Great Beyond

Airbnb Hosts Having Difficulty Refinancing Homes

Until recently, home loans generally covered two types of properties: primary residences or investments. That was before services like Airbnb allowed anyone with an extra room to make a bit of extra money by renting it out for short periods of time. This blurred line between “my house” and “my investment” is causing trouble for some homeowners when they go to refinance their mortgages. [More]

Mike Mozart

Why Are There Still So Many Bank Branches Everywhere? Because You Keep Going.

If you live in a certain kind of urban area, you see it all the time: those new mixed-use buildings go up, and on the ground floor of practically every single one there’s a bank branch or two. And if you thought to yourself, “Why are there so freaking many bank branches opening in an era when all the young folk living in those buildings bank by phone?” you’re not alone. But it turns out there’s an easy reason that bank branches keep proliferating: customers are using ’em.

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(frankieleon)

Bank Of America Won’t Have To Pay $1.2 Billion For Countrywide’s “Hustle” Mortgage Scam

Nearly eight years after Bank of America bailed out Countrywide Financial, a federal appeals court has ruled that BofA should not have been held liable for Countrywide’s “Hustle” scam in which the company sold Fannie Mae and Freddie Mac a ton of poorly underwritten mortgages knowing that they were worthless. [More]

Mike Mozart

Bank Of America To Allow Android Pay Cash Withdrawals At Some ATMs

Back in January, Bank of America jumped on the card-free bandwagon by developing new ATMs that allow customers to withdraw cash or complete other tasks using their cellphones instead of their bank cards. This week, the company took that initiative a step farther, announcing it would let customers perform those tasks through Android Pay.  [More]

North Carolina Governor Tweaks Anti-LGBT Law; Critics Say It Doesn’t Change Much

North Carolina Governor Tweaks Anti-LGBT Law; Critics Say It Doesn’t Change Much

Only hours after Deutsche Bank canceled its plans to expand its presence in North Carolina — and following a similar decision last week by PayPal — the state’s governor has signed an executive order that softens some aspects of a controversial bill that restricts cities’ ability to protect the rights of people based on sexual preference or gender identification. [More]

Michael Daddino

Facebook, Reddit, Wells Fargo, Bank Of America CEOs Among Those Urging North Carolina To Repeal New Anti-LGBT Law

Earlier this month, in a hurried legislative process, North Carolina lawmakers passed HB2, a bill that overrides and prevents local governments from establishing anti-discrimination rules against gay and transgender people. This morning, advocacy groups delivered a letter to NC Gov. Pat McCrory signed by top executives from more than 100 companies, all calling for the state to repeal the law. [More]

Student Loan Companies Tell Congress: Debt-Collection Robocalls Are In Borrowers’ Best Interest

(thisisbossi)

Show me someone who supports robocalls, and I’ll show you someone that has very few friends. Which is why it’s baffling that the Senate has yet to act on a bill introduced last fall that would close a loophole allowing the government to make debt-collection robocalls. But you know who does support robocalls? The student loan companies that are currently trying to convince Congress that these invasive annoyances are really for our benefit. [More]

Bank Of America Following Chase’s Lead, Joining Card-Free ATM Party

Bank Of America Following Chase’s Lead, Joining Card-Free ATM Party

Just days after Chase announced it would install cardess ATMs offering a variety of denominations, Bank of America says it will also jump on the card-free bandwagon.  [More]

Bank Of America Reportedly Settles Overtime Lawsuit For $36 Million

Bank Of America Reportedly Settles Overtime Lawsuit For $36 Million

When working a few extra hours, you have a reasonable expectation to be compensated for that time. Unfortunately, that doesn’t always happen, which was the case for nearly 400 employees of Bank of America who sued the company alleging it failed to pay them overtime. Now, the company has agreed to settle the case, providing $36 million to the wronged employees. [More]

Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

The Consumer Financial Protection Bureau has released its latest report on the various complaints the agency has received about banks, lenders, debt collectors, and other financial services. Amid a sudden increase in the number of complaints involving credit report errors, the country’s largest credit bureaus now dominate the top of the CFPB’s list of most complained-about companies. [More]

Bill Would Allow Consumers To Sue When Bankrupt Debt Isn’t Removed From Credit Reports

Bill Would Allow Consumers To Sue When Bankrupt Debt Isn’t Removed From Credit Reports

Under federal law, when someone erases a debt in bankruptcy, their bank is required to update their credit reports to indicate the debt is no longer owed. To ensure this happens, legislators have introduced a new bill that would give credit card borrowers with inaccurate credit reports the power to sue their bank or a third-party debt buyer for damages if they continue to send so-called zombie debt to credit reporting agencies. [More]

(Mike Matney)

From Apple To Walmart, Over A Dozen Of The Biggest Businesses In The U.S. Sign On To White House Climate Pledge

A huge number of the world’s nations are coming together in Paris this December to negotiate an agreement to stem emissions and forestall further climate change. Ahead of this winter’s United Nations talks, however, some well-known names here at home are pledging their own contributions to the cause.

[More]

Consumers’ Changing Banking Habits Led To 1,400 Bank Of America Branches Shuttering, More Cuts To Come

Consumers’ Changing Banking Habits Led To 1,400 Bank Of America Branches Shuttering, More Cuts To Come

Over the past several years, Bank of America has revamped the way it provides banking services in an effort to cut costs and respond to consumers’ changing banking habits. Those operation modifications have not only included shutting down some drive-thru windows, but the closure of nearly a fifth of the company’s branches. [More]

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations.

[More]

(frankieleon)

Consumers Can’t Void Second Mortgage In Bankruptcy, SCOTUS Rules

Consumers taking out a second mortgage will now have to consider the fact that if they encounter financial difficulties and file for bankruptcy, they won’t be able to strip off the additional loan obligation. [More]

(Taber Andrew Bain)

JPMorgan Chase, Bank Of America Agree To Wipe Debt Cleared By Bankruptcy From Credit Reports

Two of the country’s largest banks are finally getting around to removing the debt consumers eliminated during bankruptcy proceedings from their credit reports, a move that puts Bank of America and JPMorgan Chase in line with federal law. [More]

(Mike Mozart)

SEC Reportedly Investigating Bank Of America Over Customer-Protection Rule Violations

Financial institutions are required under federal law to follow an array of rules that aim to protect consumers’ accounts. Bank of America may not have followed one of those rules over the course of several years, and now reportedly faces an investigation by the Securities and Exchange Commission. [More]

(Mike Mozart)

NFL Linebacker Files $20M Lawsuit Against Bank Of America For Alleged Fraud

When looking to manage one’s money, it wouldn’t be unusual to seek advice from the financial professionals at one of the country’s largest banks. But an NFL linebacker says his decision to rely on Bank of America to manage his finances cost him millions of dollars and led to the closing of his budding restaurant business. [More]