WASHINGTON—The Federal Trade Commission has stopped a scheme that allegedly bilked millions of dollars out of consumers burdened with student loan debt by pretending to be affiliated with the U.S. Department of Education in violation of the FTC’s Impersonation Rule, collecting illegal advance fees, and making other deceptive claims, the FTC reported.
Fresh Today
WASHINGTON—The Federal Reserve and the Federal Deposit Insurance Corporation have announced the 2025 updated Community Reinvestment Act (CRA) "small bank" and "intermediate small bank" asset-size thresholds.
SACRAMENTO, Calif.—The California Department of Financial Protection and Innovation (DFPI) has issued a consent order to SALT Lending LLC (SALT) to resolve the DFPI’s investigation into SALT’s crypto-backed lending program, the DFPI announced.
LIVONIA, Mich.—With less than two days remaining in 2024, the record number of CU/bank buys this year has reached 22, as $839-million Zeal Credit Union here has agreed to purchase $147-million Gogebic Range Bank, based in Ironwood, Mich.
TROY, Mich.—With the holidays here and consumers’ finances strained from increased spending, a new study reveals the nation’s banks are not offering the services their customers need to help them through challenging financial times.
WASHINGTON—In view of the “evolving legal landscape,” the Federal Reserve said it will soon seek public comment on significant changes to improve the transparency of its bank stress tests and to reduce the volatility of resulting capital buffer requirements.
WASHINGTON—The Consumer Financial Protection Bureau has sued Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers— “last mile” drivers in Walmart’s Spark Driver program—about how they could access their earnings, the CFPB announced.
RICHLAND, Wash–Members of HAPO Community Credit Union are facing a new fraud threat this holiday season—one that asks members to place their funds in a Bitcoin ATM for “safekeeping.”
WASHINGTON—Credit union loans outstanding increased 0.4% in October, compared to a 0.4% increase in September of 2024 and a 0.4% increase in October of 2023, according to America’s Credit Unions’ latest Monthly Credit Union Estimates (MCUEs).
WASHINGTON—The Office of the Comptroller of the Currency has taken action against BofA, issuing a cease-and-desist order due to significant shortcomings in the bank’s compliance with the Bank Secrecy Act (BSA) and its sanctions programs, the Wall Street Pit reported.