CFPB report finds overdraft, NSF services are used as a type of credit
Frequent overdrafters — households that pay more than 10 overdraft fees a year — use the service as a form of credit, the Consumer Financial Protection Bureau said in a report.
Time to call credit unions’ shield of legitimacy into question
Allegations of lending discrimination against Navy Federal Credit Union, while as yet unproven, suggest that the rationale for giving credit unions substantial advantages over banks needs to be rethought.
Trade groups voice concern over reduced FHA, Ginnie Mae budgets
A proposed reduction in the amount of overall discretionary spending amounts would hamper both agencies’ ability to fulfill their affordable-homeownership missions, the consortium of housing industry advocates said.
Two-year-old California bank amasses $500M expansion war chest
Led by veteran banker Stephen Gordon, Genesis Bank in Newport Beach plans to use the funds pledged by private equity firms and other investors to roll up community banks in the Western U.S.
How the courts are sparking an app store payments war
Google’s $700 million antitrust settlement is part of a series of legal battles that are eroding Big Tech’s control over checkout, cracking a door for other transaction processors and the bank-led Paze wallet from Zelle’s developers.
Citi suit raises #MeToo claims at Wall Street’s top levels
At the heart of Ardith Lindsey’s Nov. 20 lawsuit are allegations that Mani Singh, another Citigroup managing director who was always more senior than her, coerced her into an abusive relationship and threatened her and her family with violence after she ended it in October 2022.
U.S. Bank ordered to pay $36 million for COVID-era benefits issues
The Consumer Financial Protection Bureau ordered U.S. Bank to pay about $21 million for its prepaid debit card program for government benefits, while the Office of the Comptroller of the Currency issued a $15 million fine over similar violations.
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