Senator proposes new bill to curb financial elder abuse. Alice Lin 80-year-old Alice Lin was tricked into wiring her life savings of $720,000 to an online scammer in August 2022. The grave situation made the Southern California widow contemplate suicide. However, Lin, who also takes care of her disabled son, decided to fight back for … Read more
The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers. The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution … Read more
The Labor government’s plan to reform the Reserve Bank of Australia (RBA) faced another setback on Monday when the Greens refused to support the reform bill until Treasurer Jim Chalmers exercised his power to lower the interest rate. “The Reserve Bank should lower interest rates tomorrow and if they don’t, the Treasurer should use his … Read more
Former President Donald Trump floated limiting annual credit card interest rates to a maximum of 10% during a campaign stop on Long Island Wednesday night, prompting banking groups to push back against the plan as the Republican version of Democrat Kamala Harris’ widely panned “price controls.” “While working Americans catch up, we’re going to put … Read more
SINGAPORE: OCBC internet and mobile banking services have been restored after some users experienced disruption for several hours on Sunday (Sep 1). The services returned to normal earlier on Sunday afternoon, the bank said in a Facebook update at 3.22pm. OCBC apologised for the inconvenience caused and advised customers who had difficulties using their services … Read more
David Solomon is sharpening the axe again. The Goldman Sachs CEO will slash more than 1,300 jobs as part of the bank’s ongoing review to cull poor performers, the Wall Street Journal reported on Friday Goldman’s cuts will affect between 3% and 4% of Goldman’s 45,000-strong workforce, the Journal added, citing people familiar with the … Read more
Maybank has announced that it will be discontinuing the Maybank2u MY app from Aug 28. Existing users are urged to switch to the MAE app for their online banking needs. “If you have not yet downloaded the MAE app, please do so as soon as possible as you will no longer be able to access … Read more
Four current and former senior executives of China’s state-owned enterprises in sectors including finance and energy have been placed under investigation for alleged corruption. They are Zuo Zuqing, deputy director of the state-run China National Nuclear Corp’s capital operational centre; Chen Xiaopeng, former party secretary and director of the China Securities Regulatory Commission’s Shenzhen branch; … Read more
If you feel like you can’t find an ATM in South Africa, you’re not alone. The Outlier recently did an investigation into this phenomenon and what it found is startling, reports Daily Investor. The ATM in South Africa has become a dying breed in the last five years. But why? South Africa’s major banks – ABSA, … Read more
JPMorgan Asset Management strategist Michael Cembalest had previously predicted that President Joe Biden would drop out from this year’s presidential race in his list of “top 10 possible surprises for 2024” published in the company’s Jan. 1 “Eye on the Market Outlook” report. “President Biden withdraws sometime between Super Tuesday and the November election, citing … Read more
