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☆ JPMorgan says college-planning firm it bought lied about its scale. Consumers may have been misled, too
▼ + stars: | 2023-01-13 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

watch nowIn response, the FTC sent a warning letter to Frank, pointing out a number of claims on its website could be "unlawfully misleading consumers." Besides the problems flagged by government officials, higher education expert Mark Kantrowitz said he noticed other questionable claims made by Frank. At one point, the company said it could complete people's Free Application for Federal Student Aid, or FAFSA, in just four minutes. "If it's too good to be true, it probably is," Kantrowitz said. Student loan, financial aid help is available for free

☆ Frank, the college loan start-up JPMorgan is suing for fraud, was warned by the FTC for misleading students about Covid relief money
▼ + stars: | 2023-01-13 | by ( Katherine Long | ) www.businessinsider.com time to read: +4 min

JP Morgan Chase has accused the student loan platform Frank and its founder Charlie Javice of inventing millions of fake customers to juice its value. In 2020, the Federal Trade Commission warned Frank that it "may be unlawfully misleading consumers" about student COVID relief. The company promised students help accessing the grant money, but all Frank was doing was generating a form letter students could send to university administrators. "We are concerned that Frank is creating false hope and confusion for students while contributing to unnecessary extra work for financial aid administrators," the representatives wrote. The advance wouldn't need to be paid back until "your aid comes in," the company wrote on its website.

☆ Before JPMorgan accused Charlie Javice of inventing millions of fake customers, the Frank founder settled with the federal government over accusations she was misleading students
▼ + stars: | 2023-01-12 | by ( Katherine Long | ) www.businessinsider.com time to read: +5 min

Visitors to Frank's website could get the mistaken impression that the company was affiliated with the federal government, the Department of Education said in 2017. The Department argued that Frank's website was "likely to confuse consumers." The Department stated in a cease and desist letter that Frank could be misleading applicants looking for the government's official FAFSA website. On social media and elsewhere, Frank sometimes referred to the form as "Frank's FAFSA," according to the settlement. In numerous media interviews, including with Insider, Javice has cast herself as a mold-breaking entrepreneur.

It might not be a surprise that the three biggest financial institutions in the US are Bank of America, Chase, and Wells Fargo. Compare Bank of America and Chase and Wells Fargo Bank of AmericaChaseWells Fargo Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Standout feature Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Bank of America Advantage Savings Account Chase Savings℠ Wells Fargo Kids Way2Save Savings Account APY 0.01% to 0.04% 0.01% effective as of 10/10/2022. Bank of America, Chase, and Wells Fargo are all FDIC insured.

☆ JP Morgan 'pulled the levers' of Jeffrey Epstein's sex-trafficking operation, US Virgin Islands says in new lawsuit
▼ + stars: | 2022-12-29 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +5 min

A new lawsuit alleges JP Morgan facilitated Jeffrey Epstein's sex-trafficking scheme. Earlier this year, the US Virgin islands settled a separate lawsuit, first brought in 2020, with Epstein's estate and its executors. "JP Morgan ignored numerous red flags and failed to comply with federal banking regulations until years later after JP Morgan was no longer benefiting from Epstein's business," the lawsuit says. In addition to the US Virgin Islands, an anonymous "Jane Doe" filed lawsuits against JP Morgan and Deutsche Bank in November, alleging the financial institutions benefitted from Epstein's sex-trafficking operation. That same company, Hyperion Air, is identified by the US Virgin Islands Attorney General as one of Epstein's accounts with JP Morgan.

☆ JPMorgan, Citi and BNP invest in risk management provider Acin
▼ + stars: | 2022-12-15 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

[1/3] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarLONDON, Dec 15 (Reuters) - A group of five banks including JPMorgan , Citi (C.N) and BNP Paribas (BNPP.PA) are among the investors who backed an overall $24 million fundraising for risk control specialist Acin as part of their strategy to step up their risk expertise. "We have been working with Acin for the past three years, during which they have supported our established operational risk management and assessment practices," said Julian Liau, Chief Controls Manager at JPMorgan. Both Notion Capital and Fitch Ventures backed Acin in the last fundraising. Acin helps financial institutions digitise their operational and non-financial risk analysis, using its data analytic capabilities.

☆ There's a good chance your tax refund will be smaller this year
▼ + stars: | 2022-12-06 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

However, many of those have now wound down, and it means smaller tax refunds for some filers. The Child Tax Credit and Earned Income Tax Credit will both be smaller for some taxpayers. Specifically, the enhanced Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC) will revert to their pre-pandemic levels. But after Democrats failed to renew the enhanced credit, eligible parents are set to receive only up to $2,000 for the child tax credit. Now, many of those credits are winding down, although some progressives are mounting efforts to try and beef up the Child Tax Credit alongside any tax breaks for big corporations.

☆ Wall Street bonus survey shows that most bankers and traders think they will be the exception to the 2022 compensation slump
▼ + stars: | 2022-12-06 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street bonuses are predicted to fall as much as 45% this year amid a dealmaking slump. But a recent survey of traders and investment bankers suggests few think the slump will apply to them. The word on Wall Street ahead of the holidays has been loud and clear: Bonuses won't be good this year. Senior traders who predicted big bonus increases said they were expecting to be paid up because their personal P&L was up, according to the survey. Are you concerned about your bonus or taking steps to secure a bigger slice of the bonus pool?

China on Friday launched its first private pension scheme in 36 cities as it grapples with a rapidly ageing population, allowing individuals to open retirement accounts at banks to buy pension products ranging from deposits to mutual funds. The move marked the official launch of China's version of IRA, or Individual Retirement Accounts in the United States, a private pension scheme that offers tax advantages for individuals saving for retirement. As part of the new system, local domestic workers covered by China's public pension insurance can participate in the private pension scheme and contribute up to 12,000 yuan ($1,680) per year to their individual accounts and receive tax benefits. Eddy Wong, chief executive of China International Fund Management (CIFM), a joint venture between JPMorgan and Shanghai International Trust Co., said China's individual pension market has "huge potential and room for development". "The first movers in China's pension market enjoy an advantage," said Howhow Zhang, Greater China wealth and asset management strategy and transactions leader at consultancy EY.

☆ Epstein accusers sue JP Morgan and Deutsche Bank, claiming banks benefited from sex trafficking operation
▼ + stars: | 2022-11-25 | by ( Samantha Beech | ) edition.cnn.com time to read: +3 min

New York CNN —Two anonymous women who accuse the late Jeffrey Epstein of sexual abuse have filed separate civil lawsuits against JP Morgan Chase & Co. and Deutsche Bank AG, claiming the big banks enabled and benefitted financially from Epstein’s alleged sex trafficking operation. The class action suits were filed in part under a new law in New York, which allows adult sexual abuse survivors to sue their alleged abusers, even if the statute of limitations has expired. Specifically, Deutsche Bank chose facilitating a sex trafficking operation in order to churn profits,” the suit claims. The suit alleges Deutsche Bank ignored red flags including payments to numerous young women and large withdrawals of cash. In 2020, New York regulators fined Deutsche Bank $150 million and slammed the lender for “mistakes and sloppiness” in its relationship with Epstein.

☆ The 5 worst things about my job as a software engineer
▼ + stars: | 2022-11-25 | by ( Jenna Gyimesi | ) www.businessinsider.com time to read: +5 min

I listened to his advice and decided to become a computer science major in college and later become a software engineer. Sure, there are a lot of perks to being a software engineer such as six-figure salaries and free food, but some things are less than ideal. Here are the top 5 things I don't like about being a software engineer. If you are a software engineer, know that you bring value to the tech world and your company. It's extremely hard to even become a software engineer so think about how far you've come already.

Pros Check mark icon A check mark. Earn interest Check mark icon A check mark. No monthly service fees Check mark icon A check mark. $20/month in out-of-network ATM fee refunds Check mark icon A check mark. No overdraft fees Check mark icon A check mark.

☆ The latest inflation numbers come out tomorrow and it's expected to remain high—here's what to know
▼ + stars: | 2022-11-09 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

The latest numbers from the Consumer Price Index (CPI) report come out tomorrow, and inflation is expected to remain high. Forecasts expect it to barely dip below the 8% year-over-year rate it's been floating above since March. Specifically, inflation is predicted to be 7.9% year-over-year as of October, according to a median forecast of 52 economists surveyed by Bloomberg News. "We've been head-faked multiple times, thinking we're starting to turn the corner only to see inflation rise again." While an inflation rate decrease would be good news, there needs to be a streak of consecutive months of steady declines before we can say inflation is under control, McBride says.

☆ October's wild trading could give way to a new stock rally, as earnings roll out in the week ahead
▼ + stars: | 2022-10-14 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.

Winner: TD Bank The TD Bank Convenience Checking Account makes it easier to waive monthly service fees than Chase Total Checking®. Interest rates are variable and subject to change Minimum Deposit Amount $0 View Full Details Learn moreChase Savings℠ 3.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.25 out of 5 Stars Annual Percentage Yield (APY) 0.01% APY effective as of 10/10/2022. Winner: TD Bank TD Bank CDs require a much lower minimum opening deposit than Chase CDs. TD Bank vs. Chase trustworthiness and BBB ratingsWe include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues. The BBB also gave TD Bank an A rating because government action was taken against the TD Bank.

Bank of America, Chase, and Wells Fargo have the most bank locations in the US. Compare Bank of America and Chase and Wells Fargo Bank of AmericaChaseWells Fargo Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightBank of America vs. Chase vs. Wells Fargo savings account comparisonsMost brick-and-mortar banks pay a low interest rates on savings accounts. Bank of America Advantage Savings Account Chase Savings℠ Wells Fargo Kids Way2Save Savings Account APY 0.01% to 0.04% APY 0.01% APY effective as of 09/26/2022. Your money will be safe in a bank account if a financial institution is federally insured by the FDIC or NCUA.

☆ JPMorgan doubles down on UK retail bank Chase
▼ + stars: | 2022-09-27 | by ( Iain Withers | ) www.reuters.com time to read: +4 min

JPMorgan said it had attracted one million customers and more than 10 billion pounds ($10.8 billion) of deposits to its UK mobile app bank since its launch last September. read more"We want to be international, starting with the UK," Sanjiv Somani, UK chief executive of Chase, said in an interview at the bank's UK headquarters in Canary Wharf in London on Friday. The retail banking revenue pool is in the trillions, even outside the U.S."He declined to say where Chase might launch next. Somani started his career in retail banking in India helping Citi launch a much simpler version of a 'digital bank' - one that would text you your bank balance. Germany's N26 quit the country after just two years, while Citi axed its UK retail bank last week.

☆ Special interest groups representing Amazon to Uber oppose possible crypto regulation in California
▼ + stars: | 2022-09-23 | by ( Caroline Haskins | ) www.businessinsider.com time to read: +8 min

Industry groups representing Amazon, Apple, Block, Coinbase, Genesis, Google, GrubHub, Lyft, Facebook/Meta, Uber, and other companies wrote to the state assembly opposing the law. Nine organizations representing consumers and advocating for economic justice wrote to the state assembly expressing support for the law. Several tech industry groups representing major companies and venture capital firms wrote in to oppose the law. Several organizations advocating for consumers and economic justice wrote to the state assembly expressing support for the law. Interest groups argued that regulation presents an "undue burden"on crypto companiesBlockchain Advocacy CoalitionThe Blockchain Advocacy Coalition wrote to Assemblymember Grayson on August 26.

☆ I sold one of my 20 metaverse properties for $30,000. The rest are getting me perks, like citizenship on a real-life island, and will be bringing me passive income.
▼ + stars: | 2022-07-06 | by ( Jenna Gyimesi | ) www.businessinsider.com time to read: +8 min

Angelica Saldaña is a full-time crypto investor who owns more than 20 virtual properties. There are many different virtual worlds and some of the most popular ones are Decentraland and The Sandbox. Someone offered to buy my NFT world for $38,000 last week but the transaction fee would have been $5,000. I'm confident in the future of virtual real estate because it offers something totally unique, beautiful, and helpful. If you own virtual properties and would like to share your story, email Jenna Gyimesi at jgyimesi@insider.com.

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