The Federal Deposit Insurance Corp. has revised a warning to banks about dealing with potentially fraudulent businesses, eliminating a list of sample merchants it said may warrant special scrutiny. The FDIC said that the list of risky merchants, which included certain telemarketers, pornography businesses, coin dealers, payday lenders and online gambling companies, was not meant
Some nonbanks have “systemic flaws” in how they treat consumers, the CFPB says.
The wireless provider is venturing further into banking with its new Mobile Money service.
The Center for Responsible Lending reports that regulators are cracking down on payday lenders.
JP Morgan Chase is changing bank policies to try to help protect customers from payday lenders’ aggressive practices.