(Bloomberg) — Citigroup Inc. is shuttering unused credit card accounts as a growing number of customers fall behind on their payments. The bank has also increased its capacity for collecting bad debts as part of its efforts to manage losses, Chief Financial Officer Mark Mason said on a conference call with journalists. That work has also included decreasing customers’ credit-card limits if they aren’t using them and tightening underwriting to ensure new accounts go to customers with higher credit scores.

Citi Shutters Unused Credit Card Accounts With Losses Soaring

New York Post

A top JPMorgan Chase executive warned the bank’s 86 million customers that their currently free checking accounts may soon carry a fee, according to a report.

Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, pinned blame for potentially the added burden on Washington regulators — who have pushed an $8 cap on credit-card late payment fees and a $3 cap for over-drafting bank accounts.  

The Consumer Financial Protection Bureau passed the new caps in March, but it is being appealed by a coalition of bank industry groups who sued to stop it before it could becomes law. 





Why...

JPMorgan warns customers they may have to pay for checking accounts

Reuters

NEW YORK (Reuters) - The biggest U.S. bank wants to get even bigger. JPMorgan Chase has set an ambitious goal of attracting 15% of the country's consumer deposits, Marianne Lake, its CEO of consumer and community banking, told Reuters in an interview at the company's New York headquarters.

JPMorgan aims to amass 15% of US consumer deposits, boost credit card share

US regulators are flagging JPMorgan Chase, Bank of America, Citibank and Goldman Sachs over the banks’ contingency plans for trillions of dollars in derivatives. The Federal Reserve and Federal Deposit Insurance Corporation (FDIC) say the lenders’ so-called “living wills” – which in part detail how banks could safely unwind their derivatives portfolios without requiring government assistance – are inadequate, reports Reuters.

JPMorgan Chase, Bank of America and Citibank Flagged for Holding Trillions of Dollars in Derivatives Without Proper Contingency Plans: Report

(Reuters) -Four Australian banks will give back a total of A$28 million ($18.95 million) to low-income customers, after a review by the corporate regulator found these customers had been kept in high-fee bank accounts despite being eligible for cheaper products. A report released by the Australian Securities and Investments Commission...

Aussie banks to return $19 million charged in high fee to low-income customers

Virginia State

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Cheryl E Preston

You may have seen tennis shoes across telephone wires in Virginia and wondered about their significance.I was initially told this was done in honor of someone who had died from gun violence in the area.

Tennis shoes on wires across Virginia have different meanings

A JPMorgan Chase customer is filing a lawsuit after the banking giant refused to reimburse thousands of dollars drained from her account by a bad actor. Real estate attorney Ebony Lucas says she recently discovered her highly active business account has been hit with $30,000 in fraudulent transactions, reports CBS News Chicago.

$30,000 Drained From JPMorgan Chase Account As Criminal Buys Car, Pays Girlfriend’s Bills, and Bank Refuses To Reimburse: Report

Chicago, IL

Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

Margaret Minnicks

WVTF reported that a new Virginia law will become effective on July 1, 2024. The law will prevent utility companies from disconnecting services on various occasions, which could leave someone without power for days.

A new law will keep utilities from being disconnected on weekends and holidays in Virginia

NEW YORK (Reuters) - PepsiCo CEO Ramon Laguarta said Thursday there is "much more price sensitivity" across U.S. income groups and not just low-income consumers, highlighting its sensitivity to broad shifts in consumer demand.

PepsiCo feels squeeze as financial pressure spreads from low-income consumers

Louisiana State

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The Lens

More than 15,000 people across Louisiana have been kicked off of state food-stamp rolls in recent months. The cuts date back to October 1, when federal officials reinstated work requirements that had been waived statewide for years and set aside nationally during the pandemic, according to data from the state Department of Children and Families Services (DCFS) – which administers the federally funded Supplemental Nutrition Assistance Program (SNAP) food-stamp program.

15k Louisianans lose food stamps due to reinstated federal work requirements

Tupelo, MS

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Mississippi News Group

Traci D. Franklin, a 52-year-old resident of Tupelo, was arrested by the Tupelo Police Department on June 28, 2024, following the issuance of a Lee County Circuit Court Capias Warrant.

Tupelo police make arrest on woman for not returning rental property to Best Way

California State

Alameda Post

California regulators just stopped AT&T from pulling the plug. California’s Public Utilities Commission on June 20 rejected AT&T’s application to stop providing landlines and other services in areas where there is no other option.

Still Need Your Landline?

Daily Mail

Banks closed 539 local branches across the country in the first half of the year - leaving more and more Americans without access to basic financial services.

Banks have closed 539 branches in just six months - with Wells Fargo, Chase among those shutting the most

Markets Insider

The economy is already in a "selective recession," according to JPMorgan's Matthew Boss. Low-income consumers are pulling back on spending while top-earners are fueling the economy. The top 10% of American earners have gained more than $30 trillion in wealth since 2020, Fed data shows. The US economy is being...

The US economy is in a 'selective recession' as lower-income consumers struggle and high-income households see huge wealth creation, JPMorgan strategist says

HSBC cuts rates following similar moves by Barclays and NatWest.

Three big lenders cut mortgage rates

Emily Standley Allard

For centuries, the notion of psychic abilities has fascinated and perplexed humanity. From clairvoyance to premonitions, whispers of extraordinary perception linger within many cultures. Interestingly, astrology suggests that certain zodiac signs may be more predisposed to intuitive gifts and psychic tendencies. Let's explore which signs resonate with these otherworldly skills.

Psychic Abilities and the Zodiac: Which Signs Have the Sixth Sense?

The HD Post

CALIFORNIA – Starting July 1, landlords will only be allowed to collect one month’s rent for the security deposit on a rental property. Assembly Bill 12, signed into law last October, says regardless of whether the residential property is unfurnished or furnished, only one month’s rent can be charged in addition to any rent for the first month paid on or before initial occupancy.

Law limiting security deposits goes into effect July 1

Connecticut State

Four engineering firms have collectively agreed to pay $26.5 million to settle a class action lawsuit accusing them and Pratt & Whitney, a unit of RTX, of artificial wage suppression for tens of thousands of aerospace workers. The settlement terms were disclosed by plaintiffs’ lawyers at Quinn Emanuel Urquhart & Sullivan and DiCello Levitt in a filing made in federal court in Connecticut on Friday.

Four Engineering Firms Agree to $26.5 Million Settlement in Wage Suppression Class Action

Kentucky State

Northern Kentucky Tribune

Kentucky’s Community Actions Partnerships have announced the starts date for the Low-Income Home Energy Assistance Program (LIHEAP) Summer Subsidy, aimed at helping Kentucky households offset summer cooling costs.

LIHEAP Summer Subsidy program to help with summer cooling costs to begin enrollment July 16

NewsBreak

Australian Banks Refund $19 Million to Low-Income Customers

Banks in Australia are issuing $19 million in refunds to low-income customers. The move follows an investigation by the Australian Securities and Investment Commission, which said...

Australian Banks Refund $19 Million to Low-Income Customers

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