Skeptics who saw the seeds of an eventual bank charter in the advent of American Express and Walmart had a change of heart and last week and announced that the jointly sponsored Bluebird prepaid card will carry FDIC deposit.
A new report from the Center for Responsible Lending has documented that payday lending at six large banks is continuing, and the reported alleged it is damaging consumers financially.
In an “amicable” decision made between Patelco President/CEO Ken Burns and the $3.9 billion credit union’s board, Burns will resign effective sometime this summer.
Six banks named in report, charging abuse through high interest rates, other practices, and calling for program shutdowns.
Board chairman confirms exit of CEO of four years at $3.9 billion California credit union.
Thirteen institutions expected to also undertake loss mitigation efforts focused on foreclosure prevention in OCC/Fed settlement.
Doubt has been swirling around the potential widespread use of near field communication, or NFC, a technology that links consumers’ mobile phones to merchants’ point-of-sale terminals, enabling instant mobile payments. Apple released the iPhone 5 without an NFC chip, leaving millions of consumers out of the NFC equation.
Call it a frighteningly mixed message. In the last week of January, the al-Qassam Cyber Fighters who had been claiming the Distributed Denial of Service takedowns of some of the nation’s largest financial institutions, turned their sights on credit unions.
At a time when more small businesses are looking for alternatives after being the shown the door by their longtime banks, one Arizona retailer recently went public with its frustrations.