banking

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Walmart Ripped Off Its Own Drivers, Lawsuit Alleges

CFPB says company illegally forced drivers to open bank accounts to get paid

(Newser) - The federal Consumer Financial Protection Bureau has sued Walmart over the way it treats its "Spark Drivers." The lawsuit alleges that Walmart illegally opened bank accounts in the drivers' names by using their personal data—including Social Security numbers—without authorization, reports CNN . The company told the drivers...

Big Banks Warn Customers of Deposit Delays

'Manual error' said to cause 'processing issue' at Chase, Bank of America, Wells Fargo, others

(Newser) - Deposits at major banks across the nation were delayed Friday, due to what the Federal Reserve is calling a "processing issue" caused by human error. CNN Business reports that customers at Bank of America, Chase, Wells Fargo, US Bank, and Truist started complaining about the problem Friday morning, with...

Mastercard Brings Hammer Down on Pot Purchases

Company says it's banning cannabis transactions on its debit cards, as cannabis isn't legal federally

(Newser) - Looking to pick up some pot at the dispensary? Don't pull out your Mastercard. On Wednesday, the payment processing company announced it had informed financial institutions that it would not be allowing marijuana purchases on its debit cards, in what Reuters describes as "a blow to an industry...

Venmo Changes Policy on Teen Accounts

Social payments app will let kids ages 13 to 17 join, get debit card—with parental OK

(Newser) - Teenagers will officially be allowed to open a Venmo account with a parent's permission, the company said Monday, expanding the popular social payments app to an age demographic that's likely to embrace it almost immediately. The Venmo Teen Account will be available for 13- to 17-year-olds and comes...

Regulators Close In on First Republic

Federal takeover and sale could be completed over the weekend

(Newser) - Federal regulators were working through the weekend to take over and sell First Republic Bank, an effort to bring an end to the regional banking crisis that began seven weeks ago with the collapse of Silicon Valley Bank. The goal is to have the operation, which is being managed by...

Jamie Dimon: Repercussions of Bank Crisis Will Last

But JPMorgan chief emphasizes it's not as severe as the 2008 crisis

(Newser) - Ten months ago, the chief of America's biggest bank warned that an economic "hurricane" was brewing and might slam the US. On Tuesday, Jamie Dimon of JPMorgan Chase sounded a lot more optimistic about the forecast, referencing "storm clouds" instead, reports Axios . In his annual letter to...

US, Allies Take Big Step Against Russian Banks

Nations had resisted calls to block access to system for handling global transactions

(Newser) - The US and its European allies agreed Saturday to shut certain Russian banks out of SWIFT, a major messaging system critical in making global financial transactions. The leaders, including President Biden, had been dismissive this week of the likelihood they'd take this step to hurt Russia's economy after...

There's One Sanction the US Is Resisting Using

Biden says America won't push to have Russia kicked off SWIFT system

(Newser) - Western countries and the US have responded to the Russian invasion of Ukraine with sweeping sanctions, but they're holding back on deploying what analysts call the "nuclear option" of financial sanctions: kicking Russia off the Belgium-based SWIFT messaging system for global financial transactions. The system "doesn't...

Whistleblower Reveals 18K Secret Swiss Bank Accounts

Credit Suisse did business with some nefarious characters

(Newser) - The idea of not-so-upright characters stashing money in a Swiss bank account is a staple of Hollywood—and a large leak of account holders with the giant Credit Suisse suggests it's right on the money:
  • The leak: A whistleblower gave the German newspaper Sueddeutsche Zeitung data on more than
...

Bank Trying to Claw Back $175M in Mistaken Payouts

Santander in the UK is having a bad week

(Newser) - Some UK customers of Santander bank had an unexpectedly nice Christmas. The bank, not so much. It seems a glitch related to scheduled payments resulted in the bank mistakenly paying out a total of $175 million to 2,000 individuals and businesses, reports the Guardian . "We're sorry that...

Under Fire, Biden's Pick for Bank Regulator Pulls Out

'It is no longer tenable for me to continue' as the nominee for OCC, says Saule Omarova

(Newser) - Saule Omarova, President Biden's nominee to head up the Office of the Comptroller of the Currency, has taken her name out of the running. "I deeply value President Biden's trust in my abilities and remain firmly committed to the Administration's vision of a prosperous, inclusive, and...

Wells Fargo CEO Sorry for Complaint About Black Talent

Charles Scharf blamed bank's lack of diversity on 'very limited' pool of talent

(Newser) - The CEO of Wells Fargo has apologized for an "insensitive" memo in which he said the bank wasn't meeting diversity goals because of a shortage of skilled Black workers. "The unfortunate reality is that there is a very limited pool of Black talent to recruit from with...

Bank CEO Says Trump Should Focus on Virus Fight

Brian Moynihan doesn't want to bring workers back until conditions are stable

(Newser) - As a CEO on President Trump's new advisory committee on reopening the economy, Bank of America chief Brian Moynihan might have been expected to push for looser restrictions as soon as possible. Instead, on a call with investors Wednesday, Moynihan urged caution, advising the administration to focus on fighting...

Cops: Couple Blew $100K Mistakenly Put in Their Account

They've been charged with felony theft

(Newser) - After Pennsylvania couple Robert and Tiffany Williams received an unexpected windfall of $120,000, they went on a massive spending spree over the next two-and-a-half weeks, police say. One problem: The money wasn't theirs. Police say that after a BB&T bank teller accidentally deposited the $120,000 in...

Deutsche Bank Cuts Businesses, and Plans to Trim 18K Jobs

Board approves retreat from global ambitions

(Newser) - In a sweeping restructuring, Deutsche Bank announced Sunday that it will cut 18,000 jobs and abandon its global equities sales and trading business. The bank intends to cut costs as much as $19 billion in coming years, CNBC reports. That would leave it with 74,000 employees by 2022....

Senate Votes to Roll Back Post-Crisis Bank Safeguards

Some Democrats join GOP in vote to loosen Dodd-Frank

(Newser) - The Senate passed bipartisan legislation Wednesday designed to ease bank rules that were enacted to prevent a relapse of the 2008 financial crisis that caused millions of Americans to lose their jobs and homes. The Senate voted 67-31 for a bill from Republican Senator Mike Crapo of Idaho that would...

Wells Fargo Grabs Back $75M From Ex-Execs

Former CEO John Stumpf to lose $28M more, Carrie Tolstedt $47.3M in stocks

(Newser) - New developments in the Wells Fargo sales scheme emerged Monday, with an investigative report from the bank's board noting that $75 million in compensation will be clawed back from two former executives, including ex-CEO John Stumpf , the New York Times reports. After a six-month probe into the scandal that...

Bank Chief Punished for Effort to Expose Whistleblower

He was exposed by another whistleblower

(Newser) - One of Britain's top bankers is being punished for his attempts to unmask a whistleblower. Jes Staley, CEO of Barclays, will be officially reprimanded and lose a bonus that the BBC estimates at more than $1.5 million. He will also be investigated by regulators in the UK and...

Wells Fargo to Pay $110M to Settle Fake Account Lawsuit

Bank employees opened 2M accounts without customers' permission

(Newser) - Wells Fargo has agreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission, the bank announced Tuesday. It's the first private settlement that Wells has reached since the company paid $185 million to federal...

As Wells Fargo Pays Up, Exec Exits With $125M

CEO says Carrie Tolstedt is 'a champion for customers'

(Newser) - Wells Fargo has been fined $185 million over a scam that involved employees opening phony accounts for customers who were forced to pay fees, but the executive in charge of those employees will take home almost as much. Carrie Tolstedt, former head of community banking, will receive $124.6 million...

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