CNN: People are ditching in-person financial services for apps

CNN: People are ditching in-person financial services for apps. “As with so many areas of life, the pandemic has changed how people are managing their money — they’re using technology more than ever. It’s not just online banking applications. These days, people are relying on tech for everything from investing to financial planning.”

CNN: Students call for colleges to cut tuition costs as school year begins online

CNN: Students call for colleges to cut tuition costs as school year begins online. “When Rutgers University announced most of its fall classes would be online amid the coronavirus pandemic, rising junior Shreya Patel checked for details on the school’s website. “Will we get a refund?” she looked up in the Frequently Asked Questions section. ‘They said no. That obviously made me mad,’ Patel told CNN.”

Fast Company: Find out if your 401(k) is paying for the prison-industrial complex

Fast Company: Find out if your 401(k) is paying for the prison-industrial complex. “If you have a 401(k), there’s a good chance that it’s invested in private prisons or the companies that support them. A new tool, Prison Free Funds, will help you find out if that’s the case and then switch to a different mutual fund.”

ProPublica: They Sued Thousands of Borrowers During the Pandemic — Until We Started Asking Questions

ProPublica: They Sued Thousands of Borrowers During the Pandemic — Until We Started Asking Questions. “A Silicon Valley-based installment lender that caters to Latino immigrants announced on Tuesday that it would drop all the lawsuits it has filed against borrowers who fell behind on payments, including during the coronavirus pandemic. Oportun Inc. also said it would cap interest rates on new loans at 36% — a percentage that consumer advocates consider the gold standard for smaller personal loans.”

Google Blog: Find helpful information on the mortgage process in Search

Google Blog: Find helpful information on the mortgage process in Search. “Buying a house is a big financial decision and having clear, trustworthy information is important. To help people better understand the mortgage process, we collaborated with the Consumer Financial Protection Bureau (CFPB) to create a new mobile experience in Search. When you search for ‘mortgage’ on your phone, you’ll find a feature that breaks down the complex mortgage process into easy-to-follow steps to help guide you, wherever you may be in the process. It also connects you to a set of useful resources, including news articles, industry definitions and terms, a calculator to assist with payment plans and average mortgage rates. And for those looking for relief and refinance information, we’ll show some of the options available to you.”

The Conversation: Microfinance loans could spell disaster in the time of coronavirus

The Conversation: Microfinance loans could spell disaster in the time of coronavirus. “Microfinance programmes – small-scale lending programmes targeted at low-income households that normally fall through the cracks of formal lending systems – were supposed to provide the poor with the capital they need to open a street stall, invest in their farmland, or buy materials to make handicrafts. Up until the late 2000s, microfinance was hailed as a financial magic bullet by many. It would lift the world’s poor out of poverty and empower women. Only, it hasn’t quite turned out that way.”

Consumer Financial Protection Bureau: Consumer Financial Protection Bureau Releases Online Tool to Help College Students Determine How to Pay for College

Consumer Financial Protection Bureau: Consumer Financial Protection Bureau Releases Online Tool to Help College Students Determine How to Pay for College. “‘Your Financial Path to Graduation’ helps students turn financial aid offers into plans to pay for school step-by-step. Along the way, it explains terms, offers money saving tips, and tracks uncovered costs. Once students finish making a plan, the tool estimates the total debt at graduation and offers information to help the student evaluate whether that debt is affordable in the long run. Students can save their plans and revise them if their circumstances change.”

Newsweek: Family of Man Who Died of Coronavirus Hit With $1 Million Hospital Bill

Newsweek: Family of Man Who Died of Coronavirus Hit With $1 Million Hospital Bill. “Florida family received a claims summary from a hospital totaling more than $1 million over a relative who died from the novel coronavirus. A picture of the claims summary was posted to an Instagram account June 28. The account holder, workshoppgh, wrote a lengthy post about the $1,123,600 bill and said: ‘No one should have to face this virus alone and make it out to get bills like this.'”

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.”

Wired: A New Card Ties Your Credit to Your Social Media Stats

Wired: A New Card Ties Your Credit to Your Social Media Stats. “SPENCER DONNELLY, WHO goes by TheRussianBadger on YouTube, has cultivated an audience of nearly 2.7 million subscribers for his gaming videos. For years, business has been rosy. YouTube shares a percentage of the ad revenue on each of his videos, and the money is good enough that playing video games on camera has become a full-time job. A few years ago, he even incorporated The Russian Badger, legitimizing his YouTubing business. The only problem: no bank would give him a serious credit card.”

EXCLUSIVE: Bankruptcy cases plunge during coronavirus pandemic (WXII)

WXII: EXCLUSIVE: Bankruptcy cases plunge during coronavirus pandemic. “The number of bankruptcy filings nationwide during the coronavirus pandemic has actually plunged, down 34 percent for individuals and down 28 percent for businesses. Some states saw even steeper drops, including reductions of filings by individuals of 46 percent and 54 percent in Massachusetts and New York, respectively…. At first glance, it’s a counter-intuitive finding during the worst economy since the Great Depression. But Chris Mayfield, a business manager at Fitch Solutions for the PacerMonitor product, says trillions in federal stimulus and aid programs are temporarily keeping families and businesses afloat and out of bankruptcy court.”

MarketWatch: Dow plunges 7%, marks worst day since March as Fed’s grim outlook and rising cases of coronavirus unsettle bulls

MarketWatch: Dow plunges 7%, marks worst day since March as Fed’s grim outlook and rising cases of coronavirus unsettle bulls. “U.S. stocks on Thursday marked the worst day since the height of the coronavirus-induced rout, amid signs of a re-acceleration of cases of COVID-19, and as investors digested Wednesday’s sobering economic outlook from Federal Reserve Chairman Jerome Powell. The market moves came even as the number of Americans filing for first-time jobless benefits declined again in the most recent week.”

Exclusive: ECB prepares ‘bad bank’ plan for wave of coronavirus toxic debt (Reuters)

Reuters: Exclusive: ECB prepares ‘bad bank’ plan for wave of coronavirus toxic debt. “European Central Bank officials are drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans in the wake of the coronavirus outbreak, two people familiar with the matter told Reuters.”

Paul Scherrer Institute: Life cycle assessment of cars – new web tool helps consumers and researchers

Paul Scherrer Institute: Life cycle assessment of cars – new web tool helps consumers and researchers. “Researchers at the Paul Scherrer Institute have developed a web tool called the Carculator that can be used to compare the environmental performance of passenger cars in detail. The program determines the environmental balance of vehicles with different size classes and powertrains, and presents the results in comparative graphics. The entire life cycle of the passenger cars is taken into account, including the manufacture of the vehicles and the environmentally relevant emissions from driving.”

PR Newswire: Nav Launches Free Calculator to Help Business Owners Estimate PPP Forgiveness (PRESS RELEASE)

PR Newswire: Nav Launches Free Calculator to Help Business Owners Estimate PPP Forgiveness (PRESS RELEASE). “Nav, a free service that provides business owners the fastest, easiest and most trusted path to financing, released a new tool today to help business owners calculate the amount of Paycheck Protection Program (PPP) loan forgiveness they may qualify for. The new tool — Nav’s PPP Loan Forgiveness Calculator — is free for any business owner to use.”