Banks Feed

Corporate leaders and conservative shock jocks pressure Trump to open the economy soon, report shows

A group of billionaires, corporate executives, and conservative commentators has been urging the rollback of social distancing recommendations, despite health warnings. The group is ignoring the devastating health consequences of its recommendations. Read more →


Federal financial agency charges Fifth Third Bank with opening unauthorized accounts and signing consumers up for unapproved products and services

The Consumer Financial Protection Bureau filed a lawsuit in Illinois Monday against Fifth Third Bank, one of the largest banks in the Midwest. The CFPB alleges that for several years Fifth Third, without consumers’ knowledge or consent, added services consumers didn't approve. Read more →


Wells Fargo to pay $3 billion for fake account scandal

Wells Fargo has agreed to pay $3 billion to resolve civil and criminal charges related to its practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led to millions of accounts being created under false pretenses or without consent. Read more →


CFPB takes action to weaken standard that prohibits consumer abuse in financial transactions

The Consumer Financial Protection Bureau has issued a policy statement that attempts to narrow the federal law that prohibits abusive financial acts and practices by banks, debt collectors, payday lenders, and other consumer finance companies. Read more →


Corporations keep breaking the law due to declining federal prosecutions

Corporations keep breaking the law, and the Department of Justice keeps refusing to prosecute them, a report finds. The DOJ’s refusal to bring criminal prosecutions against big banks, big pharma, and other big businesses has led to a failure to deter repeat offenders. Read more →


Match.com used fake ads that tricked consumers into paying for subscriptions, FTC charges

The FTC is suing online dating service Match Group, the owner of Match.com, Tinder, OKCupid, and other dating sites, alleging that the company used fake love interest ads to trick hundreds of thousands of consumers into buying subscriptions on Match.com. Read more →


CFPB and seven states launch ‘innovation network’ that will approve new risky financial products and protect them from enforcement

The CFPB announced Tuesday that, working with seven state regulators, it launched the American Consumer Financial Innovation Network or ACFIN, a network that it said would "enhance coordination among federal and state regulators to facilitate financial innovation." Read more →


What to do about Capital One’s gigantic data breach

A massive data theft at Capital One exposed personal information, including some Social Security numbers, of more than 100 million people. It’s the largest data theft from any bank. Consumers should freeze their credit reports for free to safeguard their financial security. Read more →