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☆ Banks and the federal government point fingers as Americans lose billions to online scams
▼ + stars: | 2024-11-03 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

The American Bankers Association is urging federal action on online financial fraud. Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams. For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. He also said that the government should create "financial crimes intelligence centers."

Persons: Banks, ABA's, —, It's, Rob Nichols, Nichols, Forbes, JP Organizations: American Bankers Association, Service, Federal Trade Commission, Consumer Financial Protection Bureau, JP Morgan, Bank of America, FTC Locations: Wells Fargo, Texas

☆ WNBA star Breanna Stewart made amends for free throw miss in Liberty's championship win
▼ + stars: | 2024-10-21 | by ( Drew Weisholtz | ) www.nbcnews.com time to read: +2 min

New York Liberty star Breanna Stewart kept cool in the face of pressure as she led the team to its first WNBA title with a thrilling 67-62 overtime win in the decisive fifth game of the WNBA Finals against the Minnesota Lynx on Sunday. Stewart, who tallied 13 points in the game, drained a pair of free throws in the extra session to seal the victory and the title. She said she was determined to hit the shots, especially after she missed a potential game-winning free throw in Game 1, which the Lynx won in overtime. Stewart, a two-time WNBA MVP who was also twice named WNBA Finals MVP while leading the Seattle Storm to a pair of championships before joining the Liberty, said she tried to keep things simple in that moment. Breanna Stewart shoots a free throw during overtime Sunday.

Persons: Breanna Stewart, Stewart, “, ” Stewart, Jenna, Sabrina Ionescu, Leonie Fiebich, Ivana Dojkić, Kayla Thornton, Nyara Sabally, ”, Elsa, Julius Erving —, J —, Caitlin Clark, It’s, Ionescu doesn’t Organizations: New York Liberty, WNBA, Minnesota Lynx, Lynx, Hoda, Seattle Storm, Liberty, Brooklyn’s Barclays, Barclays, Las Vegas Aces, New York Nets, ABA Locations: Brooklyn

☆ Success comes from being true to yourself and to the brand according to NAACP CMO Aba Blankson
▼ + stars: | 2024-06-24 | by ( Julia Hood | ) www.businessinsider.com time to read: 1 min

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☆ Celtics capture 18th NBA championship with Game 5 win over Mavericks
▼ + stars: | 2024-06-17 | by ( Joe Vardon | ) www.nytimes.com time to read: +8 min

BOSTON — The Boston Celtics are again champions of the NBA, having claimed a milestone title Monday night that will reverberate from coast to coast and carve out legacies for the current pillars of this storied franchise. The Celtics beat the Dallas Mavericks 106-88 in Game 5 of the 2024 NBA Finals to win the series 4-1 and claim a league-record 18th NBA championship. Tatum finished with 31 points, 11 assists and eight rebounds, while Brown added 21 points. “(The Celtics are) a great team,” said Dončić, who played the series with a bruised chest and lower leg injuries. On the other end of the spectrum, Mazzulla, 35, is the youngest coach since the ABA-NBA merger in 1976 to win a title.

Persons: Joe Mazzulla, Larry O’Brien, it’d, ”, Jayson Tatum, “, ” Tatum, Jaylen Brown, Celtics ’, Tatum, Brown, Russell, it’s, ” Brown, Jayson, Payton Pritchard, PAYTON PRITCHARD, J. W, stu, Irv, ng, te, Kar, nin Organizations: BOSTON, Boston Celtics, NBA, Celtics, Dallas Mavericks, Garden, Celtic, Boston, Los Angeles Lakers, ” Celtics, ” Boston, Dallas, ABA Locations: Boston

There are two ways to wire money: through a bank or through a wire service. How wire transfers workThe process of initiating a wire transferWire transfers typically come in two forms: a transfer between banks or through a money service, like Western Union. In general, a bank account wire transfer tends to cost less than using a service like Western Union. A wire transfer is a secure, electronic transfer of funds from one bank account to another. It's always good practice to review the recipient's information before initiating a wire transfer, and only send money to people you trust because it's difficult to reverse or cancel a transfer.

Persons: Cheryl Lock Cheryl Lock, Read Organizations: Western, Union, ABA, U.S, Network, USA, Forbes, MarketWatch, Twitter, LinkedIn Locations: Western Union, Union, U.S, Denver

☆ Mortgage companies could intensify the next recession, US officials warn
▼ + stars: | 2024-05-13 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Unlike traditional banks, nonbank mortgage companies like Rocket Mortgage are heavily exposed to swings in the mortgage market, depend on funding that can dry up during times of stress and don’t have stable deposits to rely on as a safety net. Despite the wonky term, nonbank mortgage companies have become vital players that make most home mortgages in the United States today. As of 2022, nonbank mortgage companies originated about two-thirds of US mortgages and owned the servicing rights on 54% of mortgage balances, according to FSOC. “Nonbank mortgage firms are thinly capitalized, which makes them vulnerable to failure if they lose financing or mortgage defaults spike,” said McCoy, a former mortgage regulator. “Starting in early 2007, we saw a tsunami of nonbank mortgage firms fail precisely for these reasons.”

Persons: Janet Yellen, FSOC, Cooper, ” FSOC, Ginnie Mae, Bob Broeksmit, Patricia McCoy, ”, McCoy Organizations: New, New York CNN, Rocket, Mortgage, Mortgage Bankers Association, ABA, Boston College Law School, “ Locations: New York, United States

☆ Biden administration faces onslaught of lawsuits as business groups claim regulatory overreach
▼ + stars: | 2024-04-29 | by ( Megan Cassella | In | ) www.cnbc.com time to read: +2 min

They argued that the FTC lacked the authority to impose it in the first place. The playbook is becoming a familiar one: The Biden administration finalizes a new rule regulating business, and the Chamber and industry lobbying groups immediately sue to stop it by arguing that the agency has overstepped its authority. So far this year, the administration has finalized seven rules, addressing everything from independent contractors to credit card late fees and climate disclosure requirements, only to see them met with near-immediate lawsuits by the Chamber and other groups. Officials at both the Chamber and ABA emphasize that litigation is always a last resort. But they see it as a necessary step when agencies issue regulations that go outside the scope of their authority.

Persons: WASHINGTON, Biden, finalizes, Joe Biden's, Trump, Obama's, It's, Neil Bradley Organizations: Federal Trade Commission, U.S . Chamber of Commerce, FTC, Chamber, American Bankers Association, ABA, CNBC Locations: U.S, Washington

☆ Rex Chapman: Former NBA star is glad to ‘be on the other side’ of drug and gambling addiction
▼ + stars: | 2024-02-20 | by ( Wynn Westmoreland | ) edition.cnn.com time to read: +5 min

Rex Chapman arrives at the premiere of the second season of "Ted Lasso" on Thursday, July 15, 2021, at the Pacific Design Center. Kentucky Wildcats guard Rex Chapman (3) in action against the Iona Gaels at Rupp Arena in December 1986. He says the drug addiction was a gateway to a gambling addiction which cost him nearly all of the $40 million he earned during his career. [And that] once I was able to get clean, there were people willing to give me opportunities,” Chapman told CNN. “It’s Hard for Me to Live With Me” is published by Simon and Schuster and Rex Chapman can be heard weekly on his podcast “Owned” by Smartless Media.

Persons: Rex Chapman, Chapman, ”, CBS Sports ’ Seth Davis, Ted Lasso, Jordan Strauss, Dell Curry’s, Steph Curry, ’, Wayne –, –, Malcolm Emmons, King Rex, “, I’m, Phoenix Suns Rex Chapman, Los Angeles Lakers Kobe Bryant, Sam Mircovich, ” Chapman, aren’t, ” Simon, Schuster, he’s, Chapman’s, John Lucas, ‘, Simon Organizations: CNN, Former, “ Sports, Charlotte Hornet, Phoenix Suns, CBS Sports, Pacific Design Center, NBA, ABA, Kentucky Wildcats, Iona, Rupp Arena, University of Kentucky, Los Angeles Lakers Kobe, Smartless Media Locations: El Camino

☆ Panera’s Charged Lemonade has been the subject of multiple lawsuits. Why is it still on the menu?
▼ + stars: | 2024-01-27 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +7 min

New York CNN —Restaurant chain Panera Bread has faced three separate lawsuits in recent months claiming the high levels of caffeine in its Charged Lemonade led to the death of two customers and irreversible health complications in another. Lawsuits claim advertising was unclearBoth wrongful death suits allege the Charged Lemonade does not clearly advertise its high levels of caffeine , and does not provide a warning to customers. A large-size Charged Lemonade, which comes in a 30-oz cup, contains up to 236 mg of caffeine. Similarly, the second lawsuit, filed in December by the family of a 46-year-old man with a chromosomal deficiency disorder, ADHD and high blood pressure, claimed that the product was not properly labeled. The product description on the individual pages for each lemonade flavor now reads: “Contains caffeine.

Persons: James Haggerty, Haggerty, “, ”, Panera, Leonard’s Organizations: New, New York CNN, CNN, US Food and Drug Administration, FDA, Federal Food, Act, American Beverage Association, ABA Locations: New York, Connecticut, United States

☆ Forta is betting big that AI can help improve access to autism therapy. Take a look at the presentation the healthcare startup used to raise $55 million from Insight Partners.
▼ + stars: | 2024-01-23 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +3 min

The healthcare startup, Forta, raised a Series A funding round in January led by Insight Partners. Das added that because every child using Forta receives personalized care, the startup's AI is trained to look at health records and recommend treatments. Indeed, a clinician shortage is creating opportunities for digital health startups to build out mental healthcare services. Mental health coaching startup tapouts just raised a $3.2 million seed round, while incumbents Brightline and Hazel Health have each raised tens of millions of dollars to provide pediatric mental healthcare. Take a look at the 14-slide pitch deck Forta used to raise its $55 million Series A funding round.

Persons: —, Warby Parker, Allbirds, Forta, Ritankar Das, Forta's, Das, Hazel Organizations: Service, Business, Insight Partners, Exor Ventures, Ventures, Mental, Hazel Health

☆ How to Open a Savings Account
▼ + stars: | 2024-01-14 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +9 min

If you’re ready to get the most out of your spare dollars, take these steps to open a new savings account. Compare savings account optionsIf you plan to open a savings account online, there are hundreds to choose from. Banks may also require you to deposit a certain amount to open or maintain a savings account with them. If you want to open a savings account that will be shared with another person, like a spouse or partner, you should opt for a joint account rather than a single account. Fund the accountIf your chosen bank or credit union requires a minimum deposit to open a new savings account, you’ll need to fund it with a check, cash, credit or debit card payment, or transfer from another checking or savings account.

Persons: Kerri Anne Renzulli, Banks, You’ll Organizations: Insurance, U.S, government’s Federal Deposit Insurance Corp, National Credit Union Administration, Federal Reserve, Consumer Financial, Consumer Financial Protection Bureau, Social, ABA Locations: government’s, U.S

Jokic had 21 points and 16 assists, including a difficult layup in traffic with 24.1 seconds left, and the Nuggets held off the Phoenix Suns 119-111 for a hard-fought victory. Durant moved in 10th place on scoring list late in the second quarter, driving the baseline for a layup to pass Moses Malone. Denver jumped out to a 41-30 lead going into the second quarter after shooting 79.2% (19 of 24) from the field. But you've got to credit the Nuggets and Nikola Jokic — that's why he's one of the best in the world. The Suns were playing without Booker (ankle) and Bradley Beal (back) while the Nuggets were without Jamal Murray (ankle) and Aaron Gordon (heel).

Persons: Nikola Jokic, Jokic, “, Michael Malone, ”, Kevin Durant, Michael Porter Jr, Porter, Justin Holiday, Kentavious Caldwell, Pope —, Jackson, ” Jokic, Jusuf Nurkic, Devin Booker —, ” Nurkic, ” Durant, Nurkic, Durant, Moses Malone, Malone, ” Vogel, you've, Nikola Jokic —, He's, Booker, Bradley Beal, Jamal Murray, Aaron Gordon, ___ Organizations: PHOENIX, Denver Nuggets, Nuggets, Phoenix Suns, Suns, Phoenix, Denver, NBA, ABA, Sacramento, Memphis Locations: Jokic, Jackson

☆ Slovakia tightens Hungary border in 'chain reaction' as migrant arrivals rise
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Slovakia's checks on its border with Hungary will start on Thursday and last 10 days. The Czech Republic, Poland and Austria already started temporary controls on their borders with Slovakia on Wednesday, while Germany introduced new controls with Poland and the Czech Republic last week. Odor, serving as a caretaker until a new government takes office following an election on Sunday, had previously resisted calls to impose border controls. "Poland is before elections, such rhetoric appears, and then the Czech Republic reacts and so does Austria. Slovakia's government said nearly 40,000 illegal migrants have passed into Slovakia since the start of the year.

Persons: Bernadett Szabo, Robert Fico, Jan Lopatka, Jason Hovet, Deborah Kyvrikosaios Organizations: Migrants, REUTERS, Slovak, Thomson Locations: Slovakia, Hungary, Chl'aba, Poland, Czech Republic, Austria, East, Afghanistan, Germany, Western Europe, Central

The Texas Bankers Association (TBA), American Bankers Association (ABA) and a small Texas bank sued in April, saying the CFPB had no authority to issue the rule because an appeals court found the regulator's funding structure unlawful. U.S. District Court Judge Randy Crane in McAllen, Texas, granted a preliminary injunction blocking the CFPB from enforcing the rule against members of both groups and McAllen-based Rio Bank. Crane blocked the rule pending a ruling by the U.S. Supreme Court on the CFPB's funding structure. The law also required the small business loan rule. 23-00144, U.S. District Court, Southern District of Texas.

Persons: Randy Crane, Crane, Dodd, Frank, Jody Godoy, Nick Zieminski Organizations: Consumer Financial Protection Bureau, Supreme, Texas Bankers Association, American Bankers Association, ABA, U.S, Rio Bank, Circuit, Appeals, Federal Reserve, Congress, U.S . Constitution, Consumer Financial, Court, Southern District of Texas, Thomson Locations: Texas, U.S, McAllen , Texas, McAllen, U.S ., Southern District, New York

☆ Federal Reserve officially launches new FedNow instant-payments service
▼ + stars: | 2023-07-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals. "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," Fed Chair Jerome Powell said. The American Bankers Association said it welcomes the FedNow developments, noting that the central bank joins the Clearing House, which put its payments service online in 2017, as two major providers in the space. There are still some outstanding questions about FedNow, such as whether banks will charge for the service. As FedNow goes online, Fed officials are studying the implementation of a central bank digital currency, with some saying they think FedNow could mitigate the need for a CBDC.

Persons: Jerome Powell, Wells, Rob Nichols, FedNow Organizations: Federal Reserve, Service, JPMorgan Chase, American Bankers Association, ABA Locations: U.S, Wells Fargo

☆ WHO decision on aspartame could hurt diet soda sales or lead to new drink formulas
▼ + stars: | 2023-07-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

Although full-calorie options still dominate the soda segment, diet sodas now represent more than a quarter of sales. Diet Coke, Coke Zero, Pepsi Zero Sugar and Diet Mountain Dew all contain aspartame. For most adults, that means drinking less than nine to 14 cans of diet soda every day. Even so, Edward Jones analyst Brittany Quatrochi said she isn't expecting a big hit to diet soda sales. Besides diet sodas, aspartame can also be found in a variety of foods, including breakfast cereals, chewing gum and ice cream.

Persons: Coke, sodas, Cowen, TD Cowen, Vivien Azer, Garrett Nelson, Gerald Pascarelli, Francesco Branca, Hugh Johnston, CFRA's Nelson, Edward Jones, Brittany Quatrochi, isn't, Keurig Dr Pepper, Kevin Keane Organizations: Health, International Agency for Research, Cancer, World Health Organization, Pepsi, WHO, CNBC, PepsiCo, Reuters, Diet Pepsi, Pepsi Zero, Coke, American Beverage Association, Keurig, ABA Locations: Diet, Coke

☆ 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

Those figures are now 20% at Berkeley Law and 15% at Michigan Law. The Association of American Law Schools on July 10 is convening a virtual conference focused on admissions in a post-affirmative action landscape, chaired by Berkeley Law dean Erwin Chemerinsky. Alongside strategies to recruit and admit diverse students, Zearfoss said the changing demographics of the law school applicant pool have helped Michigan Law bolster student diversity—good news for law schools now facing an affirmative action ban. The law school also prioritizes recruiting at events geared toward minority applicants and at college and universities with significant minority enrollment, Zearfoss added. Michigan Law and Berkeley Law both voluntarily withhold information about each applicant's race to ensure they comply with their state laws, admissions officials said.

Persons: Sarah Zearfoss, Erwin Chemerinsky, Edward Blum, ”, Michigan’s Zearfoss, Zearfoss, Chemerinsky, “, ” Chemerinsky, Karen Sloan, Leigh Jones Organizations: U.S, Supreme, University of Michigan Law School, University of California, Berkeley School of Law, Berkeley Law, American Bar Association, Michigan Law's, ABA, Michigan Law, Association of American Law Schools, Berkeley, Fair Admissions, Harvard University, University of North, Asian, Fair, Association of American Medical Colleges, American Dental Association, Law, Thomson Locations: Michigan, California, American, Sarah Zearfoss , Michigan, University of North Carolina, U.S

☆ The Nuggets’ Winning DNA Can Be Traced To Their ’70s ABA Predecessors
▼ + stars: | 2023-06-06 | by ( Robert O Connell | ) www.wsj.com time to read: 1 min

Larry Brown made this much clear: In more than half a century coaching basketball, for a long list of universities and professional franchises, he has never come across a player like Nikola Jokic. “You can’t even describe what he does,” Brown, 82, said of the Denver Nuggets’ magic show of a center. “I’ve never seen anyone pass the ball like he can.”

Persons: Larry Brown, Nikola Jokic, ” Brown, “ I’ve, ” Organizations: Denver Nuggets

☆ Banks ask SEC to stop short-seller attacks on their stocks driven by social-media speculation
▼ + stars: | 2023-05-05 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

A leading banking group called for the SEC to do more to stop speculative short selling in bank stocks. The American Banking Section said social-media speculation about banks was disconnected from their financial reality. "ABA is, however, unalterably opposed to short selling practices that distort the markets through manipulation and abuse," he said. Nichols called for the SEC to take a clearer stance against what he called market manipulation and abusive short selling practices. "The harm caused by short selling that runs counter to economic fundamentals ultimately falls on small investors, who see value destroyed by others' predatory behavior."

☆ U.S. bankers urge SEC to probe short sales, reduce 'abusive' trading
▼ + stars: | 2023-05-05 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

"We urge the SEC to consider all its existing tools and to take measures to reduce the avenues for abusive trading practices and restore investor confidence," the group said. "These measures include, at a minimum, a clear message and appropriate enforcement actions against market manipulation and other abusive short selling practices." Short sellers raked in $378.9 million in paper profits on Thursday alone from betting against certain regional banks, according to analytics firm Ortex. ABA President and CEO Rob Nichols told Gensler that short selling could be a legitimate financial tool, but his group was "unalterably opposed to short selling practices that distort the markets through manipulation and abuse." He called on Gensler to send a clear message to market players and take appropriate enforcement action against market manipulation and other abusive short selling practices.

Summary Among 2022 law graduates, 10% landed government jobs while 8% went into public interestSome schools had much higher percentage of grads go into those jobs(Reuters) - When it comes to sending graduates into government and public interest jobs, no law school comes close to the City University of New York School of Law. The Albuquerque school saw just shy of 40% of its most recent class go into government and public interest jobs. Public interest jobs include public defenders, labor unions, and positions at organizations funded by the Legal Services Corp. Some law schools send significantly higher percentages of their alumni into government and public interest jobs than the national average. Read more:These law schools sent the most grads to federal clerkshipsLarge U.S. law firms love hiring from these schoolsThese law schools aced the job market in 2022Our Standards: The Thomson Reuters Trust Principles.

Summary A relatively small number of law schools dominate federal clerkships(Reuters) - A quarter of Stanford Law School’s 2022 graduates landed federal clerkships—the highest percentage among all U.S. law schools, according to new data from the American Bar Association. The University of Notre Dame Law School and the University of Virginia School of Law round out the top five with 15% and nearly 13% of 2022 graduates in federal clerkships. The latest ABA data shows that just 3% of the 36,078 law graduates in 2022 are clerking for federal judges. Some federal judges hire law students for clerkships that won't begin for a year or two, allowing them to gain experience first. Read more:These law schools aced the job market in 2022Large U.S. law firms love hiring from these schoolsOur Standards: The Thomson Reuters Trust Principles.

☆ Monitoring Financial Institution Compliance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +41 min

Compliance MonitorshipsA compliance monitor (also called an independent examiner or independent compliance consultant) is an impartial party appointed by the government to detect the root causes of the institution’s compliance failures. The purpose of a compliance monitor is not to address a particular compliance failure or punish the institution. Responded to compliance issues, in a timely manner and in a way that demonstrates that the institution takes compliance issues seriously. Compliance Department EmployeesThe monitor must evaluate the adequacy of compliance department employees, including the number of compliance employees, their experience, and their expertise. Assess the Compliance SystemsThe monitor typically engages compliance technology experts, who have specific knowledge of coding and compliance technology software, to test and evaluate the institution’s compliance systems.

☆ ChatGPT, Generative AI, and LLMs for Litigators
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +23 min

What are the basics litigators should know about how generative AI and LLMs work? Generative AI is a type of AI that generates new content or data in response to a prompt, or question, by a user. LLMs are an advanced form of generative AI that are the basis for generative pre-trained transformer (GPT) platforms, such as ChatGPT. What are the primary ethical pitfalls of using generative AI and LLMs, and how can litigators avoid them? What types of procedural and substantive issues are likely to arise in litigation stemming from the use of generative AI and LLMs?

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