The Consumer Financial Protection Bureau has filed a lawsuit against Nevada-based Future Income Payments, saying the company promised consumers no-interest cash payments in exchange for future pension benefits but was actually charging up to 183% in interest. The company is already facing lawsuits from several states and its investors.
Fifteen Senate Democrats want Consumer Financial Protection Bureau acting Director Mick Mulvaney to answer questions about the bureau's student-loan office and its commitment to supervisory examinations and enforcement actions. In a letter sent late Thursday, the senators also asked about allegations that the bureau suppressed a report about questionable fees charged to college students by banks.
U.S. Bank's Simple Loan program helps customers who are dealing with emergencies, serving a critical need, a CBA representative says. "I am appreciative regulators are recognizing the need for short-term, small-dollar credit and the necessary roles banks can play in this space -- instead of forcing American families to rely on costly, less regulated lenders," CBA President and CEO Richard Hunt says.
More than 30,000 bank branches are in the projected path of Hurricane Florence, and 1,713 branches are in high-risk areas, according to information compiled by Qlik. PNC and BB&T are among banks closing branches in anticipation of the storm.
JPMorgan Chase is offering 60,000 credit card points, the equivalent of $900 in travel, to customers who sign up for a Sapphire checking account and make a minimum of $75,000 in investments and deposits. The deal, which begins in October, is part of an effort to appeal to rich millennials.
The median household income in the US rose 1.8% last year, as more people found jobs and more part-timers moved to full time, the Census Bureau said. However, incomes are barely above where they were in 2007, and they are essentially the same as in 1999 when adjusted for inflation, the Census Bureau said.
Fidelity has ranked the average amount of money people have in their 401(k) accounts by age, with the highest amount, $192,800, in the age 60 to 69 category. The number of people with $1 million or more in their Fidelity 401(k) accounts is up 41% compared with last year.
Some banking associations are asking Congress to repeal the corporate tax exemption for credit unions, while credit union lobbyists want Congress to limit bank activities and to require banks to separate investment and consumer banking. Some groups, including the Consumer Bankers Association, are pushing for more changes in the Dodd-Frank Act.
Zions Bank does not pose a significant risk to US financial stability, Treasury Secretary Steven Mnuchin said after the Financial Stability Oversight Council voted to lift certain regulatory restrictions on the bank. The change is pending the completion of Zions' merger with its parent company.
Consumer Financial Protection Bureau acting Director Mick Mulvaney says he's worried about the long-term effect of student loans if borrowers are being taught they don't have to pay them back. Outstanding education debt in the US exceeds $1.5 trillion.