INDIANAPOLIS - (12/06/05) -- A second-chance program for checkingaccount scofflaws has expanded into Indiana, where credit union andbanks are inviting consumers with poor records on bounced checks to'Get Checking.' The program, which was first introduced by theUniversity of Wisconsin and several Wisconsin credit unions andbanks last year, allows scofflaws a chance to be removed from thenational ChexSystem register by taking a six-hour class onfinancial management. Once any restitution is paid, participantsmay open a checking account at a participating institution. Amongthe Indiana participants are: Clarion FCU, Community Choice FCU,Financial Center FCU and Forum CU.
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The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
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The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
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After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.
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