NEW YORK—The digital wallet woes continue.
Fresh Today
HONOLULU— The former manager of a now-shuttered credit union on the small Hawaiian island of Molokai has been sentenced to seven years in prison after being found guilty of conspiring with another employee to steal more than $1 million–one third of its assets.
APPLE VALLEY, Wis.–Fox Communities Credit Union has been ranked as the number-one rated credit union in the nation for 2017, according to S&P Global Market Intelligence’s annual ranking.
WASHINGTON—Total retail sales rose 0.8% in May – the largest monthly gain since November 2017.
TYLER, Texas—USAA has filed a federal lawsuit against Wells Fargo alleging patent infringement on its mobile remote deposit capture technology.
WASHINGTON—The operators of a Los Angeles-based student loan debt relief scam have agreed to settle Federal Trade Commission charges that they falsely claimed to be affiliated with the Department of Education, charged consumers illegal upfront fees, and collected monthly fees they falsely claimed would be credited toward consumers’ student loans.
MADISON, Wis.—Summit Credit Union has launched its 10th annual Project Money program with the announcement of its 2018 teams.
REDWOOD CITY, Calif.–Several more fintechs are either entering the banking business or expanding the offerings they already have.
WASHINGTON–The White House next week is expected to put forward a nomination for a full-time director of the Bureau of Consumer Financial Protection. If no one is nominated, Acting Director Mick Mulvaney would need to leave the post by June 22.
ALEXANDRIA, Va.–The banking industry may have filed a lawsuit over NCUA’s latest field of membership rule, but that hasn’t stopped the agency from moving forward with additional plans for FOM.