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Miriam Belen-Rodriguez

articles from Miriam

153 posts

Mayfair and Third Coast Bank SSB Announce Partnership for Enhanced FDIC Insurance on Cash Accounts

Published 03/04/2024 by Miriam Belen-Rodriguez

Mayfair has partnered with Third Coast Bank, SSB, to introduce a cash account that provides up to $50 million in FDIC insurance, aiming to enhance the safety and security of depositor funds. This partnership represents a significant advancement in banking, combining enhanced FDIC protection with the liquidity and convenience of Mayfair’s innovative cash management solutions.

PNC Bank Removes Fees For Debit Cards

Published 02/29/2024 by Miriam Belen-Rodriguez

PNC Bank, a prominent financial institution in South Florida, has removed the replacement fee for debit cards based on client and employee feedback. This move, along with increased ATM withdrawal limits, signifies PNC’s dedication to enhancing customer experience and addressing client needs directly. Alex Overstrom, PNC’s head of retail banking, underscores the bank’s focus on creating a client-centric platform.

Upgrade Launches Secured OneCard to Aid Credit Access

Published 02/29/2024 by Miriam Belen-Rodriguez

Upgrade announced the launch of the Secured OneCard on December 13, 2023, a new financial product aimed at supporting underbanked individuals and those with limited credit access. This initiative, featuring a high-yield savings account and cashback benefits, underscores Upgrade’s commitment to financial inclusivity. CEO Renaud Laplanche shared insights on navigating the current financial climate and the company’s focus on innovation and strategic growth in the digital banking sector.

Guarantee Rate Sues American Funding And Poaches Employees

Published 02/29/2024 by Miriam Belen-Rodriguez

Guaranteed Rate has initiated a lawsuit against New American Funding, accusing it of poaching employees through illegal compensation practices. The case highlights allegations of lead source manipulation to secure loans, marking a significant legal battle in the mortgage lending industry. The lawsuit seeks injunctive relief and damages for violations including tortious interference and misappropriation of confidential information.

Biden Administration Announces $1.2 Billion Student Debt Forgiveness

Published 02/29/2024 by Miriam Belen-Rodriguez

The Biden administration has announced the automatic forgiveness of $1.2 billion in student loans for 153,000 borrowers, targeting those who have shown a long-term commitment to repaying their debt. This move is part of broader efforts to alleviate the financial burden of the nation’s $1.77 trillion student debt, emphasizing the administration’s commitment to making higher education more accessible and affordable.

Bank of America Vendor Compromise Leads to Customer Data Exposure

Published 02/29/2024 by Miriam Belen-Rodriguez

Bank of America has announced a significant data breach at Infosys McCamish Systems, putting customer data at risk. The incident, which occurred last year, involved the exposure of personal and financial information. In response, Bank of America is offering affected customers a complimentary identity theft protection service, amidst growing concerns over cybersecurity in the banking sector.

Discover Financial Services introduces a new commercial titled “Robots,” starring Jennifer Coolidge, as part of their “Especially for Everyone” campaign. The ad, set to premiere before The Big Game on February 11, 2024, humorously tackles the common frustration with automated customer service systems, emphasizing Discover’s commitment to live, human support. This initiative reflects Discover’s ongoing dedication to customer satisfaction and the importance of personal interaction in service.

Discover Financial Services experienced a 62% drop in fourth-quarter profit, largely due to heightened provisions for potential loan losses in a challenging economy. This led to a significant 6.7% decrease in the company’s shares after market hours. Despite these challenges, Discover reported a 13% increase in net interest income and is considering the sale of its student loan business to concentrate on its core banking operations.

How Challenger Bank Upgrade Grew During a Dismal 2023 Podcast Summary

Published 02/29/2024 by Miriam Belen-Rodriguez

In an engaging discussion on the American Banker Podcast, Renaud Laplanche, CEO of Upgrade, shares insights into how the neobank successfully navigated the challenging year of 2023. Through strategic acquisitions, product diversification, and technological innovation, Upgrade not only doubled its customer base but also set a positive outlook for fintechs in 2024.

David King, recipient of the International Torch Awards for Ethics, shares insights on ethical business practices and the importance of integrity in today’s business landscape.

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