Banks can’t escape liability in app scams, judge rules
A federal judge ruled that consumer protection laws apply to banking-app scams, allowing a couple’s $106,000 fraud lawsuit against Bank of America to move forward
Clients may value certifications more than they understand them
A new study by the Investments & Wealth Institute and Absolute Engagement shows many clients don’t grasp what their financial advisors’ certifications signify. That doesn’t mean those marks are unimportant to them.
SoFi’s Noto offers positive forecast despite ‘haters’
The online bank and lender raised its full-year guidance even after its early estimates mis-estimated the direction of interest rates from the Fed this year.
Attorneys General sue Treasury over ownership reports
A group of 21 Democratic attorneys general filed a lawsuit challenging Treasury’s decision to exempt domestic companies from beneficial ownership reporting requirements “effectively repeal[s]” the 2021 Corporate Transparency Act.
Why upcoming IRS rollover guidance is likely to disappoint advisors
The IRS changes will help with some advisor pain points, but several processes seen as antiquated may remain.
OCC gives final approval to Ripple’s national trust charter
The Office of the Comptroller of the Currency approved Ripple’s application for a national trust charter, a move the company says will bolster its stablecoin ambitions.
PayPal counts on growing its business beyond payments
CEO Enrique Lores has been attempting to overhaul the business since taking the reins in March, and has sought to cut costs while advancing its banking products.
Lawmakers warn banks over Russian diesel imports
A group of lawmakers urged six major U.S. banks to steer clear of financing or otherwise facilitating purchases of Russian diesel, citing a potential violation of federal law.
Truist explores sale of specialty lender Afco Credit
The potential divestiture comes as new CEO Mike Lyons seeks to get rid of non-core businesses while investing in the branch network, mobile banking and other operations tied to deposit-gathering.
Bessent: stablecoins will help ensure dollar dominance
Treasury Secretary Scott Bessent said Tuesday that dollar-pegged stablecoins could help expand market demand for U.S. government debt, lowering the pressure on long-dated bond yields.