Rajashree Chakravarty

Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of $65 to $95 million between bank-held funds and amounts owed to fintech end-users, a report revealed.

The order requires the Jacksonville, Florida-based credit union to reimburse fees and costs to members from the botched rollout of an online banking system.

The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.

The Fort Lee, New Jersey-based lender dismissed its lawsuit against First Data Merchant Services, which was filed in October 2023, without disclosing a reason.

The Fort Lee, New Jersey-based lender dismissed a lawsuit that it had filed against First Data Merchant Services last year.

The Federal Trade Commission filed a complaint Tuesday alleging the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.

The nation’s largest credit union charged overdraft fees on purchases made with sufficient funds from 2017 to 2021, generating about $44 million per year from “surprise” fees, the CFPB said.

Investment banking debt underwriters can see a surge in annual payouts up to 35% due to revenues booming on debt issuance growth, a report published by Johnson Associates said.

Community and mid-size banks lack due diligence and rigorous contract negotiations with third-party vendors, including fintechs, leading to potential risks, a Jones Walker survey said.

George Makris will return as the $27 billion-asset Arkansas bank’s chief executive after a two-year gap. Meanwhile, the bank hired Christopher Van Steenberg, a First Horizon veteran, as chief operating officer.