Big banks set aside billions as they brace for a downturn
The country’s largest lenders increased their reserves to protect against deteriorating economic conditions this year, after reporting resilient profits for the end of last year.
Banks plan to start reimbursing some victims of Zelle scams
A rule change planned for early next year would shift liability for some Zelle losses onto the banks, not their customers.
Appeals court finds consumer bureau’s funding unconstitutional
A federal appeals court ruled Wednesday that the leading financial regulator has been unconstitutionally funded since its creation more than a decade ago.
Government to cancel $6 billion in student loans for defrauded borrowers
Around 200,000 former students who attended schools that they said defrauded them will have $6 billion in federal loans canceled under a sweeping settlement announced...
When customers say their money was stolen on Zelle, banks often refuse to pay
Federal law requires banks to reimburse customers for unauthorized electronic transfers, but they often refuse, stranding victims.
7 million bad student loans with no way out, for anyone
Before payments restart — which is scheduled for September — the Education Department plans to restore all 7.5 million borrowers with defaulted loans to good...
Fraud is flourishing on Zelle. The banks say it’s not their problem.
Zelle, the payments platform, is a popular target of scammers. But banks have been reluctant to make fraud victims whole — despite owning the system.
The $1.7B student loan deal that was too good to be true
A deal between 39 states and Navient would erase $1.7 billion in private student loans, but thousands who made their payments on time will still have...