The financial news that actually matters
Federal prosecutors in Manhattan have charged three top executives of Tricolor Auto with conspiracy and fraud, alleging they ran a years-long scheme that inflated the subprime auto lender’s loan portfolio, deceived the companies financing its operations, and contributed to losses exceeding $1 billion. CEO Daniel Chu, CFO David Goodgame, and COO Jerome Kollar each face…
Retirement savers with six-figure 401(k) balances face a quiet threat that federal investigators have documented for more than a decade: fees that are technically disclosed but practically invisible. A one-percentage-point difference in annual fees can drain a large share of a retirement balance over a working career, according to government analysis. The problem is not…
Roughly 80 million Americans are owed money on matured U.S. savings bonds they never redeemed, and the federal government is sitting on approximately $30 billion of those obligations. The bonds stopped earning interest years or even decades ago, yet the cash remains uncollected. A federal tool that once let people search for their missing bonds…
Millions of American borrowers are falling behind on their car payments at a rate not seen in more than three decades, and Federal Reserve researchers have traced the strain directly to the size of monthly bills on loans originated after 2021. The rise in auto-loan delinquencies, documented through the FRBNY Consumer Credit Panel and Equifax…
American households paid 3.5 percent more for everyday goods and services in June 2026 than they did a year earlier, according to the Bureau of Labor Statistics. That annual increase arrived even as month-over-month prices actually fell 0.4 percent on a seasonally adjusted basis, a sign that the cumulative effect of a temporary import surcharge…
The Justice Department is moving to drop all charges against Matthew Goettsche, the man accused of orchestrating the BitClub Network, a cryptocurrency fraud scheme that took in at least $722 million from investors. Goettsche was arrested alongside two other men in what federal prosecutors once called a “modern, high-tech Ponzi scheme.” The proposed dismissal arrives…
Borrowers with subprime credit scores now account for roughly 17 percent of outstanding auto-loan balances in the United States, down from about 20 percent in recent years. Yet this shrinking slice of the market is responsible for a wildly disproportionate share of missed payments, with delinquency rates in the subprime and near-prime tiers climbing back…
Eddie Bauer LLC filed voluntary Chapter 11 petitions, placing roughly 180 stores across the United States and Canada in jeopardy and raising hard questions about the future of the outdoor retailer’s physical footprint. The filings landed in the U.S. Bankruptcy Court for the District of New Jersey with lender backing through a Restructuring Support Agreement,…
Federal bank examiners forced financial companies to return $140 million to customers who were hit with illegal fees on checking accounts, auto loans, and international money transfers. The refunds stem from supervisory examinations conducted between February and August 2023 by the Consumer Financial Protection Bureau. Of that total, $120 million was tied to surprise overdraft…
Subscribers who paid for YouTube TV or DirecTV Stream during a specific period tied to Disney’s content distribution practices now have until September 8 to file claims for a share of a $50 million antitrust settlement. The resolution stems from Biddle et al. v. The Walt Disney Company, a class action in the United States…