The US Government has seized $5.25 million in six bank accounts at JPMorgan Chase, alleging the funds are the proceeds of a sophisticated fraud scheme. A complaint filed by the US Justice Department says the funds were stolen from a workers union in Massachusetts that was tricked into wiring millions of dollars directly to scammers.
The Rockland Trust branch in Somerville’s Davis Square. The bank has loaned money to Cambridge’s Neville Center nursing home. (Image: Google) The bank that holds an $11.4 million mortgage from the city-affiliated Neville Center nursing should forgive part of the loan, Cambridge city councillors said Monday. The order requesting Rockland Trust Co. to forgo getting
The share of loans written off by microfinance lenders in their loan books continues to expand year-on-year. According to the latest quarterly report on microfinance lending by credit bureau Crif High Mark, the write-offs have jumped to 8.6 per cent (Rs 38,072 crore) of Rs 4.42 lakh crore in gross loan portfolio (GLP) as of March
A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance. The agency filed a lawsuit against the lender in 2017, accusing
By Howard Schneider WASHINGTON (Reuters) – U.S. households, banks and firms are largely in solid financial shape, with the means at hand to cover debt payments and with strong enough buffers to absorb potential shocks, Federal Reserve Governor Lisa Cook said on Wednesday. Even commercial real estate, which fell in value as workers shifted to
Banks are seeing a slide in demand for loans — at the same time that they’re tightening lending standards. And the pressures, as noted in the most recent Federal Reserve survey of loan officers through the “Senior Loan Officer Opinion Survey on Bank Lending Practices,” have impacted all manner of loan types, spanning commercial and
The cart doesn’t lead the horse, which is why payments innovations tend to check the boxes that end users need most. And sometimes the smallest boxes, or micro moments, can have the biggest impact. “Embedded finance solutions need to be embedded in the consumer’s flow in order to capture those micro moments when a consumer