Category «Financial System»

How a major bank cheated its customers out of $2 billion

Popular Information: “An explosive new lawsuit filed by the Consumer Financial Protection Bureau (CFPB) alleges that Capital One bank cheated its customers out of $2 billion. According to the lawsuit, Capital One deceived and abused its depositors, baiting them with promises of high interest rates before switching the terms and paying little interest. The CFPB …

Subjects: Economy, Financial System, Government Documents

The home insurance crisis can’t be fixed with money alone

Semafor: “The devastating wildfires that are sweeping Los Angeles may accelerate the flight of home insurance companies from California in spite of recent regulatory changes aimed at retaining them, the state’s previous top insurance official told Semafor. At least two major fires are still raging largely uncontained, aided by ongoing high winds, and 24 people …

Subjects: Climate Change, Economy, Environmental Law, Financial System, Government Documents, Housing

Pete Recommends – Weekly highlights on cyber security issues, January 11, 2025

Pete Recommends – Weekly highlights on cyber security issues, January 11, 202 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, finance, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the increasingly complex …

Subjects: Cybercrime, Cybersecurity, E-Mail, E-Records, Financial System, Internet, Search Engines

LA wildfire damages set to cost record $135 Billion – 10,000+ buildings destroyed

Semafor – “JPMorgan said this morning, more than double an earlier estimate. That comes as those companies are still rebuilding their reserves from the 2017 and 2018 wildfire seasons, which included the deadly Camp Fire in California. Insurers have been fleeing California in recent years as weather-related catastrophes become more common, pushing more homeowners to …

Subjects: Climate Change, Economy, Environmental Law, Financial System, Housing, Legal Research

Experian Conducted ‘Sham Investigations’ Into Errors in Its Credit Reports

Gizmodo: “Experian has routinely provided inaccurate information in credit reports that help determine whether consumers are approved for loans, jobs, or housing and failed to properly investigate or correct errors when consumers disputed the mistakes, according to a lawsuit filed Tuesday by the Consumer Financial Protection Bureau. CFPB data shows that last year the agency …

Subjects: Economy, Financial System, Legal Research, Legislation

CFPB Finalizes Rule to Remove Medical Bills from Credit Reports

“Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans. The CFPB’s action will ban the inclusion of medical bills on credit reports used by lenders and prohibit lenders from using medical information in their lending …

Subjects: Economy, Financial System, Government Documents, Health Care

LLRX December 2024 Articles and Columns

December 2024 – LLRX.com® – the free web journal on law, technology, knowledge discovery and research for Librarians, Lawyers, Researchers, Academics, and Journalists. Founded in 1996. January 1, 2025 is Public Domain Day: Works from 1929 are open to all, as are sound recordings from 1924 – by Jennifer Jenkins. AI in Finance and Banking, …

Subjects: AI, Climate Change, Copyright, Cybercrime, Cybersecurity, Economy, Education, Energy, Environmental Law, Financial System, Food and Nutrition, Government Documents, Legal Research, Libraries

The Changing Medical Debt Landscape in the United States

Urban.org: “Medical debt can intensify financial challenges, affect health care access, and potentially worsen health outcomes. Starting in 2022, the three nationwide credit reporting companies made significant changes to medical debt reporting. Paid medical collections were removed from credit reports, debt in collections would no longer be used in calculating Vantage credit scores, the grace …

Subjects: Economy, Financial System, Government Documents, Health Care, Medicine

AI in Finance and Banking, December 31, 2024

Via LLRX – AI in Finance and Banking, December 31, 2024 – This semi-monthly column by Sabrina I. Pacifici highlights news, government documents, NGO/IGO papers, conferences, industry white papers and reports, academic papers and speeches, and central bank actions on the subject of AI’s fast paced impact on the banking and finance sectors. The chronological links …

Subjects: AI, Cybercrime, Cybersecurity, Economy, Financial System, Government Documents

DOL Launches Database for Retirement Savings Lost and Found

PlanSponsor: “The U.S. Department of Labor’s Employee Benefits Security Administration on December 27 launched the public Retirement Savings Lost and Found Database, a tool designed to help America’s workers and beneficiaries search for retirement plans that may still owe them benefits. Created as part of the SECURE 2.0 Act of 2022, the database serves as …

Subjects: E-Government, Economy, Financial System, Government Documents, Legislation

Artificial Intelligence in Financial Services

Department of the Treasury – Report on the Uses, Opportunities and Risks of Artificial Intelligence in the Financial Services Sector, December 2024. “This report provides background on the use of AI in financial services based on respondents’ comments and building on observations from previous Treasury reports and  stakeholder engagement,5 highlights Treasury’s ongoing efforts to evaluate …

Subjects: AI, Economy, Financial System, Government Documents, Knowledge Management, Legal Research