TD Bank Reportedly Facing $3 Billion Money Laundering Penalty – PYMNTS.com
TD Bank's US troops reportedly plan to plead guilty to anti-money laundering failures. The Toronto-based bank is expected to agree to pay about $3 billion in fines and limit its growth in the United States as part of a plea deal, The Wall Street Journal reported. reported Late Wednesday (October 9th). Officials told WSJ: plea […]
SoFi Adds Credit Cards Focused on Rewards and Credit Scores – PYMNTS.com
SoFi technology has added two new credit cards to its one-stop shop for digital financial services. One card is designed for consumers who prioritize getting rewards from their daily spending, and the other card is designed for consumers who are focused on building or improving their credit score. The company announced on Wednesday (October 9th). […]
Consumer Credit Growth Slows as Revolving Credit Declines – PYMNTS.com
Total consumer credit balances increased in August, after increasing at a seasonally adjusted annual rate of 2.1% in August. percentage of It was 6.3% in July and 0.8% in June. Total consumer credit outstanding was $5.098 trillion at the end of August. federal reserve system This was stated in the monthly magazine on Monday (October […]
Credit Card Issuers Raise Rates Ahead of Late Fee Cap – PYMNTS.com
Credit card issuers are reportedly raising interest rates on cards or adding new fees to make up for lost revenue due to late fee caps. As a result of these developments, average interest rates on credit cards have reached levels close to the highest in the world. federal reserve system Data dating back to 1994, […]
Big Banks Joust With Neobanks for Lower-Income Consumer Accounts – PYMNTS.com
There are commonalities in financial services, although the approaches may be different for brick-and-mortar players and some fintech companies. That means meeting the needs of low-income households. Big banks are losing at least some market share to neobanks, fintechs that have been able to carve out a niche serving households with annual incomes of about […]
British Banks Split on Charging Fraud Reimbursement Fees – PYMNTS.com
UK lenders are reportedly divided over whether to charge fraud victims under new fraud reimbursement rules. From October 7, UK banks will be required to refund up to £85,000 to customers who have fallen victim to authorized push payment (APP) fraud. However, as reported by the Financial Times (FT), reported On Monday (September 30), these […]
Report: TD Bank in Talks About Money Laundering Plea – PYMNTS.com
TD Bank It is reported that a lawsuit related to anti-money laundering measures is imminent. The Canadian bank is in talks with U.S. prosecutors over the deal, which stems from criminal charges that its U.S. unit failed to stop money laundering, The Wall Street Journal reported. reported Friday (September 27). The petition could be filed […]
Robinhood and Revolut Neither Confirm Nor Deny Report of Stablecoins – PYMNTS.com
robinhood market and Revolute reportedly non-committal When asked about media reports that he is considering launching a stablecoin. Asked about the Bloomberg report, a Robinhood spokesperson said the company has “no imminent plans to launch this service.”,” meanwhile According to Bloomberg, a Revolut spokesperson said the company plans to “further grow” its suite of cryptocurrency […]
Bank of America Plans 165 Branch Openings to Serve Clients With ‘Complex Financial Needs’ – PYMNTS.com
Bank of America Bank of America plans to open dozens of branches over the next two years. About 40 of those openings are expected to take place this year, according to Monday's (Sept. 23) survey. press releaseThe goal is to add more than 165 “financial centers” across 63 markets by the end of 2026. This […]
Donald Trump Proposes Temporary 10% Cap on Credit Card Interest Rates – PYMNTS.com
Donald Trump The government wants to temporarily cap credit card interest rates at 10 percent, according to reports on Wednesday. post According to X's official account Trump campaign. According to the Wall Street Journal, Trump floated the idea at a campaign rally in New York. Reported Thursday (September 19th). “I'm going to put a temporary […]