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IF YOU BOUGHT an unsuccessful gift this holiday season with a “buy now, pay later” plan, you or the recipient might soon be wondering how to return it. / AP FILE PHOTO/JULIA NIKHINSON

Buy now, pay later can make gift returns trickier

Shoppers who used “buy now, pay later” to help finance gifts this holiday season may soon encounter an unwelcome surprise: returns can be more...
CONSUMER BANKING giant Wells Fargo must pay $3.7 billion in fines and refunds to customers, the largest fine to date against the bank. Pictured is a Wells Fargo sign in Bradenton, Fla. / AP PHOTO/GENE J. PUSKAR

Wells Fargo to pay $3.7B over consumer loan violations

WASHINGTON (AP) – Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers...
Brian Azar, CEO and president of Pawtucket-based Coastal1 Credit Union, says a move to “open banking” as proposed by the Consumer Financial Protection Bureau could be good for institutions such as his.

New proposal could put customers in charge of their financial data

If information is power, then banks and credit unions are in control. That’s because every morsel of customer financial data, from spending patterns to credit...

Fraud, scam cases increasing on Zelle, Senate report finds 

NEW YORK (AP) – Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report...

Why is money so confusing? 

Managing money is an essential life skill, yet most U.S. adults would fail a financial literacy test. Consider the results of a survey meant...

CFPB sues Citizens over credit card errors

PROVIDENCE – The Consumer Finance Protection Bureau on Thursday filed a lawsuit in the U.S. District Court of Rhode Island against Citizens Bank N.A.,...

Freedom Mortgage settles violation charge with $1.8M fine

PROVIDENCE – One of the nation’s largest mortgage bankers, Freedom Mortgage Corp., has settled federal charges that it violated the Home Mortgage Disclosure Act...

CFPB to update regulations on debt collection

PROVIDENCE – The federal Consumer Financial Protection Bureau has issued a notice of proposed rule-making to modernize the “rules of the road” for debt...

Federal Reserve System reports annual net income exceeding $63B

PROVIDENCE – The Federal Reserve System’s estimated net income for 2018 is $63.1 billion, the Fed announced. The figure represents the combined profit of...
MICK MULVANEY, acting director of the Consumer Financial Protection Bureau, says the bureau is “too powerful” and is requesting Congress make changes that would effectively make the bureau less independent. / BLOOMBERG FILE PHOTO/ZACH GIBSON

CFPB acting director calls agency ‘too powerful’

PROVIDENCE – In his first report as acting director of the Consumer Financial Protection Bureau, Mick Mulvaney is calling his agency “too powerful.” Mulvaney, an...
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