These are automated tools that are used increasingly by banks for online service. The Consumer Financial Protection Bureau (CFPB) announced that it is investigating concerns that have been raised about customer service chatbots. Financial regulator raises concerns about bank chatbots The price of a barrel of crude oil is more than 10% lower than it was when the year began, and about 40% lower than it was a year ago. So far, production cuts have been unable to reverse a steep decline in oil prices. Oil prices responded with an immediate surge but quickly subsided. The move to reduce oil supply is an attempt to shore up sagging oil prices. Saudi Arabia announces oil production cutĪ new inflation threat emerged when Saudi Arabia announced that it will cut oil production by 1 million barrels a day. A day later, the SEC also filed suit against Coinbase, the largest crypto exchange operating in the United States. customers could trade on unregulated foreign exchanges. The SEC alleges that at Zhao’s direction, Binance commingled customer and company assets and overrode compliance controls so U.S. The suit also names the firm’s founder, Changpeng Zhao, for securities violations. Binance is the world’s largest crypto exchange. The Securities and Exchange Commission (SEC) has sued the Binance cryptocurrency exchange over allegations of a variety of securities violations. SEC sues crypto exchange for securities violations Still, JP Morgan Chase customers would be wise to review their account transactions and balances carefully to be sure the appropriate corrections have been made. The bank says it has resolved the issue and customers will not be liable for any overdrafts or other problems resulting from the double charges. JP Morgan Chase is one of the nation’s largest banks, so the issue involved millions of customers. JP Morgan Chase glitch charges customers twiceĪ systems problem at JP Morgan Chase bank caused fees, payments and other transactions to be posted twice on June 2. The CFPB advises people who use payment apps to transfer money out of those apps as soon as it is no longer needed for a transaction. 85% of people aged 18 to 29 use these apps. Unlike bank or credit union deposits, money in these cash apps is not covered by federal deposit insurance. The Consumer Financial Protection Bureau (CFPB) recently warned consumers that money in cash apps like PayPal and Venmo is at risk if those companies fail. While consumers have been reminded of the risk of bank failures in recent months, they may be less aware of the risk they take when they deposit money with non-bank payment apps. Money in cash apps is unprotected in case of failure The challenge is to do this without compromising the predictive value of credit scores. The VantageScore methodology seeks to include a broader range of payment streams so that even people who haven’t been able to get credit in the past will be able to establish a payment record.
In comparison, non-financial institutions increased VantageScore usage by just 18%. Those institutions (banks, credit unions and other lenders) increased VantageScore usage by 46%. Growth in the use of VantageScore was especially fast among financial institutions.
VantageScore is a joint venture created by the three major credit reporting bureaus – Equifax, Experian and TransUnion. VantageScore is an alternative to the traditional FICO credit score model. The use of the VantageScore increased by 30% during 2022. Corporate America reins in hiring plans.Financial regulator raises concerns about bank chatbots.Saudi Arabia announces oil production cut.SEC sues crypto exchange for securities violations.JP Morgan Chase glitch charges customers twice.
Money in cash apps is unprotected in case of failure.Stories, news, politics and events impacting the personal finance sector during the last week. Credit Sesame’s personal finance weekly news roundup June 10, 2023.
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