Bank of America has partnered with PayPal to allow the bank's customers to add credit and debit cards to the payment service using the BofA mobile app. The ability to add cards from the PayPal side will be rolled out in coming months.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, says he is prioritizing enforcement of rules regarding debt collection, an area that generates many complaints from consumers. The announcement that the agency will work with the Federal Trade Commission to police debt collectors comes as the CFPB eases regulation of other financial sectors.
More than 7 in 10 working Americans age 50 or older plan to postpone retirement, finds a survey by The NHP Foundation, an affordable-housing group. Among those who have tried to estimate a retirement budget, 62% expect Social Security to provide at least half their income in retirement.
A federal appeals court ruling that overturns some interpretations of the Telephone Consumer Protection Act gives banks better customer access, CBA President and CEO Richard Hunt says. "For too long, access to critical and time-sensitive financial information, such as low-balance notifications, fee-avoidance alerts and due-date reminders, has been restricted," Hunt says. "Federal policy must reflect the need for businesses to communicate with their customers through 21st-century communication channels, such as smartphones."
A group of investors is seeking a charter for what would be the first new bank in southwest Florida in 10 years. Gulfside Bank in Sarasota will open in the fourth quarter if approved by regulators.
Asheville Savings Bank, an 82-year-old institution in North Carolina, has become part of First Bancorp in Southern Pines, N.C., as part of a merger approved in August. Asheville Savings' 13 locations have converted into branches of First Bank, which has more than 100 branches.
HSBC is developing a rewards program for US customers that uses artificial intelligence to predict how they will use credit card points. The bank aims to increase unsecured lending in the US and has to "engage the customer and indulge" to do that, says Marcos Meneguzzi, head of cards and unsecured lending.
Florida legislators have approved a measure that will ease regulations restricting small-dollar lenders, allowing loans of up to $1,000, which could be repaid in 60 or 90 days. The law was passed in response to a restrictive small-dollar lending rule from the Consumer Financial Protection Bureau.
Several Senate Democrats crossed the aisle to vote in favor of a bill that would roll back some Dodd-Frank Act regulations. FSR hired outside consultants and devoted a team to educating lawmakers about the bill, with a focus on moderate Democrats.
Finance officials from the G-20 nations need to work together to lessen the risks of cryptocurrency, Financial Stability Board Chairman Mark Carney says. US Treasury Secretary Steven Mnuchin has formed a working group to study the issue, and that group could ask Congress to give regulators more power over cryptocurrencies.
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