing the safety of financial transactions, especially those involving cryptocurrencies.
Hundreds of OpenAI employees are threatening to follow former OpenAI CEO Sam Altman to Microsoft unless the OpenAI board resigns following their decision to remove Altman as CEO. This move follows a contentious decision by the board that has left employees and investors alike questioning its ability to lead.
The yields on a 10-year treasury has reached 5% for the first time since 2007. Yields have jumped since they were at .50% early in the pandemic, reflecting a significant shift in financial markets and impacting consumer and corporate borrowing costs.
Christine Lagarde, president of the European Central Bank, proposed a European equivalent to the U.S. Securities and Exchange Commission and a consolidated stock exchange to mobilize funding for tackling the region's challenges of deglobalization, demographics, and decarbonization.
A speech was given by Michelle Bowman, Board of Governors, at a conference highlighting the impact that the capital requirements reform will have on banking.
