Latest news with #DirectExpress
Hindustan Times
27-05-2025
- Business
- Hindustan Times
SSI schedule changed for May-June payments in 2025
The Supplemental Security Income (SSI) schedule for June 2025 payments has been slightly changed, because of which the deposit will be arriving on May 30. The two payments the beneficiaries will receive in May are not a result of overpayments on the part of the Social Security Administration (SSA) but due to June 1 being a Sunday. In such cases, deposits are delivered on the nearest business day to prevent beneficiaries from overdrawing their account. Funded by general taxes, the SSI program is meant to help retired, disabled, survivors, or individuals over 65 who have little to no income or resources to live by. This program is notably different from other initiatives of the SSA such as Social Security Disability Insurance. Program rules prohibit dual monthly disbursements which could hamper eligibility for other assistance programs. Since shifts in deposit timings can affect other eligibility thresholds, scheduling changes require careful coordination in the payment calendar. 'No one is losing funds; it's a scheduling change,' said an SSA official in response to concerns that the shift in deposit date might reduce total annual funds received by beneficiaries. Officials clarified that the May 30 payment will serve as the beneficiaries' June benefit. The SSA announced an adjustment in payments for three months i.e. March, June, and November at the start of the year due to calendar clashes. These deposits are due on February 28, May 30, and October 31 respectively. The SSI program places a maximum limit on benefits that can be drawn by individual and spousal beneficiaries. According to the official website, 'The maximum monthly SSI payment for 2025 is $967 for an individual and $1,450 for a couple. Your amount may be lower based on your income, certain family members' income, your living situation, and other factors.' $1 is deducted for every $2 a beneficiary earns from work. Around $1 is also deducted for every $1 of income received through non-work sources such as disability benefits, unemployment payments, or pensions. Income received by a spouse or parent of a child who falls under SSI may impact the amount received. 'If you live in someone else's home and don't pay your fair share of food and shelter costs, your SSI payment may be lowered by up to $342.33,' the website adds. Direct Express cardholders and paper check receivers will get the payment on May 30 itself. Electronic means, however, are considered to be faster and much more secure. The next payment is scheduled for July 1.
Yahoo
15-04-2025
- Business
- Yahoo
CFPB drops case against Comerica
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. The Consumer Financial Protection Bureau on Friday dismissed its case against Comerica Bank, without prejudice, meaning the bureau could refile the lawsuit. In March, the bureau had requested a 90-day stay in its lawsuit against Comerica, which was filed in U.S. District Court for the Northern District of Texas by the Biden-era CFPB. The bank, in turn, asked the judge to deny that request, which Judge Jane J. Boyle did March 10, saying the bureau had 'failed to explain how staying this case would be in the interest of justice,' and doing so presented a 'fair possibility' of harming Comerica. The bureau dismissing the case without prejudice stands apart from a handful of other dismissals by the CFPB under the second Trump administration, which have been done with prejudice, meaning the CFPB can't revive the lawsuits. The bank declined to comment. The CFPB didn't immediately respond to a request for comment Monday. Last month, the consumer watchdog had requested a stay in the case to give new agency leadership time to review the case, including its position on Comerica's motion to dismiss. In December, the CFPB – led by former Director Rohit Chopra – sued Comerica for allegedly 'systematically failing' 3.4 million federal benefits recipients who held Comerica's Direct Express prepaid cards with intentionally poor customer service and illegally harvested junk fees. The CFPB alleged the bank intentionally dropped some 24 million customer service calls with holders of its Direct Express prepaid card, and subjected callers who were not dropped to 'excessively long wait times — often in excess of several hours' to speak with a representative about unauthorized transactions, charge disputes, or lost or stolen cards. The CFPB also accused the bank of charging ATM fees to cardholders who were legally entitled to free withdrawals, mishandling complaints from consumers who said they had been fraudulently enrolled in the Direct Express program, and repeatedly failed to address complaints of fraud in an appropriate time period or provided 'vague and confusing findings' to potential fraud victims. That lawsuit came one month after Comerica sued the bureau, asserting the CFPB's investigation of the bank's handling of the Direct Express prepaid card program – which began in 2021 – was 'aggressive and overreaching.' The Dallas-based bank had argued a stay in the CFPB's 'meritless' lawsuit would 'prolong the reputational harm the Bank has been forced to endure,' and would give the CFPB an unfair advantage by allowing it about four months to craft its opposition brief to Comerica's motion to dismiss. Since President Donald Trump returned to the White House, the CFPB has dropped a number of lawsuits filed during the final months of the Biden administration. The bureau has dismissed lawsuits – all with prejudice – against JPMorgan Chase, Bank of America, Wells Fargo and Zelle parent Early Warning Services; against Capital One; and against SoLo Funds. The CFPB last month also asked a federal judge to vacate a settlement with Townstone Financial and return $105,000 to the mortgage firm. Last November, the Treasury Department named BNY as the financial agent for the Direct Express program, after the Treasury had informed Comerica it would be choosing a different program partner. BNY took over in January, but Comerica agreed to work alongside the New York City-based bank for three years to facilitate the transfer. Recommended Reading Comerica urges judge not to give CFPB more time on lawsuit
Yahoo
11-04-2025
- Business
- Yahoo
US consumer bureau dismisses case against Comerica Bank, filing says
By Pete Schroeder WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau on Friday dismissed its lawsuit against Comerica Bank, after the agency previously accused the lender of systematically mistreating millions of mostly disabled and older customers. In a filing submitted in U.S. District Court, the agency said it was dismissing the suit, which was filed in December under the Biden administration. The move is the latest in several enforcement actions the Trump administration has scrapped since taking over the agency. A spokesperson for Comerica declined to comment. A CFPB spokesperson said the agency was doing its due diligence to work with the bank. In its original suit, the CFPB claimed that the bank had failed participants in the "Direct Express" program by disconnecting customer service phone calls and charging illegal fees. The program has operated since 2008 under a U.S. Treasury contract with Comerica to provide prepaid debit cards to recipients of federal benefits, the agency said. Since taking over the CFPB, the Trump administration has sought to dismiss, freeze, or reverse several high-profile cases pursued by predecessors. In March, a federal judge ordered the Trump administration to halt its efforts to defang the watchdog, after a worker union and consumer advocates sued to prevent what they warned were planned mass layoffs and other efforts to effectively dismantle the agency, which was authorized as part of the 2010 Dodd-Frank financial reform law and charged with policing consumer financial products. Sign in to access your portfolio
Reuters
11-04-2025
- Business
- Reuters
US consumer bureau dismisses case against Comerica Bank, filing says
WASHINGTON, April 11 (Reuters) - The U.S. Consumer Financial Protection Bureau on Friday dismissed its lawsuit against Comerica Bank, after the agency previously accused the lender of systematically mistreating millions of mostly disabled and older customers. In a filing submitted in U.S. District Court, the agency said it was dismissing the suit, which was filed in December under the Biden administration. The move is the latest in several enforcement actions the Trump administration has scrapped since taking over the agency. A spokesperson for Comerica declined to comment. A CFPB spokesperson said the agency was doing its due diligence to work with the bank. In its original suit, the CFPB claimed that the bank had failed participants in the "Direct Express" program by disconnecting customer service phone calls and charging illegal fees. The program has operated since 2008 under a U.S. Treasury contract with Comerica to provide prepaid debit cards to recipients of federal benefits, the agency said. Since taking over the CFPB, the Trump administration has sought to dismiss, freeze, or reverse several high-profile cases pursued by predecessors. In March, a federal judge ordered the Trump administration to halt its efforts to defang the watchdog, after a worker union and consumer advocates sued to prevent what they warned were planned mass layoffs and other efforts to effectively dismantle the agency, which was authorized as part of the 2010 Dodd-Frank financial reform law and charged with policing consumer financial products.
Yahoo
11-03-2025
- Business
- Yahoo
Nasdaq Sell-Off: This Magnificent Stock Is a Bargain Buy
The Nasdaq stock market has officially entered correction territory, with the Nasdaq Composite (NASDAQINDEX: ^IXIC) down by about 14% from its recent high as I write this. While the recent volatility can certainly be scary, it can also create buying opportunities for patient long-term investors. One stock that looks especially interesting is banking disruptor SoFi Technologies (NASDAQ: SOFI). Despite entering 2025 with excellent momentum, the stock has lost more than a third of its value in the past six weeks, and this could be a great time for investors to take a closer look. I won't sugarcoat it: SoFi's stock chart looks scary. But if we ignore SoFi's stock price performance for a bit and simply look at how its business is performing, it paints a much different picture. In 2024, SoFi grew its revenue by 26% to an all-time high, and produced the highest adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA); adjusted earnings per share (EPS); and net income in its history. Although it is still very much in growth mode, this was the company's first full year of profitability, and while SoFi certainly trades for a premium to its peers, the bank grew its tangible book value by a staggering 39% in 2024. SoFi ended 2024 with 10.1 million members, 34% more than it had at the end of the prior year. It reached $25 billion in deposits, an especially impressive milestone considering SoFi didn't have a banking charter until 2022. Plus, SoFi is growing in ways that could pay off handsomely in the long run. It is rapidly scaling its loan platform business, which originates loans on behalf of third-party lenders, and also makes referrals, creating a low-risk, capital-light source of fee income. Furthermore, the Galileo technology platform's growth is accelerating, and it recently signed a processing deal for the Direct Express federal benefits program. Credit cards are another area to watch. SoFi launched two new credit cards in the fourth quarter, the SoFi Everyday Cash Rewards and SoFi Essential. Both are solid products, and there could be many others to come. For example, SoFi has a rather affluent membership base, so a premium-style credit card product or a travel credit card could resonate with its members. The high-interest nature of credit cards can create some attractive margins, so I'm excited to see this part of the business evolve. Looking ahead, SoFi anticipates revenue growth of about 25% in 2025, and diluted EPS growth of about 73%. And keep in mind that this is a company with a strong history of overdelivering on its guidance. SoFi's released its fourth-quarter and 2024 year-end results on Jan. 27, and CEO Anthony Noto said that the company just had its "best year ever." Since that time, the stock has been down by about 33%. Here's one important point: During the past six weeks or so since the earnings report, while this drawdown happened, nothing has fundamentally changed with the business. If anything, the news since then has been positive. About a month ago, SoFi made several announcements. These included an expansion of the benefits offered with its SoFi Plus premium membership, that Galileo would start to allow brands to offer co-branded debit rewards cards, and a nearly $700 million securitization of a pool of personal loans. Plus, the Trump administration's stance toward federal student loan programs could be a positive catalyst for SoFi's student loan operation. To be sure, the stock (and the overall market) isn't down for no reason. If a recession arrives, SoFi's loan demand could certainly take a hit, and consumer default rates could rise. But the stock is starting to look far more attractive from a risk-reward perspective and could end up being an incredible bargain if management can keep the company's momentum alive. Before you buy stock in SoFi Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and SoFi Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $690,624!* Now, it's worth noting Stock Advisor's total average return is 821% — a market-crushing outperformance compared to 167% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of March 10, 2025 Matt Frankel has positions in SoFi Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Nasdaq Sell-Off: This Magnificent Stock Is a Bargain Buy was originally published by The Motley Fool
