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☆ Bank of America raked in at least $80 million by repeatedly charging some customers a $35 fee, regulators say
▼ + stars: | 2023-07-12 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Bank of America made at least $80 million by repeatedly charging customers a $35 fee, the CFPB said. The bank would sometimes push the fee multiple times on the same transaction, per the CFPB. "Over a period of multiple years, Bank of America generated substantial additional revenue by illegally charging multiple $35 fees." The regulator ordered the bank to refund customers $80.4 million, and to pay a $120 million total fine. In May 2022, the bank was also made to pay $10 million in civil penalties for unlawfully garnishing its customers' wages.

Persons: It's, Rohit Chopra, William Haldin, Haldin Organizations: of America, Service, Bank of America, Consumer Finance Protection, Bank of Locations: Wall, Silicon

☆ Bank of America staffers secretly opened credit card accounts for people without their knowledge and damaged their credit scores: regulators
▼ + stars: | 2023-07-12 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Bank of America was issuing credit cards to people without their consent for years, the CFPB said. The CFPB did not say how many current and former bank staffers were accused of submitting false credit card applications. "Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent," said CFPB Director Rohit Chopra in the statement. The bank was also ordered to pay $727 million in 2014 for misleading consumers in marketing for its credit card add-ons. In 2016, Wells Fargo was similarly fined $185 million for secretly issuing credit cards to customers without them knowing.

Persons: Rohit Chopra, William Haldin, Haldin, Wells Fargo Organizations: of America, Service, Privacy, Bank of America, Consumer Financial, Bureau, Bank of Locations: Wall, Silicon, Wells

SINGAPORE, July 11 (Reuters) - Singapore investment firm Temasek Holdings (TEM.UL) on Tuesday posted a 5.2% drop in its net portfolio value to S$382 billion ($284.65 billion) in the financial year that ended in March. The drop in net portfolio value is its first since the 2019 financial year and came amid intensified global market volatility. Over the last decade, Temasek has grown its net portfolio value by 77.7% to S$382 billion from S$215 billion in 2013. Its portfolio value hit a record high of S$403 billion in the year ending in March 2022. Most of China's tech companies share prices have rallied since Friday on the hope that strict regulations that have stymied growth for more than two years would ease.

Persons: Chin Yee, Temasek, Rohit Sipahimalani, it's, Yantoultra Ngui, Xinghui, Robert Birsel Organizations: Temasek Holdings, Ant Group, Temasek, DBS, China Construction Bank, PSA International, Mapletree Investments, Ant, People's Bank of, Thomson Locations: SINGAPORE, Singapore, China, Asia, Temasek, People's Bank of China

July 11 (Reuters) - Bank of America on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization. Consumers could not reasonably expect or understand they would be hit with $35 fees each time the bank declined to pay a single transaction, regulators said. In a statement, Bank of America said it voluntarily eliminated or reduced a range of fees last year. The accounts represented a "small percentage" of new accounts at the bank, regulators said. As a result of these industry leading changes, revenue from these fees has dropped more than 90 percent," Bank of America said in a statement.

Persons: Rohit Chopra, Rami Ayyub, Chris Prentice, Saeed Azhar, Jonathan Stempel, Emma Rumney, Michelle Price, Sharon Singleton, Emelia Organizations: Bank of America, Consumer Financial Protection Bureau, Currency, OCC, Thomson Locations: Charlotte , North Carolina

☆ Temasek says it's 'very difficult' to invest in crypto exchanges amid regulatory uncertainties
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTemasek says it's 'very difficult' to invest in crypto exchanges amid regulatory uncertaintiesRohit Sipahimalani, Temasek's chief investment officer, talks about why the firm invested in failed crypto exchange FTX, and explains why Temasek "would not be comfortable" investing in crypto assets right now.

Persons: it's, Rohit Sipahimalani Organizations: Temasek

☆ BofA's sales goals expectations became a 'pressure cooker' for illegal activity, says CFPB's Rohit Chopra
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's sales goals expectations became a 'pressure cooker' for illegal activity, says CFPB's Rohit ChopraRohit Chopra, CFPB director, joins 'Last Call' to talk Bank of America having to pay out $250 million dollars for charging bogus fees to customers and creating fake accounts.

Persons: CFPB's Rohit Chopra Rohit Chopra Organizations: Bank of America

☆ Singapore's Temasek says it's not looking to invest in crypto firms amid current regulatory uncertainties
▼ + stars: | 2023-07-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Rohit Sipahimalani, chief investment officer of Temasek Holdings Pte, speaks during a news conference in Singapore, on Tuesday, July 11, 2023. Ore Huiying | Bloomberg | Getty ImagesSingapore's sovereign wealth fund Temasek is not currently looking to invest in crypto companies amid regulatory uncertainty in the sector, its chief investment officer Rohit Sipahimalani said. "There's a lot of regulatory uncertainty in this environment. The U.S. Securities and Exchange Commission charged top U.S. crypto exchange Ripple for breaching local securities laws by selling its native token XRP without first registering it with the regulator. The SEC separately charged another U.S. crypto exchange Coinbase for operating as an unregistered securities exchange, a broker or a clearing firm.

Persons: Rohit Sipahimalani, Sipahimalani, Coinbase, We've, we'll Organizations: Temasek Holdings, Bloomberg, Getty, Temasek, CNBC, U.S . Securities, Exchange Commission, SEC Locations: Singapore, cryptocurrency, cryptocurrencies, FTX

☆ Bank of America Fined $150 Million Over ‘Junk Fees’ and Fake Accounts
▼ + stars: | 2023-07-11 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

“These practices are illegal and undermine customer trust,” Rohit Chopra, the director of the consumer bureau, said in a statement. will be putting an end to these practices across the banking system.”Regulators said that Bank of America imposed improper overdraft fees by double-charging customers over the same transaction. The first charge would be a $35 “insufficient funds” penalty levied against a customer who tried to pay for something by check or automated transaction without having the funds necessary to do so. A Bank of America spokesman said the bank had “voluntarily” reduced overdraft fees from $35 to $10 in early 2022 and had eliminated its $35 “insufficient funds” penalty. In addition to the action on overdraft fees taken together by the two regulators, the consumer bureau said it had discovered two other areas where it said the bank was mistreating customers.

Persons: ” Rohit Chopra, “ Organizations: Regulators, Bank of America, of America

As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. Bank of America noted in an email to CNN that those fees were eliminated last year. In 2014, it was ordered by the CFPB to pay $727 million in redress to consumers for illegal credit card practices.

Persons: Wells, ”, Rohit Chopra, Bank of America “, “ Organizations: New, New York CNN, Bank of, Consumer Financial Protection Bureau, Bank of America, Currency, “ Bank of, OCC, CNN, of America Locations: New York, United States

☆ Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees
▼ + stars: | 2023-07-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A man walks past an automated teller machine (ATM) outside Bank of America Corp. headquarters in Charlotte, North Carolina, U.S., on Monday, May 2, 2016. Bank of America , the second largest U.S. bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers in recent years, the Consumer Financial Protection Bureau said Tuesday. The announcement Tuesday is the latest sign that some of the practices exposed by the Wells Fargo fake accounts scandal in 2016 weren't confined to that bank. Regulators have punished Wells Fargo for a sales culture that led to the creation of 3.5 million fake accounts. But other lenders have had similar lapses, including U.S. Bank , which paid a $37.5 million fine last year for putting customers into unauthorized accounts.

Persons: Rohit Chopra, Bill Halldin, Wells, weren't Organizations: Bank of America Corp, Bank of America, Consumer Financial, of America, Regulators, U.S . Bank Locations: Bank, Charlotte , North Carolina, U.S

☆ Why credit card late fees may drop to $8
▼ + stars: | 2023-07-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

How things might changeIf no substantive changes are made to the proposal, here is how late fees would change, relative to current rules. Today, they may charge you automatically up to $41 ($30 for your first late payment but $41 for subsequent ones). But since the CFPB hasn’t seen today’s late fees exceed $41, it is unlikely you would see late fees as high as those examples suggest, Shearer noted. Among them, they assert that the CFPB’s estimates don’t account for the costs associated with uncollected late fees or the forgiveness of late fees by financial institutions. As a result, the cost of credit will increase, credit availability will drop, and rewards and other credit card features will decline and some may disappear,” the letter stated.

Persons: Brian Shearer, Rohit Chopra, Shearer, ”, “, ” CFPB’s Shearer Organizations: New, New York CNN, Consumer Financial, American Bankers Association, Consumer Bankers Association, National Association of, ABA Locations: New York

☆ Biden wants to roll back Trump’s expansion of short-term health insurance plans
▼ + stars: | 2023-07-07 | by ( Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —The Biden administration wants to crack down on short-term health insurance plans, which it says can leave patients saddled with hefty medical bills. The proposal would largely reverse former President Donald Trump’s expansion of short-term plans in 2018, which extended the duration of the policies to just under a year and allowed them to be renewed for a total of up to 36 months. Short-term plans do not have to adhere to Obamacare’s consumer protections. The Trump administration heralded them as a cheaper alternative to Affordable Care Act policies since the limits on benefits allow short-term plans to carry lower premiums. Also, the Biden administration announced new guidance to strengthen rules protecting patients from surprise medical billing.

Persons: CNN —, Biden, Donald Trump’s, Trump, Neera Tanden, Joe Biden, ” Rohit Chopra Organizations: CNN, Affordable, Biden, House, of Health, Human Services, Treasury Department, Consumer Financial, Bureau, “

☆ ACI Worldwide fined $25 mln for multibillion-dollar mortgage payment 'fiasco'
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew KellyJune 27 (Reuters) - The top U.S. consumer finance watchdog on Tuesday said it had fined the Nebraska payment processor ACI Worldwide (ACIW.O) $25 million for improperly processing more than $2 billion in mortgage payment transactions without customer authorization. ACI Worldwide consented to the CFPB order without admitting or denying responsibility. According to the CFPB, during a test of the payments platform in April 2021, ACI improperly used actual consumer data, rather than dummy data, which illegally initiated more than $2.3 billion in payments. Reporting by Douglas Gillison; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Cooper, Rohit Chopra, Douglas Gillison, Chizu Organizations: Consumer Financial Protection Bureau, Washington , D.C, REUTERS, Mr, Consumer Financial, Bureau, ACI, Thomson Locations: Washington ,, Nebraska

☆ Watch CNBC's full interview with Roth Capital's Rohit Kulkarni and Jefferies' Brent Thill
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Roth Capital's Rohit Kulkarni and Jefferies' Brent ThillRohit Kulkarni, managing director at Roth Capital Partners, and Brent Thill, Jefferies equity research analyst, join ‘Squawk on the Street’ to discuss their take on Amazon, how A.I. benefits tech stocks, and more.

Persons: Roth, Rohit Kulkarni, Jefferies, Brent Thill Rohit Kulkarni, Brent Thill, ‘ Squawk Organizations: Roth Capital Partners, Jefferies

☆ Roth Capital's Rohit Kulkarni: Here's why Amazon is the best bet heading into 2024
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRoth Capital's Rohit Kulkarni: Here's why Amazon is the best bet heading into 2024Rohit Kulkarni, managing director at Roth Capital Partners, and Brent Thill, Jefferies equity research analyst, join 'Squawk on the Street' to discuss their take on Amazon, how A.I. benefits tech stocks, and more.

Persons: Roth, Rohit Kulkarni, Brent Thill Organizations: Roth Capital Partners, Jefferies

☆ Credit-card crackdown will net limited rewards
▼ + stars: | 2023-06-22 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 22 (Reuters Breakingviews) - With more than two open accounts for every American, credit cards are practically part of the family. The point of credit cards is to make spending easier, yet in practice their complexity rivals the edgiest financial derivatives. At Capital One, late fees account for a little less than $2 billion of revenue, or roughly 5%, a year. If late fees have raised hackles among U.S. lenders, they’re only a taste of what could lie in store. Currently, issuers can charge $30 for a first late payment and $41 for late payments thereafter if they happen within the following six billing cycles.

Persons: Joe Biden’s, Biden, Banks, don’t, Goldman Sachs, Rohit Chopra, Michael Barr, that’s, There’s, Chase, they’re, –, Joe Biden, Jeffrey Goldfarb, Oliver Taslic Organizations: YORK, Reuters, JPMorgan, Consumer Financial, Bureau, American Bankers Association, Citigroup, Federal Reserve, Securities and Exchange Commission, Discover Financial Services, Bank of America, One, Fed, Biden, University of Michigan, Apple, Chase Sapphire, American Express, Capital, U.S, Consumer Financial Protection Bureau, New York Fed, Thomson Locations: U.S, United Kingdom

☆ The Army Corps’s Flood Plan Could Ruin New York’s Waterfront. It Doesn’t Have To. - The New York Times
▼ + stars: | 2023-06-15 | by ( ) www.nytimes.com time to read: +14 min

Mr. Gutman is an environmental planning consultant and a member of the New York-New Jersey Storm Surge Working Group. In terms of population at risk, New York City is the most vulnerable city in the country, according to Climate Central, a nonprofit research organization. These highly effective and reliable harborwide surge barriers can protect large areas while leaving shorelines free for recreation and other uses. Hudson River Park 12 feet 12 feetHudson River Park 12 feet 12 feetHudson River Park 12 feet 12 feetGantry Plaza State Park 12 feet 12 feetGantry Plaza State Park 12 feet 12 feetImagine bicycling up the Hudson River Greenway in Manhattan next to a concrete wall between you and Hudson River Park. It consists of walls, small storm surge barriers and other shoreline barriers.

Persons: Robert Yaro, Daniel Gutman, Quoctrung Bui, Taylor, John Lehr, Yaro, Gutman, Hurricane Sandy, Rohit Aggarwala, Aggarwala, Jeroen Aerts, “, Sandy Hook, Arthur, Sandy, David Ralston Organizations: The New York Times, Regional Plan Association, Metro Flood Defense, New Jersey Storm, U.S . Army Corps of Engineers, Corps, Hurricane, Climate Central, United Nations, New, LaGuardia Airport, Vrije University Amsterdam, New York City, Bronx Manhattan, Bronx Manhattan Jersey City Queens, Bronx Manhattan Jersey City Queens Brooklyn Jamaica Bay, U.S . Army Corps, Engineers, Oceanographic, Dade Locations: York, New, New York, New Jersey, floodwalls, New York City, Rotterdam, Netherlands, London, St, Petersburg, Russia, New York Harbor, Central, Greenpoint, Manhattan’s, Jersey City, Hudson, Greenway, Manhattan, United, Jersey, Bronx, Queensbridge, South Williamsburg, Yonkers, Ossining, Market, Newtown, New York State , New Jersey, Brooklyn, Staten Island, Arthur Kill, Jamaica, Bronx Manhattan Jersey, Bronx Manhattan Jersey City Queens Brooklyn, Bronx Manhattan Jersey City Queens Brooklyn Jamaica Bay Staten, Texas, Galveston, Houston, Hurricane, Miami

☆ US consumer watchdog defends credit card 'junk fee' proposal
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - The top U.S. consumer watchdog on Tuesday defended a proposal to limit late fees charged on credit card balances, a move that has faced fierce opposition from the banking industry. In testimony before the Senate, Consumer Financial Protection Bureau Director Rohit Chopra rejected arguments by banks that capping late fees would force them recover the lost revenue by charging higher interest rates or cutting access to credit for some. "They are fully allowed to capture their costs," Chopra said under questioning from Senator Tim Scott, the top Republican on the Senate Banking Committee, who recently announced his 2024 presidential bid. "One of the things that our issuers tell us is that they don't want to profit off of late fees. The CFPB in February rolled out a regulatory proposal that would cap late fees at $8, far lower than the current $30-$41, unless credit card issuers could justify charging more, part of the Biden administration's attack on what it calls consumer "junk fees."

Persons: Rohit Chopra, Chopra, Tim Scott, Biden, Scott, Douglas Gillison, Deepa Babington Organizations: Senate, Consumer Financial, Republican, Senate Banking Committee, Thomson

☆ India's outsourcing giants cut hiring; disheartening for economy, students
▼ + stars: | 2023-06-12 | by ( Navamya Ganesh Acharya | ) www.reuters.com time to read: +7 min

There are pockets of optimism elsewhere in the services sector - especially in accounting, where there is a surge in hiring. NLB sees a 20-25% drop in IT employee additions in the first half of the current financial year, while TeamLease Digital expects a 40% decrease for the entire year. Nasscom declined comment on the hiring slowdown. That has "surely left applicants concerned about future prospects", said staffing firm Xpheno's co-founder Kamal Karanth, who highlighted how current hiring activity was "under a third of what was recorded in the buoyant peak". Pai highlighted sectors such as financial services, consumer goods, specialised manufacturing, medicine, law, chartered accounting and other services as more viable options.

Persons: Rohit Azad, Azad, Rishad Premji, Sakshi Gupta, Sachin Alug, NLB, Nilanjan Roy, Nasscom, Gautam, Xpheno's, Kamal Karanth, LTIMindtree, Karanth, Siana, Siddharth Pai, Pai, Dhanya Skariachan, Raju Gopalakrishnan Organizations: New, Jawaharlal Nehru University, Wipro, HDFC, Apple, Citigroup, American Express, Europe's Credit Suisse, UBS, NLB Services, TeamLease, IT, Tata Consultancy Services, Infosys, Reuters Graphics, Sethuraman, Thomson Locations: BENGALURU, India, Punjab

☆ Rahane helps India hang tough against Australia onslaught
▼ + stars: | 2023-06-09 | by ( Pritha Sarkar | ) www.reuters.com time to read: +3 min

Australia will be eager to tighten their grip on the match as they lead India by 196 runs, with Usman Khawaja batting on 13 along with Marnus Labuschagne on eight. While Thakur lived dangerously, Rahane went about rescuing India's hopes with his mix of delectable shot selection in the 109-run partnership for the seventh wicket. While he fell 11 runs short of scoring a century in the second over after lunch, the 35-year-old crossed 5000 test runs during his 129-ball knock which included 11 fours and a six. Following Rahane's departure, Thakur steered India past the follow-on target before bringing up his 50 with a sumptuous four. Blinking rapidly, he hurriedly grabbed his bat to make his way to the crease and made sure Australia reached tea without losing any further wickets.

Persons: Pat Cummins, Usman Khawaja, Marnus Labuschagne, Ajinkya Rahane, Shardul Thakur, Scott Boland, Srikar, Bharat, Thakur, Cummins, Cameron Green, Rahane, India's, Alex Carey, Rohit Sharma's, Umesh Yadav, Mohammed Shami, Labuschagne, David Warner, napping, Warner, Pritha Sarkar, Ken Ferris, Toby Davis Organizations: India, Australia, DRS, Cummins, ICC, WTC, Thomson Locations: India, Australia, London

☆ NYC chief climate officer: Working on how to get ahead of current climate crisis
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNYC chief climate officer: Working on how to get ahead of current climate crisisRohit Aggarwala, chief climate officer for NYC, joins 'Squawk on the Street' to discuss the city's long-term modeling work in preparation for more wildfires in Canada, the impact of firefighter support in Canada, and more.

Persons: Rohit Aggarwala Locations: Canada

☆ Warner misses out on fifty, Australia 73-2 in WTC final v India
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

After Usman Khawaja fell for a duck, Warner shared a 69-run stand with Marnus Labuschagne, who reached 26 not out, to steady the innings. Shardul Thakur dismissed Warner for 43 in the penultimate over before lunch. Earlier, India did not have to wait long for a breakthrough after captain Rohit Sharma won the toss and inserted Australia on a grassy wicket. After a quiet opening hour, Warner cut loose and hit Umesh Yadav for four fours, including three in a row, in an over. Shardul Thakur had two lbw appeals against Labuschagne turned down and India reviewed both decisions but could not get them reversed.

Persons: David Warner, Paul Childs, Usman Khawaja, Warner, Marnus Labuschagne, Shardul Thakur, Steve Smith, Rohit Sharma, Mohammed Shami, Mohammed Siraj, Khawaja, Siraj, nestling, Umesh Yadav, Labuschagne, Bharat, Ravichandran Ashwin, Ravindra Jadeja, Scott Boland, Josh Hazlewood, Amlan Chakraborty, Christian Radnedge, Ed Osmond Organizations: Cricket, ICC, Paul Childs LONDON, India, The, KS, Warner, Thomson Locations: Australia, India, London, Britain, India's, New Delhi

☆ Meta vs. TikTok: How they're each using AI to attract advertisers and which one is winning
▼ + stars: | 2023-06-07 | by ( Paulina Likos | ) www.cnbc.com time to read: +14 min

The aim was a similar short-form video service to become more competitive in the space and slow down ad share losses. "This is a key leading indicator for monetization, and any incremental results from AI-driven targeting and measurement would accelerate the market share shift." In a digital advertising market where growth is limited, the battle for market share gains is critical. TikTok's AI strategy TikTok has seen a quick rise in viewership by virtue of predictive AI for content recommendation. TikTok advertisers can place ads through the platform's TikTok Ads Manager , offering automatic audience targeting and measurement tools.

Persons: TikTok, Debra Aho Williamson, Instagram, Aho Williamson, Rohit Kulkarni, Roth MKM, Kulkarni, Roth MKM Kulkarni, Oppenheimer, That's, Brad Erickson, Meta, Erickson, Meta's, Mark Zuckerberg's, Roth, Joe Biden, it's, we're, Jim Cramer's, Jim Cramer, Jim, Rafael Henrique, Lightrocket Organizations: Facebook, TikTok, Meta, Insider Intelligence, Apple, CNBC, JMP Securities, RBC Capital, Citi, —, Oracle, Getty Locations: Beijing, Instagram, U.S, Montana

More than 280 people were killed and over 1,100 injured in a three-way crash involving two passenger trains and a freight train in eastern Odisha state on Friday, officials said. BJP4India/TwitterThe cause of Friday’s crash remains unclear, but senior state railway officials told CNN that it is suspected to have been caused by a traffic signaling failure. Video footage and photographs from the crash site near Bahanaga Bazar rail station showed scenes of chaos and despair. An official overseas rescue efforts at the site of the train crash in Balasore. An aerial view of the derailed coaches in Balasore.

Persons: Narendra Modi, Modi, Ashwini Vaishnaw, ” Modi, “, “ It’s, Sudhanshu Sarangi, “ We’ve, Piyal Adhikary, Anshuman Purohit, ” Rohit Raj, Dibyangshu Sarkar, ”, Narendra Singh Bundela, ” Bundela, Stringer, Rafiq Maqbool, AP Modi, Shehbaz Sharif, Rishi Sunak, Ursula von der Leyen, Fumio Kishida Organizations: India CNN — Indian, Bharat, CNN, Chennai Coromandel, Passengers, NDTV, Getty, Response Force, Reuters, National Crime Records, Western, AP, Force, Rapid Action Force, Soro Block, “, British, EU, Japan’s Locations: Bhubaneswar, India, Odisha, Balasore, Shalimar, Chennai, Yesvantpur, Howrah, Bahanaga Bazar, AFP, Andhra Pradesh, Uttar Pradesh, New Delhi, Mumbai, country’s Jammu, Kashmir, Soro

☆ CFPB warns about storing funds in payment apps like PayPal, Venmo
▼ + stars: | 2023-06-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

Some consumers are using services like PayPal, Venmo, Cash App and Apple Pay for direct deposit of paychecks, or simply storing lots of cash in them. Payment apps, however, are not federally insured on the institution level. PayPal Holdings (PYPL), which owns both PayPal and Venmo, did not reply to a request for comment Friday. “Tens of millions of American consumers and small businesses rely on payment apps to better spend, manage, and send their money. The agency also noted the payment apps make money by investing funds their customers store on the apps, similar to how banks invest their customers deposits.

Persons: Rohit Chopra, ” Organizations: New, New York CNN, PayPal, Financial, Bureau, Valley Bank, Signature Bank, Bank, PayPal Holdings, Financial Technology Association Locations: New York

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