Online lending platform LendingTree, announced on Wednesday that it would cut around 13% of its workforce in an effort to lower costs. The company said in a filing that it had committed to a workforce reduction plan on Friday intended to shrink expenses. This comes on the back of a previous announcement from the lending marketplace to lay off approximately 200 employees, that left the company with approximately 1,407 employees as of June 2022.

Coinbase, one of the world’s largest cryptocurrency exchanges, has been fined $3.6 million by the Dutch Central Bank (DNB) for failing to register its crypto services to customers in the Netherlands.

Cities that missed the pandemic housing boom are showing signs of growth, while hot markets like San Jose, San Diego, Austin, and Phoenix may experience a downturn. Goldman Sachs predicts a drop of over 25% in these cities due to factors such as elevated interest rates and limited inventory. Meanwhile, Midwestern cities like Cleveland, Pittsburgh, and Charlotte are expected to see an increase in demand.

The Federal Trade Commission (FTC) found that Credit Karma used “dark patterns” to mislead customers into believing they were pre-approved for credit card offers, even though they may not have been creditworthy. Credit Karma agreed to pay $3 million to consumers who may have been affected by these offers and will no longer use any deceptive claims in their advertisements. The FTC encourages individuals to submit their concerns through its complaint website, as this helps to protect other consumers and hold companies accountable.

LendingClub, a marketplace lending pioneer, announced plans to lay off 14% of its workforce, or 225 employees, due to reduced demand for its loans. The company cites the Federal Reserve’s historic pace of interest rate increases as the reason for the job cuts. This is not the first time that LendingClub has had to make significant cuts to its workforce. In April 2020, the company laid off 30% of its employees, or 460 people, blaming the “unprecedented effect” that the Covid-19 pandemic had on loan demand. Despite the ongoing challenges, LendingClub expects revenue of between $260 million and $263 million, with a net income of between $21 million and $24 million.

The National Taxpayer Advocate Erin Collins recently released her annual report to Congress, which acknowledged the difficulties taxpayers and tax professionals faced last year but also highlighted the progress made by the Internal Revenue Service (IRS) in reducing the backlog of unprocessed tax returns and correspondence. The report suggests several initiatives that the IRS should pursue using the $80 billion in extra funding it will be receiving over the next 10 years, and highlights the importance of improving customer service and reducing the filing season backlog. The report also includes research studies on ways to restructure the Earned Income Tax Credit and improve the IRS’s online operations.

There has been a recent trend of higher interest rates on savings accounts. This is due to a combination of a strengthening economy and an increase in competition among banks and other financial institutions. Bask Bank, for example, has increased the maximum APY for its savings accounts to 4.15% APY for its Interest Savings account.

The recent increase in the federal funds rate has made borrowing money more expensive, but it has also provided a boost for savers. CIT Bank has responded to the increase by raising the annual percentage yield (APY) on its Savings Connect and CD accounts.

Wells Fargo has agreed to pay $1.7 billion in fines and $2 billion in redress to the Consumer Financial Protection Bureau (CFPB) to settle claims that it engaged in widespread banking violations over the last decade that harmed millions of consumers. The bank misapplied customer payments on auto loans, wrongfully repossessed some borrowers’ cars, and charged overdraft fees even when customers had enough money to cover purchases they made with their bank cards. The fine also covers improper mortgage and auto loan fees Wells Fargo charged customers, as well as the bank’s practice of freezing customers’ bank accounts too quickly and closing them when automatic fraud detection systems flagged unusual activity.

The Internal Revenue Service (IRS) has increased its interest rates for both overpayments and underpayments from 6% to 7% per year, effective from 1 January 2023. If a corporation overpays more than $10,000, the excess will accrue interest at a rate of 4.5%, while a corporation that underpays will be charged interest on the balance due at a rate of 9%. The new rates apply to individuals and businesses that owe the IRS money or are owed a refund. If a tax return for the 2022 tax year is not processed within 45 days, the IRS will pay interest on the refund at a rate of 7%.