Tag: unemployment benefits


U.S. Bank fined $36M over freezes of COVID-era unemployment benefits

December 20, 2023

Via: Banking Dive

U.S. Bank will pay nearly $36 million in connection with customers’ inability to access unemployment benefits during the COVID-19 pandemic, two regulators said Tuesday, announcing separate penalties. The Consumer Financial Protection Bureau ordered the Minneapolis-based lender to pay $20.7 million […]


US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits

July 21, 2022

Via: FinTech Futures

“Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud,” the CFPB says. “Taxpayers relied on banks to distribute needed funds to […]


Bank of America fined $225M over ‘botched’ disbursement of unemployment benefits

July 18, 2022

Via: Payments Dive

“Today’s action demonstrates the OCC’s commitment to holding our regulated institutions accountable for treating consumers fairly,” Acting Comptroller Michael Hsu said in a statement. “The bank failed these prepaid cardholders by denying them access to their mandated unemployment funds during […]

Capital and Risk, Macroeconomic

Weekly claims turn higher as coronavirus jobs crisis inflicts more damage

July 23, 2020


The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic inflicted more damage to the U.S. economy. The Labor Department said Thursday initial jobless claims came in at 1.416 million for […]

Capital and Risk, Macroeconomic

US jobless claims fall as labor market holds firm despite trade tensions

August 23, 2018


The number of Americans filing for unemployment benefits fell last week, a sign the labor market was holding firm despite tensions between the United States and its trading partners that have spawned restrictions on global commerce. Initial claims for state […]