Retail & Commercial

The Consumer Financial Protection Bureau ordered Bank of America to repay $100 million to customers who were charged multiple penalty fees when their accounts did not have enough money to cover payments, as well as those who did not receive the credit card rewards they were promised. The bank was also fined for opening a small number of accounts without customers' authorization.

Sonata Bank is piloting a mobile bank account with fringe benefits for employees of franchise restaurants.

Leigh Brady recently took over as chief executive of SECU, the second-largest credit union in the U.S. Don't look for any mergers under her leadership, Brady said, but she will focus on branch expansion and improving SECU's use of technology.

Mass arbitration is a fact of life in modern consumer finance litigation. Those hoping it will go away through court decisions or legislative change are primed to be sorely disappointed.

High interest rates could dampen demand for refinancing, which took a hit during the pandemic-era pause in federal student loan payments. "Curb your enthusiasm," one analyst said.

Adjusted for inflation, consumer spending has largely stalled after surging at the start of the year. Delinquency rates, meanwhile, are ticking up. 

Some of the biggest banks on Wall Street are expected to go to trial in Illinois next month to face allegations they inflated interest rates on bonds to finance public works.

New regulations on small-dollar lending are leaving consumers with few viable options when they need emergency access to cash.

The Cleveland-based regional bank recently announced a $20 million line of credit for Lendistry, a Los Angeles-based, minority-led community development financial institution.

Citigroup executive Jay Collins says the company is "absolutely interested" in arranging new deals in the market for debt-for-nature swaps, which allow countries to restructure their debt in exchange for promises to protect the environment.