The dismantling of the Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau (CFPB) has been ordered by the agency’s acting director, Russell Vought, to halt to all supervision, examination activities, and enforcement actions. In addition, employees have been told to work remotely as the CFPB’s DC headquarters will be closed through February 14, 2025. Strategic Chaos With this strategically occurring rapidly over the course of a weekend, and with employees being instructed to not make public comments, there was confusion regarding the agency’s ability to take action on complaints against businesses. We spoke with The Consumer Financial Protection Bureau on February 10, 2025 and …

Wysh notifies customers that they will close all savings accounts in less than two weeks

Wysh emailed its Savings+ accountholders to announce that their savings accounts would be closed due to the company no longer offering the product. We created our Savings+ account to allow us to provide microlife insurance to a new group of users. Thank you for your interest in Wysh Savings+, but we have made the difficult decision to stop offering Savings+ and all Savings+ accounts will be closing. In the email, Wysh also explained what customers can expect in the next few weeks. “You can utilize your Wysh Savings+ bank account as normal and access your funds …

What the Equifax data breach class action suit revealed about class action suits

The class action lawsuit against Equifax for its customer data security breach is “the largest and most comprehensive recovery in a data breach case in U.S. history,” as proclaimed by the Eleventh Circuit, which oversaw the case. After Equifax revealed its data privacy breach in 2017, over 300 separate class action lawsuits were filed against the company. These cases were consolidated in the Northern District of Georgia, where Plaintiffs and Equifax ultimately reached a settlement. The data breach compromised their name, birthdate, and Social Security number for over 147 million people. The effects of such a …

Ghost Pepper? Has Pepper, the discount gift card app, burned out?

Usually, I’d wait until after a fintech has officially died before using its silly name against it. But, I couldn’t wait. Each day, it seems as though Pepper posts what some would consider useless deals. It’s making some wonder if the app has finally died. The deals have certainly fizzled. Some suggested that the once-sizzling deals caused Pepper to burn through their seed money. Perhaps Pepper’s deals were too hot and they had to cool things down. Some customers have even reported being ghosted by Pepper. I, for one, am still waiting on a response after more …

How tastytrade can eat profits & affect trading behavior of active traders

Investment brokerage tastytrade has enticing promotional offers. But, it’s important to consider how much these offers will actually cost you to use tastytrade. Margin Interest Rates For starters, their lowest margin rate is 8% if you have a $1 million margin debit balance. That rate is more than one percentage point higher than some brokers’ lowest rates. That means that your $1 million margin balance would cost you $10,000 more a year at tastytrade. Don’t have a million dollar account? Maybe you’re an active day trader with Pattern Day Trader status. You’re required to maintain a …

E*TRADE is offering select customers a $250 checking account bonus

Some E*TRADE customers have received an email offering a $250 bonus for opening a new Morgan Stanley Private Bank (MSPB) checking account. Morgan Stanley Private Bank and E*TRADE are both owned by Morgan Stanley. The offer is not available to anyone who’s had a Morgan Stanley Private Bank Checking or Max-Rate Checking account within the past 12 months, and only accounts opened between 11/12/2024 and 12/15/2024 qualify for the offer. As long as you can meet the direct deposit requirements, the bonus is super easy! Here’s How to Get Your $250 Sign up for a …

BluPeak’s FlexPay is officially live

BluPeak announced today via email that its FlexPay service is officially live. Email from BluPeak: FlexPay is here! Starting Today, eligible debit card members will be able to divide their purchases into smaller payments over time. Get your purchase amount deposited back today! Here’s How it works: Make purchases with your BluPeak debit card. View available FlexPay offers on eligible purchases in your online banking or mobile app. Select the installment plan that works for you. See your purchase amount deposited back into your account in 24 hours. As we initially reported, BluPeak confirmed …

Why getting a big tax refund from the IRS is actually a bad thing, and how to avoid it

As tax season approaches, many taxpayers look for ways to maximize their refund. In reality, they should want to receive little to no refund. After all, a tax refund means that your tax liability was less than the amount that you paid. The ultimate objective of seeking a tax refund is to demonstrate that you have a lower tax liability. This is best achieved through proper tax planning. It’s a long-term strategy that should be planned and modified throughout the year, and not just in April when you file your taxes. What Tax Planning Can Do …

Start Planning Your Retirement: An Overview of Retirement Accounts

Retirement planning can feel intimidating and overwhelming, leading many employees to delay contributions to their retirement plans. This ultimately results in them missing out on valuable tax savings and benefits. Just a few of these benefits include lower or deferred taxes, employer contribution matching, tax credits, and reduced student loan payments. If your employer doesn’t offer a retirement plan, the good news is that you can still contribute to a retirement account by setting up an IRA or HSA. Take a look at the different retirement account options that may be available to you! Retirement …