ProPublica: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

ProPublica: A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money. “Chime, a ‘neobank’ serving millions, is racking up complaints from users who can’t access their cash. The company says it’s cracking down on an “extraordinary surge” in fraudulent deposits. That’s little consolation to customers caught in the fray.”

Finextra: Elucidate launches open database on financial crime risk scores

Finextra: Elucidate launches open database on financial crime risk scores. “During a time when financial crime scandals are increasingly common, the [Elucidate FinCrime Risk Monitor] looks to increase transparency in the finance industry. The EFRM evaluates more than 17000 financial institutions, with data sourced from the Elucidate FinCrime Index (EFI), the company’s regulated financial crime risk benchmark.”

The Financial Brand: Introducing the World’s First Interactive Directory of Digital-Only Neobanks

The Financial Brand: Introducing the World’s First Interactive Directory of Digital-Only Neobanks. “Tired of scouring the web as you try to keep up with all the neobanks, challenger banks and digital-only banks out there? Check out The Financial Brand’s new Neobank Tracker — powered by Nymbus. This is the world’s largest interactive, searchable index listing hundreds of digital-only banks and innovative fintechs providing financial services directly to consumers and businesses.”

CNN: This startup is giving customers early access to billions in stimulus checks

CNN: This startup is giving customers early access to billions in stimulus checks. “Big-bank customers complained over the weekend about how their $1,400 stimulus payments were still pending in their bank accounts. Those payments may not arrive until Wednesday, nearly a week after President Joe Biden signed the historic $1.9 trillion economic relief package into law. Newbies in the banking space are moving much faster.”

University of Georgia: New data traces rise, fall of the Freedman’s Bank

University of Georgia: New data traces rise, fall of the Freedman’s Bank. “In 1865, the U.S. government established the Freedman’s Savings and Trust Co. in to help newly emancipated communities gain a financial footing. With 37 branches across the South and in New York, the bank initially flourished and grew to include more than 100,000 customers. But it collapsed in June 1874 after the Financial Panic of 1873. Some of the Freedman’s Bank records have been lost to time, but many still exist. [Professor Malcom] Wardlaw and his Ph.D. student, Virginia Traweek, found the archived records and decided to analyze the data to see what they could discover about African American communities after the Civil War.”

News 4 San Antonio: New bank scams are using information from your social media to hook you

News 4 San Antonio: New bank scams are using information from your social media to hook you. “Local experts say scammers are using information from your social media to hook you and make you think an email is really from your bank. Because of the COVID-19 pandemic, scammers know you’re plugged into your bank account like never before. You might be waiting for a stimulus check, unemployment or a PPP loan – making you primed and ready for any emails that look like they’re from your bank.”

CNBC: Google moves into Venmo and bank territory with checking accounts and updated payment app

CNBC: Google moves into Venmo and bank territory with checking accounts and updated payment app. “The Mountain View, California-based company partnered with Citi and Stanford Federal Credit Union to launch the mobile bank accounts and said it plans to add 11 new partner institutions next year. Google Pay will also let users send peer-to-peer payments — a feature that made PayPal’s Venmo and Square’s Cash App household names as people shift to digital payments during the pandemic.”

MSN Money: Banks Have No Idea Who’s Creditworthy Anymore

MSN Money: Banks Have No Idea Who’s Creditworthy Anymore. “Lenders that are having a tough time spotting risky loan applicants are approving fewer borrowers for credit cards, auto loans and other consumer debt. They are also hunting for new data sets that could indicate who is in financial trouble and how much they need to set aside to cover soured loans. The Federal Reserve last week said the biggest U.S. banks could be saddled with as much as $700 billion in loan losses in a prolonged downturn.”