Thinking of stealing money from the feds? First, meet Jeff Grant, an ex-con who committed loan fraud
Thinking about stealing the government loan money you received in pandemic help?Before you do, listen to Jeff Grant’s story.After his opioid addiction, his theft of U.S. loan funds, and a federal prison sentence, Grant’s life as a lawyer and business professional was over.But according to him, his new life was just beginning. And for small business owners feeling desperate — enough to steal — he’s created a safe place to talk anonymously and seek guidance.Now clean and sober, remarried and out of prison, Jeff Grant, 64, co-founded the online organization Progressive Prison Ministries, what cou...
The Philadelphia Inquirer
Wells Fargo fires workers for allegedly defrauding feds in pandemic loan applications
Wells Fargo has fired as many as 125 workers for allegedly defrauding the Small Business Administration in applications to a pandemic relief loan program.A bank investigation found that some workers had made false representations in applications for relief funds through the Economic Injury Disaster Loan program run by the SBA. The funds were sought for the workers personally, and not related to their official duties at the bank, according to the bank.“If we identify additional wrongdoing by employees, we will take appropriate action,” said David Galloreese, Wells Fargo’s human resources head, ...
The Charlotte Observer
U.S. Bancorp profit falls 17% due to low interest rates, slumping economy
U.S. Bancorp’s profit dropped 17% in the third quarter as it set aside another $635 million for possible loan defaults due to economic challenges from the coronavirus pandemic.The provision would also cover expected losses from a credit card portfolio it acquired from State Farm, the company said.But the special charge was smaller than the $1.7 billion it set aside in the previous quarter, a sign that the parent of U.S. Bank sees economic conditions improving.Its net income in the third quarter was $1.58 billion, or 99 cents a share, compared to $1.91 billion in the same quarter a year ago. Th...
Star Tribune (Minneapolis)
Still slammed by unemployment, states try to avoid tax hikes
As a historic wave of layoffs continues, states are grappling with evaporating funds for unemployment benefits that could force cuts to those payments or hikes in business taxes.Thirty-one states already are dipping into federal CARES Act dollars or seeking federal loans to keep money in the unemployment coffers. Those and other states also are considering legislation or other actions to fend off business tax increases triggered by high jobless payouts.Unemployment insurance trust funds are paid for by business taxes and pay out benefits to laid-off workers. If the funds start to run out of mo...
NTT Data, Bank of Ayudhya to enable QR code payment for Thais in Japan
BANGKOK, NNA - NTT Data Corp. has partnered with Bank of Ayudhya to offer a cross-border QR code payment service to Thai consumers in Japan.Under the deal announced Friday, the Japanese IT infrastructure giant and the Thai bank will cooperate in providing Thai nationals in Japan, mainly travelers, with the cashless payment service linked with My Prompt QR, Thailand's electronic settlement platform operated by the country's central bank.NTT Data will relay payment data received from Thai consumers in Japan to My Prompt QR-issuing banks in Thailand while Ayudhya, a consolidated subsidiary of Jap...
NNA Business News
Susan Tompor: College borrowers aren't always seeing COVID-19 relief. Here's why
When you know a tiny bit about something, you can walk around in a fog that throws your finances for a total loop.And so begins the story on coronavirus relief efforts and student loan debt.Increasingly, consumer advocates report hearing from student loan borrowers who haven’t paid a dime on their college loans since March and believe that they’re in perfectly fine shape. They’ve heard about all the student loan breaks that now run through the end of December.And the big money trip wire?Tucked in their basket of debt, they’re dealing with a hot mess of student loans that aren’t covered by coro...
Detroit Free Press
Susan Tompor: What it takes for risky borrowers to get a car loan
Car buyers never had an easy time finding a decent car loan if their credit wasn’t up to snuff. But lately, they’re needing more money for a down payment to get into that car and they’re staring at higher rates than many would expect.Lower income workers have been hit hard during the pandemic as they experience big layoffs at retailers or restaurants. And if they’ve held onto a job, many are clocking far fewer hours under capacity limits designed to halt the spread of the coronavirus.Many struggling workers are the most likely to be hurt financially by the pandemic, economists say, and the lea...
Detroit Free Press
Furikomi – A Step by Step Guide to Bank Transfers in Japan
Living in Japan will require dealing with finances, which also means learning how to do banking through an ATM. While Japanese ATMs these days have an English menu, they are limited to basic essential functions such as deposits and withdrawals. For example, Japan Post Bank has a remittance option in the English menu but is limited to transfers to other accounts using Japan Post Bank.Although bank transfers can be made through a bank teller, most banks close around 5 p.m. Most of us are, unfortunately, still at work. Rent and utilities are also commonly paid through automatic bank transfers. Bu...
Bank of America to offer payday-style loans that cost just $5. Here's how they work.
Bank of America will begin to offer small, short-term loans to cash-strapped customers, the Charlotte-based bank announced Thursday, a move that could upend the market for short-term loans.The loans, called Balance Assist, will have a $500 limit, and will only be available to people who have had a checking account at the bank for at least a year. The roll-out will start in a handful of to-be-announced states by January 2021 before expanding to the rest of the country early next year.The move makes Bank of America — with its tens of millions of customers — one of the biggest financial instituti...
The Charlotte Observer
Banking in turbulent times: A perspective for Sri Lankan banks | Daily FT
Humanity is now going through unprecedented turbulent times in its journey. The coronavirus disease, or COVID-19, has already affected more nations than any of the previous world wars.Sri Lanka has largely been able to curb the spread of COVID-19 due to early lockdown, efficient contact tracing and quarantine measures, quick call to action and a robust public health infrastructure. Yet, the pandemic is certain to leave its mark on the island-nation’s economy.The economy is expected to shrink this year compared to last year. Airlines, the hospitality industry and the retail sector experienced t...
Daily Financial Times