Financial institutions (FIs) have generally found fraud and financial crime to be continually more sophisticated. The rise of digital banking and ever-faster digital payment methods have accelerated this phenomenon. As a result, banks have had to elevate their systems and processes to find ways to stem the growth in fraudulent transactions — and the resulting uptick in financial losses.
Wells Fargo Chief Financial Officer Mike Santomassimo reportedly said that the bank could make further layoffs as it seeks to improve efficiency. Since the third quarter of 2020, Wells Fargo has been trimming its workforce, already reducing its employee base by nearly 40,000, Reuters reported Tuesday (Sept. 12).
A Cook County judge won’t end a lawsuit from Chicago City Hall accusing a law firm and its contractor of operating a debt resolution scam, as the judge says the city's consumer fraud action doesn't amount to illegal attempts to regulate the practice of law.
ALEXANDRIA, Va. (Sept. 14, 2023) – The median growth rate in loans outstanding and membership at federally insured credit unions was positive over the year ending in the second quarter of 2023, while the growth rate in assets and shares and deposits was negative at the median, according to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment plans offered by nearly 450 institutions, finds that many plans have inconsistent disclosures and confusing repayment terms, putting students at risk of missing payments, incurring late fees, and accumulating debt. The report also finds that many institutions withhold transcripts from students as a debt collection tool, a potentially illegal practice that can have severe consequences for students trying to begin their careers or finish their education.
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