The CFPB ordered Texas money transmitter Maxi to pay a $500,000 fine for allegedly deceiving consumers by saying the company is not responsible for errors made by agents.
Financial services is a dangerous diversification play for USPS, a contributor writes; Sen. Elizabeth Warren tells acting CEO that Wells Fargo is "still fundamentally broken"; Capital One buys a tech-focused investment bank; and more from this week's most-read stories.
There’s a long list of reasons traditional lenders haven't kept up with the needs of entrepreneurs, says Judith Erwin, the head of Grasshopper Bank in New York. One is not asking for enough feedback.
The rule requires disclosure of exact fees but institutions can estimate pricing under an exception that will expire in 2020. The CFPB is seeking comment to prepare for that deadline.
The European Commission says eight unnamed banks operated as a cartel in the €7 trillion eurozone government bond market; authorities detected a 150-foot tunnel leading to a JPMorgan Chase branch in Florida.
Before the rule was issued, banks and money transfer companies acknowledged that better disclosures and other steps were necessary in light of higher costs for international money transfers.
