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Wells Fargo has agreed to settle a lawsuit alleging discrimination in loan approvals. Banking Dive reports that a lawsuit combining multiple cases, filed by Wells Fargo shareholders in federal court in Northern California, accuses the bank giant of approving fewer than 50% of refinancing applications for Black borrowers in 2020. The banker was also accused of conducting fake job interviews with nonwhite candidates in order to meet diversity goals, as AFROTECH™ previously reported. Shareholders argue that the bank’s board of directors breached its fiduciary duties regarding Wells Fargo’s regarding the bank’s discriminatory hiring and lending practices, according to a press release shared by the office of Cotchett, Pitre & McCarthy, which served as court-appointed co-lead counsel and was represented by lawyers Mark Molumphy, Tyson Redenbarger, Gia Jung, and Elle Lewis. Wells Fargo has agreed to a $110 million settlement. Of that amount, $100 million will be put toward a Borrower...
Social Security insolvency has become a growing concern among Americans, many of whom worry their benefits could be unavailable by the time they reach retirement age, Yahoo! Finance reports . The 2025 Social Security Board of Trustees report noted that “the fund’s reserves will become depleted,” with the program able to pay 100% of scheduled benefits only through 2033 — three calendar quarters earlier than projected in last year’s projection. After that time, the program would still be able to pay about 77% of the scheduled benefits through the Old-Age and Survivors Insurance (OASI) Trust Fund, per the report. The Disability Insurance (DI) Trust Fund should be able to pay 100% of benefits through 2099. However, combined trust fund reserves are projected to become depleted in 2034 and will not be able to pay 100% after that. The programs two other funds, the Hospital Insurance (HI) Trust Fund and the Supplementary Medical Insurance (SMI) Trust Fund, could also be affected. Still,...
A new bank has opened in Indianapolis that will center on underserved communities. Generations Community Bank, an effort led by Evansville, IN-based Old National Bank, has opened its doors in Indianapolis, specifically in the Indy Health District, at 2110 N. Illinois St., after four years. According to BizVoice Magazine, the startup bank aims to close longstanding gaps in access to capital for minority, low-income, and underserved communities. Its offerings will include small-business lending, home financing, and community-focused development designed to support financial stability and wealth. “At Generations Community Bank, we want to listen to our customers, explain things, educate and collaborate, so the people we’re serving have the resources they haven’t had before. That’s how we plan to stay proximate to the communities we serve,” Generations Community Bank President and CEO Al London told the outlet. The bank marks Indiana’s first Minority Depository Institution (MDI), giving...
Goldman Sachs is pushing back against claims that it is retreating from its diversity, equity, and inclusion (DEI) efforts following social media criticism from racial justice advocacy group Color of Change. The organization accused the investment bank’s employee donor advised fund, Goldman Sachs Gives, of “funding attacks on civil rights” and directing funds to anti-DEI organizations, American Banker reports . Last month, the nonprofit said Goldman also weakened some of its public commitments around DEI programs and initiatives — all in favor of the Trump administration’s anti-DEI policies. However, Goldman says it remains committed to diversity, even as the legal landscape around diversity-related recruiting and hiring targets continues to shift, per American Banker. “We are strong believers in diversity,” Goldman spokesperson Tony Fratto told the outlet. “It’s important to our business. It’s important to our people. But we have to operate within the guidelines of the law in...
Cash App users can now send money to friends using installment plans. The “Buy Now, Pay Later” (BNPL) method has been increasingly popular among consumers for everyday transactions. Now, Cash App is bringing the repayment plan option to its peer-to-peer (P2P) payment model, according to a press release on April 2. Powered by the app’s Afterpay feature, users can split P2P transactions worth more than $25 into installments. The recipient receives all of the money sent, while the sender retains the amount for an upfront fee. The sender can choose between weekly payments or a lump sum paid at a later date. Afterpay, the sister company of Cash App, both owned by Block, has been a growing BNPL servicer. In 2025, the Cash App began offering installment plans for debit card transactions over $25, per a separate news release. Owen Jennings, executive officer and head of business at Block, sees the new BNPL feature as an expansion upon that. “Millions of customers already use pay-over-time...
A new year brings new goals and resolutions — and for many, the question: “When can you file taxes in 2026?” The Internal Revenue Service (IRS) has not yet announced the official start date for 2025 tax returns, but past years suggest that the 2026 filing season will likely begin during the last full week of January. According to The Economic Times, this year’s filing season comes amid heightened financial pressures, including inflation, elevated interest rates, global uncertainty, and tariffs. However, these factors won’t directly affect filing deadlines. Preparation Is Key Regardless of when the filing season begins, taxpayers can get a head start by collecting their documents to avoid delays and errors. The most important documents to collect early are W-2 forms, which employers and financial institutions must send to employees by Jan. 31, 2026, per The Economic Times. Freelancers and independent contractors will need Form 1099-NEC and 1099-MISC, which report various types of...
Tax season is here, and that could mean bigger refunds for many Americans after significant changes in the 2025 federal tax rules. But the season may also bring delays and confusion. According to USA Today, households will need to navigate new deductions for tip income, overtime pay, car loan interest, and the senior tax break for those 65 and older — along with unexpected restrictions. Many changes come from the One Big Beautiful Bill Act, signed into law by President Donald Trump on July 4, 2025, which includes new tax breaks retroactive to Jan. 1, 2025. “The One, Big, Beautiful Bill will unleash the full potential of the U.S. economy. It locks in permanent, pro-growth tax cuts for families, workers, and job creators,” Treasury Secretary Scott Bessent said of the bill. “The bill also enacts No Tax on Tips, No Tax on Overtime, and new tax cuts for seniors. The OBBB will strengthen important programs for those who need them most and save taxpayer dollars by cutting waste, fraud, and...
U.S. Bank is stepping up its presence across the Southeast, aiming to reach more businesses and broaden its lending services, including Small Business Administration (SBA) loans. According to Banking Dive, the Minneapolis-based bank, with $695 billion in assets, is actively hiring bankers in areas where it doesn’t currently operate branches. Dee O’Dell, head of business banking sales, confirmed that within six months, U.S. Bank plans to bring on at least a dozen new bankers in a couple of Southeastern states. Though they weren’t specified, possibilities include Alabama, Florida, Georgia, Louisiana, Mississippi, and South Carolina, the outlet notes. While O’Dell did not go into detail, the bank is clearly positioning itself to tap into growing business markets across the region. This expansion follows recent moves in other key markets. Banking Dive states that U.S. Bank has added multiple banker teams in cities like Charlotte, Las Vegas, and Chicago, reflecting its strategy to meet...
JPMorgan Chase CEO Jamie Dimon believes AI will eventually shorten the work week and says people should embrace it now, before it transforms every corner of the workforce. Speaking at Fortune’s Most Powerful Women conference at the America Business Forum in Miami, FL, on Thursday, Nov. 6, 2025, Dimon said the future of work may involve fewer hours but greater value — if leaders take the proper steps now. He urged companies to modernize data systems so AI can use them effectively, invest despite power limitations, and create humane transitions for jobs that will disappear. “It’s going to affect every application, every job, every customer interface,” Dimon said, as Fortune reported. “My guess is the developed world will be working three-and-a-half days a week in 20, 30, 40 years, and have wonderful lives,” he continued. As AI takes on more routine work, the same result may require fewer hours — though every transition brings its own challenges. “It will eliminate jobs. People should...
Citibank has lowered its base lending rate by 0.25% on Oct. 30, 2025, from 7.25% to 7.00%, according to a Citibank news release. This follows a similar reduction in September, the bank announced, and comes a day after the U.S. Federal Reserve lowered its policy rate to a 3.75%–4.00% range, the lowest in three years, CNN reports. Borrowers with floating-rate loans tied to Citibank’s base rate may see lower interest payments, potentially saving hundreds of dollars annually, according to The Economic Times. The cut aligns the bank’s lending rate with the U.S. prime rate, standardizing borrowing costs for individuals and businesses. Loans such as mortgages, auto financing, and business credit lines tied to the base rate will see immediate changes in monthly payments. Citigroup, Citibank’s parent company, operates in more than 180 countries, offering personal banking, wealth management, and capital markets services, the outlet notes. Citi has a market capitalization of $177.36 billion,...
Wells Fargo has agreed to resolve a settlement regarding claims around its interview processes. Lawsuit Explained As AFROTECH™ previously reported, the bank giant was accused in a lawsuit of conducting interviews with “ diverse ” candidates without the intention of hiring for the role. Former executive Joe Bruno addressed this concern, saying the “ fake interviews ” were “ inappropriate, morally wrong, ethically wrong, ” according to the New York Times. Bruno was fired in August 2021, and Wells Fargo states that it resulted from his combative behavior with another employee. Nonetheless, other employees have shared similar sentiments to Bruno’s regarding Wells Fargo’s interviewing practices. Some admitted they had to conduct interviews with diverse hires even though the role was already filled. Accounts of these claims surrounding Wells Fargo can be traced back from February 2021 to June 2022 and are documented in a class-action lawsuit filed by SEB Investment Management on behalf of...
Millions of people across the U.S. felt the effects of Amazon Web Services (AWS) going offline. As AFROTECH™ previously reported, the global outage on Monday, Oct. 20, disrupted access to websites, apps, and services across sectors. As recovery continues, new details are emerging about just how integral AWS is to everyday digital life. According to CNN, the outage rippled through nearly every aspect of daily routines. People couldn’t order coffee through mobile apps, teachers couldn’t access lesson plans, and smart home systems like Ring and Blink cameras stopped working. For many, it was more than just an inconvenience. Hospitals also lost key communications tools, and customers at digital banks such as Chime couldn’t access their money. The shutdown underscored how essential AWS has become to digital infrastructure. The platform provides the behind-the-scenes computing power for millions of businesses, offering storage, servers, and data management tools that keep operations...
Fifth Third Bancorp to move forward with the acquisition of Comerica Bank. Details Surrounding Acquisition The bank holding company headquartered in Cincinnati announced it will acquire Comerica , a regional bank headquartered in Dallas with a large footprint in the Midwest, for $10.9 billion in an all-stock deal projected to close by 2026, according to CNBC. This will lead to about $288 billion in combined assets and would reportedly form the ninth-largest bank in the U.S. with two $1 billion recurring and high-return fee businesses: Commercial Payments and Wealth and Asset Management, CNN reports. “The things that have defined Fifth Third over the course of the past 10 years have been this focus on stability, profitability, and our ability to drive organic growth,” Fifth Third CEO Tim Spence told CNBC. “What’s defined Comerica is an incredible middle-market commercial banking platform, and the access that Comerica has to high-growth markets like Texas and large economies like...
Paga Group, a UK-based African fintech company, has expanded its services to the United States. Founded by Tayo Oviosu in 2009, the company is on a mission to eliminate the pain points of sending and accessing money for Africa’s diaspora. Paga Group has folded three businesses into its structure, including Paga, its consumer digital wallet, which permits users to send money, make payments, and bank in multiple currencies, according to the company’s website. Paga also offers a virtual or physical debit card that can be used at businesses that accept Visa. Additional perks include setting bills on autopay. Paga’s other businesses include Paga Engine — a B2B business serving more than 260 companies — and Doroki — a retail and SME management platform — according to information shared with AFROTECH™. Expanding To U.S. Soil According to information shared with AFROTECH™, in 2024 alone, Paga processed 124 million transactions, valued at nearly $5.6 billion. Paga is now expanding to U.S....
If you had a Capital One 360 savings account between September 2019 and June 2025, you may be entitled to part of a $425 million Capital One savings account settlement, USA Today reports. The payout stems from a Capital One 360 savings account lawsuit that alleged the bank kept interest rates low on older accounts while offering higher rates to new customers. Capital One 360 Savings Account Lawsuit Background According to USA Today, Capital One customers filed the Capital One 360 savings account lawsuit in 2024. The Consumer Financial Protection Bureau (CFPB) also sued the bank and its parent holding company, Capital One Financial Corp., in January 2025, claiming it froze rates on the 360 Savings account at 0.3% for years despite rising national interest rates. The Bureau alleged that this cost customers more than $2 billion in lost earnings. Per USA Today, the CFPB said Capital One marketed the 360 Savings account as “high interest” with a variable rate “among the nation’s best,”...