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.
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.
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.
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.
Binance, the largest cryptocurrency exchange in the world, announced that it is airdropping funds to users affected by the floods in Libya. Extreme flooding in the eastern city of Derna has left at least 5,000 people dead, while thousands more are still missing.
On August 31, 2023, during a Community Conversations visit to rural western Virginia, Richmond Fed President Tom Barkin, Regional Executive Renee Haltom, and Community Development Manager Jarrod Elwell explored the economic potential of Alleghany County and Highland County, bordering the Allegheny Mountains. They discovered that these counties, with their natural beauty and resources, hold promise for attracting both residents and industry.
The Federal Reserve's 2023 CDFI Survey, conducted between April 24 and June 2, revealed that community development financial institutions have generally been successful in meeting increased demand for financial products over the past year. However, challenges vary among CDFIs, with loan funds citing rising lending capital costs and operational funding limitations, while credit unions face issues related to hiring, borrower qualifications, and technology.
The Reserve Bank of India (RBI) made an announcement on Aug. 14, unveiling the commencement of a Pilot Project for a Public Technology Platform designed to facilitate frictionless credit, according to a press release. This initiative began on Aug. 17.
An upcoming official data release is poised to uncover yet another deceleration in inflation, following a decline in energy prices during July, according to a report. This situation unfolds in the wake of a notable surge in wages, adding to the mounting pressure on the Bank of England.
In a press release issued on August 21, 2023, The Federal Reserve Bank of Kansas City announced its annual Economic Policy Symposium, scheduled to take place from August 24 to 26 in Jackson Hole, Wyoming. This year's 46th edition of the symposium will ce
