Back in March 2013, PNC Financial Services Group sued Houston Casualty Co. and Axis Insurance Co. over previously filed class action lawsuits concerning overdraft charges. PNC claimed the class actions had cost it more than the $25 million retention limits required by each policy. However, the...
A group of merchants – including Visa and MasterCard – are considering letting class members who opted out of an interchange fee antitrust settlement to rejoin the $5.7 billion deal. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
The Justice Department is moving forward with more cases against banks and payment processors as part of a far-reaching investigation of those who enable businesses deemed morally questionable and legally dubious. Get the Full Story Complete the form to unlock this article and enjoy unlimited...
Ohio Senator Sherrod Brown has written CFPB director Richard Cordray to explicitly demand that the federal empowered consumer watch dog group take a closer regulatory look at payday and other small amount lenders. Senator Brown’s letter comes in the wake of a decision by the...
In the largest decision of its kind, the Consumer Financial Protection Bureau has ordered GE Capital Bank Thursday to pay an estimated $225 million to consumers “harmed by illegal and discriminatory credit card practices.” Get the Full Story Complete the form to unlock this article...
Large retail trade corporations during the first quarter of the year saw their sales rise, but a big boost on their provisions for deferred domestic taxes helped drive down their profits, new Census Bureau data show.
Payday lending is against the law in New York State and now Bank of America Corp will be the first big bank to use the NY regulator’s database to ensure it is not happening on the sly. The database will allow Bank of America to...
Earlier this week, the UK announced at a Payments Council event that it would be getting a new regulator in April 2015. As reported by Finextra, this would end the self-regulatory approach that banks currently have through the Payments Council. Get the Full Story Complete...
When it comes to saving for retirement, millions of Americans do not have a plan. And the Treasury Department wants to do something about that. In this latest edition of PYMNTS Voice of the Treasury Series, Assistant Secretary Richard Gregg explains how the government’s myRA...
