Author: Brian Lund
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Sunwest Bank took substantially all of the $686 million in deposits Nano Banc reported as of June 30 after it failed September 25
When California regulators closed Nano Banc of Irvine on Friday, September 25, Sunwest Bank of Sandy, Utah, agreed to take over substantially all of its deposits, and customers did not have to do anything to keep their money. Nano Banc reported $686 million in deposits as of June 30, 2026, the Federal Deposit Insurance Corporation…
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Bank of America hit with more than $1.21 billion in Treasury penalties
Treasury announced more than $1.21 billion in penalties against Bank of America on October 13, calling it the third-largest penalty in Treasury history. The bank is the second-largest in the United States, and Treasury Secretary Scott Bessent said in the department’s release that “even the biggest financial institutions are not above the law.” Treasury says…
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Under Trump’s payment-integrity order, Treasury now checks that federal payment recipients own the bank account on file and returns payments that fail
Treasury now checks whether the person getting a federal payment owns the bank account the money is headed to, and a payment that fails the check is sent back instead of paid out. The Treasury Department said on October 6 that its bank-account ownership and Taxpayer Identification Number (TIN) checks “became fully operational on September…
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Most federal civilian workers get no raise in January 2027 under Trump’s pay plan unless Congress acts, while law enforcement gets 3.8 percent
Federal civilian employees start 2027 on the same pay tables they have now unless Congress writes a different figure, while the same letter directs a 3.8 percent increase for law enforcement. President Trump’s alternative pay plan, a letter to House Speaker Mike Johnson dated August 26, 2026, says “base pay and locality pay for civilian…
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Banks must automatically shield two months of directly deposited Social Security, VA, railroad and OPM benefits from private debt collectors, the CFPB says
A bank that gets a court order to freeze an account holding Social Security money has to leave two months of the benefit untouched, and it has to do that without waiting for the account holder to ask. The Consumer Financial Protection Bureau (CFPB) says banks automatically protect two months of certain directly deposited federal…
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It takes $1,970 in earnings to earn one Social Security work credit in 2027
Four Social Security credits are the most a worker can earn in a year, and in 2027 each one takes $1,970 in covered earnings. Social Security’s actuaries state it flatly: the amount of earnings required for a quarter of coverage in 2027 is $1,970. A worker who earns $7,880 or more in covered wages or…
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Workers who reach full retirement age in 2027 can earn $67,920 before that birthday month without losing any benefits
The year a worker reaches full retirement age comes with the higher of Social Security’s two earnings limits. For 2027 it is $67,920, and the agency’s COLA page says the limit applies to people reaching full retirement age in 2027. Pay up to that amount, earned in the months before the month of the birthday,…
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Social Security’s taxable wage cap rises to $192,300 for 2027, meaning higher earners pay payroll tax on more of their pay starting in January
Starting with the first paychecks of January, Social Security tax will apply to up to $192,300 of a worker’s yearly pay, up from $184,500 this year. Social Security calls that figure the taxable maximum, and it is the line above which wages stop being taxed for the retirement and disability program. Anyone who earns less…
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Early claimers who keep working can earn $25,560 in 2027 before Social Security starts holding back benefits
Social Security raised the earnings limit for people collecting benefits before full retirement age to $25,560 for 2027, up from $24,480 in 2026. Past that line, the agency deducts $1 from benefits for each $2 earned. The change sits inside the October 14 announcement of a 3.6 percent cost-of-living increase, and it matters to anyone…
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The CFPB says it will investigate whether JPMorgan Chase, Bank of America, Wells Fargo and six other big banks broke consumer laws when debanking customers
On October 14, the Consumer Financial Protection Bureau said it will investigate whether JPMorgan Chase, Bank of America, Wells Fargo and six other big banks broke federal consumer laws when they closed or restricted customer accounts. The announcement follows a report from the Office of the Comptroller of the Currency, the national bank regulator, and…