After years of debates, universities will be prohibited from forcing students to have federal aid dispersed on prepaid or debit cards that charge fees for overdrawing the accounts, according to rules issued Friday by the Education Department. The new set of restrictions could cost schools millions, as...
Wells Fargo Bank is facing allegations that it violated state and federal laws through the misuses of consumer information – as well as failing to notify people when their data was breached. The largest bank based in California faces charges in connection to alleged wrongdoing...
Deutsche Bank has joined the “smaller and simpler” movement. After missing financial targets and facing regulatory problems, the German bank said on Monday (April 27) that it will sell its retail banking business, shrink its investment bank and leave seven of the 70 countries where...
The U.S. Supreme Court will decide whether a website that collects personal data can be sued under the Fair Credit Reporting Act (FCRA) for publishing inaccurate information if the mistakes don’t cause “actual or imminent harm,” the Associated Press reported on Monday (April 27). Get...
MasterCard expects to see increasing demand for its bank-card services now that the Chinese government is opening up the market for interbank transaction clearing services, the card brand’s China chief said last week. Get the Full Story Complete the form to unlock this article and...
According to American Banker, the CFPB has its hands full with so many existing investigations that it has had to pull back on diving into new ones. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
Customer-tracking vendor Nomi Technologies failed to give in-store customers an adequate chance to opt out of being tracked through their smartphones, according to a settlement announced on Thursday (April 23) with the U.S. Federal Trade Commission. Get the Full Story Complete the form to unlock...
The U.K.’s Financial Conduct Authority has handed Bank of America Merrill Lynch a record-breaking $20 million fine for failure to properly report transactions over a seven-year period, Reuters reported. Specifically, the regulator says BofA’s Merrill Lynch International arm misreported over 35 million transactions between 2007...
Wells Fargo is negotiating with GE Capital to acquire as much as $74 billion in middle-market business loans, as General Electric continues to sell off most of its banking business, The Wall Street Journal reported on Monday (April 20). Get the Full Story Complete the...
