The subprime auto lender failed to disclose that it received fees for referring borrowers to CarMax, the used-car dealer, according to California's financial regulator.
Research and consumer surveys aren’t the only tools to help banks understand what they need to do. Friends of executives can provide honest feedback as regular customers.
In addition to his highly publicized comments on trade and other political issues, the CEO of JPMorgan Chase used his annual letter to underscore the importance of job training for low-wage workers and call attention to an FDIC proposal that encourages banks to hire workers who have been convicted of minor crimes.
Online account opening and facial recognition features on mobile apps are among the technologies the bank intends to introduce or improve upon this year, CEO Jamie Dimon wrote in his yearly shareholder letter.
Rep. Maxine Waters, D-Calif., questioned Bank of America's decision to discontinue free online checking accounts used by many low-income consumers in light of the bank's recent profits and corporate tax cuts.
Late-payment rates at banks declined in nine out of the 11 consumer loan categories tracked by the American Bankers Association, including credit cards, auto loans and personal loans.
U.S. banks lag the technology, telecommunications and energy sectors in what they pay employees, according to new data. The gap suggests that the industry may not be the acting aggressively enough to remake itself for the digital age.
