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CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers: CFPB

Walmart and Branch harvested more than $10 million in junk fees through Walmart’s Spark Driver program

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers— “last mile” drivers in Walmart’s Spark Driver program—about how they could access their earnings. The CFPB’s lawsuit alleges that Walmart and Branch opened Branch accounts for Spark Drivers, and Walmart then deposited drivers’ pay into these accounts, without the drivers’ consent. Walmart told Spark Drivers that they were required to use Branch to get paid and that they would terminate workers who did not want to use these accounts. Walmart and Branch also misled workers about the availability of same-day access to their earnings. Drivers had to follow a complex process to access their funds, and when they finally did, they faced further delays or fees if they needed to transfer the money they earned into an account of their choice. This resulted in workers paying more than $10 million in fees to transfer their earnings to an account of their choice.

“Walmart made false promises, illegally opened accounts, and took advantage of more than a million delivery drivers,” said CFPB Director Rohit Chopra. “Companies cannot force workers into getting paid through accounts that drain their earnings with junk fees.”

Read more at the Consumer Financial Protection Bureau (CFPB)

NEVADA payday loan ballot initiative dead after supporters stop getting signatures

Legal uncertainty of the proposal prompts supporters to abandon efforts to gather signatures, but some parts could be brought before the Legislature next year.

A proposed ballot initiative to limit high-interest lending in Nevada has failed after supporters failed to gather enough signatures, but elements of the effort could be introduced during next year’s legislative session.

In January, a nonprofit called Stop Predatory Lending NV filed an initiative petition that called for a ballot question creating a 36 percent cap on the interest rates for certain types of high-interest loans, including title and payday loans, which are short-term loans where individuals typically receive immediate cash and agree to pay back the loan shortly after with high interest rates.

Read more at The Nevada Independent

Have a tax law question?

Our #IRS Interactive Tax Assistant has answers.

Watch this short video to learn more:

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Highlights from National Tax Security Awareness Week

The IRS and its Security Summit partners recently held the ninth annual

National Tax Security Awareness Week, an annual event that emphasizes the importance of protecting sensitive financial information from identity theft and tax scams, especially as the holidays and the 2025 tax season approach.

Jose L. Santiago

Public Affairs Specialist

Tax Outreach, Partnership and Education

Email: jose.l.santiago@irs.gov

The Future of Banking is Personal

New research from Q2 reveals surprising similarities in banking preferences across generations while highlighting opportunities for financial institutions to create more personalized experiences. By leveraging data and emerging technologies, banks and credit unions can build deeper relationships with customers of all ages.

While much attention has been paid to the unique preferences of younger consumers like Gen Z, Q2’s research, conducted in partnership with Harris Poll, found more similarities than differences across age groups regarding banking.

A few key findings:

• 74% of consumers across all generations want more personalized experiences from their financial institutions.
• 66% are comfortable with their bank or credit union using their data to provide personalized experiences.
• 70% are okay with using AI for fraud detection.
• 48% log into their mobile banking app or website daily.

Read more at The Financial Brand

Advance America is excited to announce the grand opening of its 817th location

GREENVILLE, S.C., Dec. 19, 2024 /PRNewswire/ -- Advance America, a leading provider of financial solutions, is thrilled to announce the grand opening of its newest location on December 19, 2024. Situated inside the Sedano's Supermarket on S. Orange Blossom Trail in Orlando, FL, this innovative store-within-a-store concept underscores Advance America's commitment to making financial services more convenient and accessible for the vibrant South Orlando community.

Bringing Financial Solutions to Where You Shop

The new location allows customers to handle their financial needs while shopping at Sedano's, the largest Hispanic-owned grocery chain in the U.S. Advance America offers personal loans up to $1,000, including Payday Loans and Installment Loans.

Whether managing short-term expenses or planning ahead, customers can now seamlessly integrate financial tasks into their everyday errands.

Read more at EASTERN PROGRESS

Young Americans Have Never Been Wealthier – Or More Stressed. Can Banks Help?

Median household wealth for Americans aged 25 to 39 surged to record levels after the pandemic, thanks to both generous fiscal policies and asset inflation. Yet a new Treasury Department paints a dire picture, arguing that the benefits of record wealth are being undercut by mounting debt, skyrocketing housing costs and personal challenges ranging from mental health deterioration to social isolation.

Executive Summary

Young adults today face markedly different economic challenges compared to their parents’ generation, with significant implications for retail banking. The good news is that some indicators like women’s earnings and recent household wealth have improved. But many young Americans still struggle with financial fragility, declining labor force participation, and mounting costs. The landscape is shaped by soaring housing and childcare expenses, unprecedented student debt levels, and changing household formation patterns.

Read more at The Financial Brand

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20 states with the highest rates of unbanked residents

The number of U.S. households with little to no access to financial services is falling year over year, as mobile banking and low-cost accounts help combat the trend. But while different racial communities see disparate impacts of these approaches, many households across the U.S. remain unbanked.

Data from the Federal Deposit Insurance Corp.'s 2023 National Survey of Unbanked and Underbanked Households showed that of the 20 states with the highest rates of unbanked households, the rates ranged from 3.8% of all households to 9.4%. 

The top two states were the same as 2021, although they were able to reduce their unbanked rates from the previous report. California had the largest number of unbanked households, but the size of the state's population put its unbanked rate at the lower end of the list.

Read more at AMERICAN BANKER

High-Performing Credit Unions All Share This One Trait — And It’s Critical to Loan Growth

New research reveals a widening gap between credit unions leading in loan growth and their peers, driven largely by their adoption of digital integration capabilities. This technological edge enables them to embed lending opportunities directly into consumers' purchase journeys, meeting borrowers at their moment of need rather than waiting for them to seek out credit. The data suggests that mastering digital integration — while maintaining the agility to adapt quickly to market changes — will be crucial for credit unions' loan growth in 2025

As consumer expectations shift, they no longer want to interrupt their buying experience to search for a loan. Instead, they expect to be offered credit at the precise moment they need it.

Read more at The Financial Brand

Four Fresh Trends That Will Flip Bank Marketing in 2025

Economic and demographic crosscurrents will force marketers to try fresh approaches to longstanding challenges in the coming year. The Fed's return to rate cutting is just one factor; another is the growing emphasis on family banking services. And everyone wants more flexible options for handling their finances.

New research from Comperemedia, a Mintel company, argues that some longstanding key assumptions among marketers will have to be reassessed in the face of new facts and changing attitudes. As a result, marketing for consumer banking products will demand fresh ideas — in some cases, the opposite of conventional thinking.

Four trends identified by the firm are:

Marketing to the next banking cohort will hinge on marketing to an older generation.

Legacy brands and challenger brands will swap their preferred market channels.

Read more at The Financial Brand

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