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.
A speech by the Board of Governors' Michelle Bowman was given at a conference highlighting the projection of the United States economy and the prioritization that is being placed on bank supervision.
The enforcement results from FY 2023 were released by the CFTC, which include a record setting number of digital asset cases, manipulation actions, and precedent-setting court decisions in complex litigations.
A Consumer Financial Protection Bureau report finds that in 2022 a record high $130 billion in credit card interest and fees was charged by credit card companies.
CFPB issues new report on State Community Reinvestment Act laws, which give banks the opportunity to help meet the credit needs of lower income communities.
New federal oversight of big tech companies and digital wallets proposed by the Consumer Financial Protection Bureau (CFPB). Many of the companies are currently not subject to the CFPB supervisory examinations.
On Nov 8th, Citi Bank was ordered by the Consumer Financial Protection Bureau to pay $25.9 million for intentional and illegal discrimination against Armenian Americans.
JPMorgan Chase & Co has committed $150 million to advance racial equity in Chicago's South and West sides. This commitment is part of the firm's $30 billion national commitment to advance racial equity.
JPMorgan Chase & Co invested $200 million through philanthropic capital, volunteerism, low-cost loans and equity investments into the city after the city historically went bankrupt in 2013.
Leadership for Morgan Stanley is changing as Ted Pick was announced as the next CEO of the company once James Gorman retires. Pick has been with the firm for three decades and was selected over Andy Saperstein and Dan Simkowitz.
