The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James today announced they are filing a lawsuit against MoneyGram International, Inc. and MoneyGram Payment Systems, Inc. (MoneyGram)—one of the largest remittance providers in the U.S.—for systemically and repeatedly violating various consumer financial protection laws and leaving families high and dry. The lawsuit … Read more
Credit Unions have a very loyal customer base. They are not-for-profit and owned by their members. As a result, they often offer lower interest rates. But there are some important differences between credit unions and banks regarding lending money. The Horrible Cross Collateralization Agreement Credit unions incorporate a “cross-collateralization agreement” in all loans except mortgages. … Read more
Two new companies in the financial space, LendingClub and SoFi had very different days recently. It just goes to show you how quickly this new financial niche is moving. LendingClub Had a Bad Day LendingClub stormed onto the playing field as a peer-to-peer lender. In the early days, I was even one of the many … Read more
The modern United States Postal Service (USPS) is changing how long it will take to deliver First-Class Mail. You know, the kind where you put a stamp on an envelope and send it. – Source If you still send checks in the mail to pay bills you must now allow at least five days for … Read more
Today, the Federal Trade Commission announced that Richard Fairbank, CEO of Capital One Financial Corp., will pay a $637,950 civil penalty to settle charges that his acquisition of Capital One Financial stock violated the Hart-Scott-Rodino (HSR) Act. Fairbank’s recent multi-million dollar compensation package included over 100,000 Capital One Financial shares in 2018, which increased his … Read more
Many seniors do their banking with a credit union. They like the personal attention a credit union provides, and they might like that they are a “member” of the credit union. Sometimes the fees are less at a credit union. For the most part, credit unions do a good job. However, there is one area … Read more
When was the last time you thought about your checking account? If you’re like many people, it was probably the last time you wrote a check or paid a bill that wasn’t set up on autopay. Checking accounts tend to exist in the background of our lives, warranting so little thought that many of us … Read more
Losing track of money might seem hard to imagine, but it’s actually not uncommon to forget about an old bank account or other source of money that is rightfully yours. It could be an account you opened a long time ago that, after one or two moves, became both out of sight and out of … Read more
This is the first time I think I’ve ever done this, written about a product with which I have an affiliate relationship. But I feel so strongly about this product that I can’t help but speak up about it as a user since 2018 or even earlier. I’m what some call a “raving fan.” That … Read more
For years banks have lied and hidden the reality of debit cards from you. What I’m about to tell you will sound counter-intuitive from everything you’ve been taught and believe. Here it is. Don’t use a debit card. It’s not smart financial management. By now, you probably think that I’ve lost my mind, but before … Read more
There are hundreds of savings accounts on the market now, catering to all sorts of savers. Saving options are becoming more varied and accessible with the introduction of new financial technology companies. These solutions can start small by rounding up purchases to the next dollar and depositing that loose change into a more structured savings … Read more
Yesterday the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA). The consent order was issued in connection with Santander providing erroneous consumer loan data to consumer reporting agencies (CRAs). Santander, a subsidiary of Banco … Read more
Question: Dear Steve, I was offered to be an agent to sell “The Money Max Account” by United financial. Is this a good program, or is it a scam? Is it too expensive? Chris Answer: Dear Chris, I think you have several issues that you need to think about here. What I know about The … Read more
Federal bank examiners considered levying fines and sanctions when JPMorgan Chase informed them last year that faulty overdraft charges caused by a software glitch had impacted roughly 170,000 customers. But the bank urged the Office of the Comptroller of the Currency, or OCC, its chief regulator, to take less severe action, according to two people … Read more
Since Donald Trump’s election, federal white-collar enforcement has taken a big hit. Fines and settlements against corporations have plummeted. Prosecutions of individuals are falling to record lows. But just how these fines and settlements came to be slashed is less well understood. Two settlements with giant banks over financial crisis-era misdeeds provide a window into … Read more