Banking
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8/31/2016

Uber users can earn free rides by making purchases from nearby merchants under a rewards program. Each dollar spent on a Visa card at a participating business earns an "Uber point" under the Local Offers program.

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TechCrunch
8/31/2016

The Consumer Financial Protection Bureau issues rules 3½ times faster than other US agencies, the American Action Forum says. The pace has led to corrections on 13 out of 49 rules, the group's report says.

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The Hill
8/30/2016

Rep. Carolyn Maloney, D-N.Y., has sent a letter to the Federal Reserve, the Securities and Exchange Commission, the Federal Deposit Insurance Corp. and other agencies questioning the Volcker rule and is requesting nearly two years of quantitative-trading data. "I believe that these quantitative trading metrics can provide important information not only about the efficacy of the Volcker Rule, but also about the general trading activities of US banks, and the degree to which these trading activities have changed over the past two years," Maloney wrote.

8/30/2016

An algorithm developed by RAND think tank statistician Marc Elliott for the health care industry years ago is at the center of the Consumer Financial Protection Bureau's effort to detect potential disparate impact in auto lending. Republican lawmakers say the algorithm is a flawed tool.

8/30/2016

The auto-loan market is peaking, changing the way TD Auto Finance works with dealers, says President and CEO Andrew Stuart. TD Auto is focusing on volume dealers who show interest in working closer with the company, Stuart says.

8/30/2016

Financial-technology startup TransferWise started by working with banks but is cutting ties. The money-transfer company has obtained licenses in 37 states and is able to operate independently in three states.

8/30/2016

PNC Financial Services Group has opened an in-store branch near Indianapolis that features a smaller footprint, with banking technology and consultants who help with services and products, but no tellers. The branch has everything a customer needs and is a more economical model, says retail-banking chief Karen Larrimer.

8/30/2016

Americans with student loans are falling further behind on payments, which are stretching further into the future. About 42% of student loans are late, in default, in bankruptcy or delayed, according to Bloomberg.

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Bloomberg
8/30/2016

Some homeowners who rent rooms on Airbnb and other short-term rental services seeking to refinance have found that banks classify their homes as commercial properties, rather than residences.

8/29/2016

If confronted by a prolonged recession, the Federal Reserve may increase its inflation target and buy a broader range of assets than it has targeted in the past, Chair Janet Yellen said. "Future policymakers might choose to consider some ... tools that have been employed by other central banks, though adding them to our tool kit would require a very careful weighing of costs and benefits and, in some cases, could require legislation," she said.