Divorce is on the rise for those 50 and older, leaving many in financial straits if they were married to someone they relied on to be a breadwinner. "The vast majority of older couples who divorce, even if they've both worked or are still employed, see their standard of living decline substantially," said Joslin Davis, president of the American Academy of Matrimonial Lawyers.
Citigroup is joining payment system clearXchange, which is already supported by Bank of America, JPMorgan Chase and Wells Fargo. ClearXchange is developing Zelle, a peer-to-peer payment system that will compete with PayPal's Venmo service and other financial-technology startups.
The Consumer Financial Protection Bureau should close loopholes in its payday lending proposal to protect consumers, wrote 104 House Democrats in a letter to CFPB Director Richard Cordray. The lawmakers are also asking the agency to support state laws that limit interest rates.
California Treasurer John Chiang is suspending the state's relationship with Wells Fargo for at least one year, including use of the bank for underwriting municipal bonds and as a broker-dealer for investments.
The Consumer Financial Protection Bureau's complaint database shows that consumers reported account-management problems with several banks and companies in addition to Wells Fargo, says an analysis by S&P Global Market Intelligence. PayPal Holdings had the most complaints about unsolicited credit cards and has already settled with the CPFB.
USAA's voice-activated virtual assistant, offered on its website and mobile app, allows customers to use more than 120 voice commands to execute tasks such as changing PINs. "We want to be the pioneers for voice transactions," said Prianka Advani, assistant vice president of bank daily experiences.
MasterCard has launched an application proprietary interface program that will enable partners to experiment with mobile-payment innovations. The Mastercard Developers program gives partners access to more than 25 APIs that can be used to build services.
Wells Fargo CEO John Stumpf will testify at a House Financial Services Committee hearing today regarding cross-selling practices at the bank. Meanwhile, Senate Democrats are seeking more details about the bank's practices as well as asking the Securities and Exchange Commission to probe whether the bank misled investors.
Prices of homes in the US are getting close to their record highs before the financial crisis, but that doesn't mean a bubble is likely to burst anytime soon, says David Blitzer, chairman of the index committee at S&P Dow Jones Indices. While prices have soared for two years, mortgage debt on single-family homes is well below its 2008 peak.
The Consumer Financial Protection Bureau and the California Department of Business Oversight have fined financial-technology startup LendUp for violating lending laws in making small-dollar loans to consumers. The company, which neither admitted nor denied the allegations, will pay $2.7 million to California and $3.6 million to the CFPB.
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