Trump’s crypto platform is now open to the public — kind of

The people behind World Liberty Financial — former President Donald Trump, his sons, and his business associates — have made a lot of promises about the cryptocurrency platform’s revolutionary potential. It will liberate “the average American” from “the big banks and financial elites,” Trump posted on Truth Social. It will help unbanked and debanked people, Donald Trump Jr. said in an X Space. What no one involved with the project has said is how this will happen or what, exactly, World Liberty Financial does. Now, the mystery service is accepting signups — but not from everyone.

Despite scant details about World Liberty Financial, its whitelists are now open, the company announced on X and Truth Social on Monday. The platform is now letting US-based accredited investors and non-US persons begin the know-your-customer (KYC) verification process. It’s worth reiterating: neither Trump nor anyone else involved in World Liberty Financial has given an in-depth explanation of what service the platform actually provides.

Read more at MSN.COM

When can consumers expect car loan interest rates to drop?

The Federal Reserve has cut interest rates, but it’s unclear when car buyers will see the shift reflected in auto loan rates.

For the first time in over four years, the Federal Reserve has cut interest rates, offering hope to car buyers burdened by high borrowing costs. While the stock market saw immediate gains from the announcement, experts warn that car loan rates might not improve immediately, as these rates depend on more than just Fed’s decisions.

According to Jonathan Smoke, chief economist for Kelley Blue Book, auto loan rates may take “several weeks or even months” to respond to the Fed cut. “The Fed does not directly control the rates consumers see, and auto loan rates may end up being the slowest to move,” Smoke said.

Read more at AUTOBLOG.COM

Debt collectors may not collect on inaccurate, unsubstantiated, or invalid medical bills

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to prevent families from being targeted by illegal medical debt collection tactics. The advisory opinion clarifies that debt collectors, which may include third-party “revenue cycle management” companies, are violating federal law when they collect on inaccurate or legally invalid medical debts. These illegal practices include double-dipping to get paid for services already covered by insurance, hounding consumers to pay fake or exaggerated charges, misrepresenting consumers’ rights to contest bills, and collecting on debts without documentation that the amount is actually owed. The CFPB’s action aims to protect consumers from careless or predatory practices that can lead to inflated healthcare costs.

“Medical billing is often riddled with errors, including inflated or duplicative charges, fees for services the patient never received, or charges already paid,” said CFPB Director Rohit Chopra. “The CFPB is taking action to ensure that Americans are not unfairly chased by debt collectors over unsubstantiated or invalid medical bills.”

Read more at Consumer Financial Protection Bureau (CFPB)

Pay transparency can be awkward — but it can move the workplace forward

Workers, especially those who are marginalized, are better able to advocate for themselves if they have more pay information.

As more states and municipalities implement pay transparency laws, workers can glean more insight into how well — and how equitably — they are paid compared to colleagues or others in the industry.

In fact, most of more than 500 North American employers recently surveyed by WTW already have pay transparency policies, driven in part by global requirements. But, with transparency also comes risk, the survey notes, highlighting employers’ fears about receiving more compensation questions from workers and more requests for pay negotiations and off-cycle pay changes.

Read more at HRDive.com

Flexible Spaces Demand Flexible Lending in the New Office Era

The U.S. office market is navigating uncharted waters as vacancy rates soar to an unprecedented 20.1%. This seismic shift, triggered by the pandemic and accelerated by technological advancements, is reshaping the landscape of work. While some herald the death of the office, others see a sector ripe for reinvention. From suburban revivals to AI-driven demand, the market is adapting in unexpected ways. As the dust settles, a new working order is emerging — one that values flexibility, quality, and innovation above all else. The office isn't dead; it's evolving.

Executive Summary

The U.S. office vacancy rate has soared to a record-breaking 20.1%, a startling shift that’s reshaping cityscapes across America. This unprecedented figure, which represents some 902 million square feet of empty office space (equivalent to about 300 One World Trade Centers) paints a stark picture of an industry in flux.

The Covid-19 pandemic of course acted as a catalyst, emptying downtowns and suburban office parks. But, a nuanced picture has emerged from the settled dust. Where some predict the death of the office, other savvy observers see a sector poised for reinvention.

Read more at The Financal Brand

How ‘Voice Cloning’ Will Disrupt Customer Verification

Fraudsters can now clone a customer's -- or colleague's -- voice based on as little as three seconds of audio, according to Sterling Bank . Voice generation is just one of several proliferating AI-powered threats to banks' existing client verification protocols. Banks need to harden their defenses now. The good news? The right tools exist and may be less complex and expensive to implement than you think.

Everyone knows that artificial intelligence (AI) is transforming our world at an unprecedented pace, and the financial industry is feeling its impact in profound ways. While we marvel at AI’s remarkable potential to streamline processes and enhance customer experiences, we’re also grappling with its darker side. There is a looming threat from voice generated AI that will impact every financial institution. Voice generated AI is now shockingly sophisticated and closer to widespread reality than we think. It’s time to modernize our client verification tools.

Read more at The Financial Brand

Survey finds 56% of Canadian workers reporting reduced productivity due to financial concerns

More than half (56 per cent) of Canadian employees say they’re less productive at work due to financial concerns, according to a new survey by the National Payroll Institute.

The survey, which polled 1,500 employees, found the percentage of Canadians who consider themselves financially stressed increased to 41 per cent from 37 per cent in 2023. At the same time, the percentage of respondents who consider themselves financially comfortable decreased to 28 per cent from 32 per cent in 2023. Indeed, more than a quarter (29 per cent) of Canadians earning $100,000 or more annually are still living paycheque to paycheque, dispelling the myth that financial stress is exclusive to lower-income households.

Nearly half (45 per cent) of workers said they spend at least 15 minutes per day thinking about their finances on the job and one in 20 said they spend more than 90 minutes daily. The time spent worrying about finances at work equates to $53.9 billion in lost productivity each year — up from $46 billion in 2023, $40 billion in 2022 and $27 billion in 2021.

Read more at BENEFITSCANADA.com

Competitive Digital Services Now Trump Interest Rates, Fees When Consumers Choose A Bank

The digital revolution is over and the consumers have won. A recent survey reports that almost all consumers now regard the quality of digital products and services as the critical factors in their selection of a bank – on par with security and customer service, and much more than interest rates, fees, branch availability or pretty much anything else.

Executive Summary

A recent survey of 2,000 consumers by investment site The Motley Fool reported that almost all consumers now view digital banking services and capabilities as key factors in choosing a bank, on par with security and customer service – and almost twice as many as those who prioritize competitive savings rates. Fully three-quarters of respondents are open to switching banks for better services, with millennials being the most likely to switch – but the hassle of changing automatic payments and direct deposits remains a significant barrier to switching.

Read more at The Financial Brand

States Prioritize Reserves as Fiscal Flexibility Declines: PEW

The strength of rainy day funds in half of the states and nationwide increased during fiscal year 2024—according to states’ own estimates collected by the National Association of State Budget Officers (NASBO)—continuing a trend that began over a decade ago and accelerated during the pandemic. States could operate on their rainy day funds alone for a median of 48.1 days, up from 44.9 days in fiscal 2023.

However, the pace of reserve growth is slowing. The median rainy day fund balance increase was 5.7% in fiscal 2024, down from 15.8% the previous year. Overall, 33 states increased their rainy day fund balances in fiscal 2024, the fewest in eight years. Further, this new reserve growth materialized as states spent down their leftover budget dollars, known as ending balances, at the fastest rate since the Great Recession, leading to a decline in overall fiscal flexibility.

Read more at The Pew Charitable Trusts