Paige Smith
Consumer Finance Reporter at Bloomberg News
consumer finance reporter with @business \ @blaw, @COMatBU alum \ [email protected] \ Tweets = mine \ RTs ≠ endorsements
Articles
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4 days ago |
news.bloomberglaw.com | Evan Weinberger |Paige Smith
The Consumer Financial Protection Bureau cut short a five-year agreement with Bank of America Corp. over the bank’s alleged submission of false mortgage data as the significantly curtailed government agency rolls back a bevy of settlements, ending the monitoring of BofA more than three years early. The bank “fulfilled the obligations” of the agreement signed in November 2023, including paying a $12 million civil money penalty, and the pact was terminated on June 4, according to a CFPB filing.
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4 days ago |
bloomberg.com | Evan Weinberger |Paige Smith
A Bank of America branch in Austin, Texas. (Bloomberg) -- The Consumer Financial Protection Bureau cut short a five-year agreement with Bank of America Corp. over the bank’s alleged submission of false mortgage data as the significantly curtailed government agency rolls back a bevy of settlements, ending the monitoring of BofA more than three years early.
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4 days ago |
bloomberg.com | Paige Smith
(Bloomberg) -- The robo-advisory firm Wealthfront filed confidentially for a US initial public offering, a signal that more financial-technology firms are set to go public after a protracted lull. The number of shares and the price range haven’t yet been determined, Wealthfront said in a statement Monday. Wealthfront’s plan follows rival Chime Financial Inc.’s IPO, which raised $864 million earlier this month, part of a general thawing of public debuts in the industry.
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1 week ago |
news.bloombergtax.com | Paige Smith |Claire Ballentine
Sales are slipping at McDonalds. Airlines are worried that travelers will cut back as well. Consumers are falling behind on credit-card payments at the fastest pace in more than a decade. But sticker shock has yet to register for the residents of America’s affluent suburbs and downtown condos, the target audience for the newly revamped—and more expensive than ever—Chase Sapphire Reserve credit card.
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1 week ago |
news.bloomberglaw.com | Paige Smith |Claire Ballentine
Sales are slipping at McDonalds. Airlines are worried that travelers will cut back as well. Consumers are falling behind on credit-card payments at the fastest pace in more than a decade. But sticker shock has yet to register for the residents of America’s affluent suburbs and downtown condos, the target audience for the newly revamped—and more expensive than ever—Chase Sapphire Reserve credit card.
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One nugget folks may have missed: The former CFPB director wanted apps to more clearly warn consumers about the risks of nonbanks. "According to people familiar with the situation, the CFPB under Chopra had been considering enforcement options related to the account freeze."
When Synapse -- a financial technology firm that took care of the nuts and bolts of banking for fintech apps and their users -- collapsed almost a year ago, left behind was a tangled mess of records. No one was sure who owed what to whom. (1/5) https://t.co/9LrDdD6hpp
RT @cfb_18: When a software company called Synapse failed, some app users lost access to money in FDIC-insured bank accounts. How is that e…
RT @aishagani: JPMorgan is broadening its relationships with buy-now, pay-later providers, announcing an agreement with Affirm to make the…