Tag: Finance News (Page 1 of 90)

Banks Freezing Accounts Has Now Become A Painful Problem

Market News Today - Banks Freezing Accounts Has Now Become A Painful Problem.
Market News Today – Banks Freezing Accounts Has Now Become A Painful Problem.

Banks freezing accounts has now become a painful problem as more customers nationwide report inexplicable financial damage.

Some of the biggest banks, including Bank of America, Wells Fargo, and JPMorgan Chase have given customers a painful experience recently.

After reporting how families accounts have been frozen by MVB Bank and Green Dot Bank, several bank customers reported to FrankNez their current experiences with much bigger banks.

“Wells Fargo and now Chase have done me like this since 2019.

They recently froze my bank accounts 4 months ago trying to stop the purchase of my home and keep the account frozen every 2 weeks since then.

There are multiple issues with banks and freezing accounts with inadequate reasoning.

I have lawyers working on the case as well. Thank goodness I’m not the only person suffering and dealing with this issue,” says DeVonn.

Hurtis Woodruff from Alabama says he thinks big banks are taking advantage of the middle class as he seeks to sue Wells Fargo for fraud.

“Get a lawyer gather every bit of verifiable proof you can. Your local or high court will award you your money back and then some. They are doing this sh*t because people are not suing them,” says Allison Alexander.

By far the most reports seem to come from Walmart’s partner Green Dot, which has more than 33 million users.

The bank seems to lack liquidity with the number of reports coming to light of the bank preventing access to money.

Retirees money has been held hostage with many families resorting to having to use high interest credit cards and even miss bills completely.

Related: Banks Are Now Closing Thousands of Accounts Daily

New Reports of Banks Freezing Customer Accounts

Market News Today - Banks Freezing Accounts Has Now Become A Painful Problem.
Market News Today – Banks Freezing Accounts Has Now Become A Painful Problem.

At first it seemed that only smaller banks were freezing customer accounts but just recently, Bank of America customers also faced this inconvenience.

Coinbase CEO Brian Armstrong took conducted a poll after a user said their Bank of America account had been closed for no apparent reason after a 15-year run.

The Bank of America customer stated that they do Coinbase transactions directly from the bank.

“This is a war on Bitcoin & crypto”, they said on Twitter.

At the time of this publication, more than 1,400 users voted to have been affected by a similar or same occurrence.

“Closed my account with them in 2010 after 10yrs. Worst bank I ever had,” said one user.

Still, more reports are coming from smaller bank such as Green Dot.

“I had accounts with Green Dot Bank(Go2bank), I closed them around 2 years ago and still haven’t received my refund in prepaid credit card, I sent proof of D.L and SSN.

Now they can’t find my accounts, but they send me monthly bank statements.

When I try to enter my name and password it kicks me off, and customer service hang up or put me on hold never answering again.

I am a cancer patient and veteran. $222.63 to a disabled person is a lot”, John Burnett reported to FrankNez.

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Market News Today - Banks Freezing Accounts Has Now Become A Painful Problem.
Market News Today – Banks Freezing Accounts Has Now Become A Painful Problem.

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Colorado Now Becomes The Next State to Experience Massive Layoffs

Market News Today - Colorado Now Becomes The Next State to Experience Massive Layoffs.
Market News Today – Colorado Now Becomes The Next State to Experience Massive Layoffs.

Colorado has now become the next state to experience massive layoffs according to the most up-to-date WARN data.

The state now has the second highest layoffs in the country with approximately 26,816 layoffs and 81 WARN notices so far this year.

California came in first and then was followed by Illinois, Washington, New York, Texas, New Jersey, Florida, and Michigan.

Market News Today - Colorado Now Becomes The Next State to Experience Massive Layoffs.
Market News Today – Colorado Now Becomes The Next State to Experience Massive Layoffs.

The public has raised concerns over recession worries despite government talks of a soft landing.

Below are the most recent Colorado layoffs as well as job cuts expected to happen until the end of this year.

Recent Layoffs in Colorado

Below is a list of recent layoffs in Colorado between the months of June-August (summer).

  • Pinnacle Architectural Lighting Inc.. Denver. 151 job cuts.
  • Laramar Group LLC. Denver, Broomfield. 76 job cuts.
  • Prescient LLC. Jefferson. 60 job cuts.
  • MV Transportation. Denver. 198 job cuts.
  • Via Mobility Services. Denver. 120 job cuts.
  • David’s Bridal. Multi area. 138 job cuts.
  • Amentum. Pueblo. 19 job cuts.
  • Hard Rock Cafe International STD. Denver. 54 job cuts.
  • Gannett (Pueblo Chieftian). Pueblo. 50 job cuts.
  • Bitwise Industries. Multi area. 13 job cuts.
  • Friday Health Plans Update. Rural Consortium, Denver. 323 job cuts.
  • Autism Home Support Services. ADWorks. 101 job cuts.
  • Autism Home Support Services. Weld. 70 job cuts.
  • Autism Home Support Services. Adams. 68 job cuts.
  • CUSITech LLC. not stated. 67 job cuts.
  • CDI HS (Community Development Institute Head Start). Rural Consortium, Denver. 120 job cuts.
  • Amentum. Rural Consortium (Pueblo). 27 job cuts.
  • Hunter Douglas NV. not stated. 28 job cuts.
  • Astro Space Operations. not stated. 61 job cuts.
  • Aktiv Phama. Larimer & Rural Consortium. 70 job cuts.

Colorado Layoffs Happening This Year

Below is a list of Layoffs in Colorado scheduled until the end of the year.

  • Bank of the West. Adams. 56 job cuts.
  • Namasté Alzheimer Center. Pikes Peak. 64 job cuts.
  • DePuy Synthes (Johnson & Johnson). Pikes Peak. 15 job cuts.
  • KeHE Distributors, Inc. Arapahoe/Douglas. 24 job cuts.
  • DePuy Synthes (Johnson & Johnson). Pikes Peak. 10 job cuts.
  • FedEx. Pikes Peak. 188 job cuts.
  • FedEx. Pueblo. 53 job cuts.
  • Amentum. Pueblo. 14 job cuts.
  • ImmunityBio. not stated. 118 job cuts.
  • Packers Sanitation Services (PSSI). 110 job cuts.
  • Divvy Homes Inc. not stated. 10 job cuts.
  • Yellow Corporation. not stated. 22,000 job cuts for the year.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

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Market News Today - Colorado Now Becomes The Next State to Experience Massive Layoffs.
Market News Today – Colorado Now Becomes The Next State to Experience Massive Layoffs.

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Mullen Just Sold A New Batch of Its EVs to NYPA

Market News Today - Mullen Just Sold A New Batch of Its EVs to NYPA.
Market News Today – Mullen Just Sold A New Batch of Its EVs to NYPA.

Mullen Automotive (NASDAQ:MULN) just sold a new batch of its EVs to the NYPA after a successful 60-day pilot program.

Shares of the startup EV company rose more than +4% on Thursday following the announcement.

“Today the New York Power Authority (“NYPA” or the “Power Authority”) has purchased Mullen’s Campus Delivery Cargo Vans after successful completion of an EV pilot program at NYPA’s 16-turbine hydroelectric facility in northern New York.

The 60-day EV cargo van pilot began on July  6, 2023, and concluded in early September 2023. 

As a result, NYPA will purchase the initial pilot vehicles for fleet operations at its St. Lawrence-Franklin D. Roosevelt Power Project, NYPA’s first active power plant, which opened in 1958.

The Power Authority is assessing additional NYPA locations for Mullen’s full lineup of commercial EVs, including Class 1 EV cargo vans and Class 3 EV cab chassis trucks,” stated the company in its press release.

“It’s great to see our EVs enter the Northeast market with the New York Power Authority, our nation’s largest public utility, using our delivery utility model for campus transportation.

Our EV cargo van is a perfect fit for large, closed workplace campus scenarios,” said David Michery, CEO and chairman of Mullen Automotive.

The New York Power Authority is the largest state public power organization in the U.S., operating 16 generating facilities and more than 1,400 circuit miles of transmission lines.

NYPA is at the forefront of producing and bringing clean, reliable energy to the state of New York. 

NYPA’s vision is to create a thriving, resilient New York State powered by clean energy and is leading the transition to a carbon-free, economically vibrant New York through customer partnerships, innovative energy solutions, and the responsible supply of affordable clean and reliable electricity.

Other Mullen Automotive News Today

Market News Today - Mullen Just Sold A New Batch of Its EVs to NYPA.
Market News Today – Mullen Just Sold A New Batch of Its EVs to NYPA.

Mullen Automotive announced on Monday the launch of new AI tech for its vehicles.

Shares of the company fell more than -11% despite the positive development.

Today the company announces the launch of Commercial Pulse, an advanced telematics solution for customers providing a complete solution for vehicle diagnostics and fleet optimization.

“Mullen’s Commercial Pulse is an advanced telematics AI system providing drivers and fleet companies a connected fleet of vehicles with maintenance alerts, real-time vehicle location, driver safety, battery state of charge, metrics, and more.

The end-user dashboard features asset and trip management, electric vehicle and driver performance, geofencing, and reporting.

Commercial Pulse is available via two mobile applications – Mullen Commercial Pulse Fleet and Mullen Commercial Pulse Driver – on both iOS and Android platforms.

Mullen Commercial Pulse Fleet provides insights and access, including a variety of management functions like vehicle health, maintenance, battery, and safety/security alerts.

Mullen Automotive News Today.
Mullen Automotive News Today.

Mullen Commercial Pulse Driver improves driver practice and time management with features like routing assistance, real-time vehicle location, charging station locator, and roadside assistance,” the company said.

“We are excited to introduce Commercial Pulse, a fleet telematics software maximizing uptime and providing the tools and data needed to manage vehicle operations,” said John Schwegman, Mullen’s Chief Commercial Officer. “As we have seen in our early customer pilots and engineering fleet, and by continuously monitoring vehicle performance, our system  can detect potential maintenance issues before breakdowns, empowering businesses to streamline operations and enhance efficiencies.”

“In an era where data is all around us, Commercial Pulse provides fleet managers with an easy-to-understand dashboard with information needed to optimize fleets and driver operations,” said David Michery, Mullen’s CEO.

“It’s an exciting time when we can showcase the fleet efficiencies, emissions savings, and energy reduction on our commercial portfolio.”

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Market News Today - Mullen Just Sold A New Batch of Its EVs to NYPA.
Market News Today – Mullen Just Sold A New Batch of Its EVs to NYPA.

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Will AMC Stock Now Surge As Writers Strike Ends?

Market News Today - Will AMC Stock Now Surge As Writers Strike Ends?
Market News Today – Will AMC Stock Now Surge As Writers Strike Ends?

Will AMC stock now surge as the writers strike finally comes to an end?

Writers and producers are near an agreement to end the Writers Guild of America strike after meeting face-to-face on Wednesday, reports CNBC.

“The two sides met and hope to finalize a deal Thursday, the sources said.

While optimistic, the people noted, however, that if a deal is not reached the strike could last through the end of the year.

On Wednesday evening, the WGA and the Alliance of Motion Picture and Television Producers released a joint statement that the two groups met for bargaining and would meet again Thursday.”

Theatrical films such as “Aquaman and the Lost Kingdom”, “Beetlejuice 2”, “Deadpool 3”, “Gladiator 2”, “Mission: Impossible”, “Mortal Kombat 2”, and many others have been delayed due to the writers strike.

The world’s largest movie exhibition, AMC Entertainment, has had a steady recovery ever since retail investors saved the company from bankruptcy in 2021.

Despite its progress, CEO Adam Aron has stated that the company is in need of titles to keep the train moving forward.

The end of the writers strike will provide the movie theatre chain with endless films for theatrical release.

So far, shares of the company have fallen more than -67% in the past month and more than -74% this year-to-date.

Luckily, the company was able to raise $325 million in fresh capital after its approved proposals.

“The successful completion of this equity offering marks another significant milestone for AMC.

Raising more than $325 million in gross proceeds has bolstered our ability to survive and then thrive.

As we navigate the recovery phase of our industry, this infusion of capital provides us with flexibility to assist us in navigating the waters ahead and continue delivering the magic of movies to our guests,” stated CEO Adam Aron.

The CEO of AMC Now Addresses Shareholders in New Message

Market News Today - Will AMC Stock Now Surge As Writers Strike Ends?
Market News Today – Will AMC Stock Now Surge As Writers Strike Ends?

The CEO of AMC Entertainment (NYSE:AMC), Adam Aron, recently addressed shareholders in a new message on Twitter.

“You have sent me over 5,000 comments in response to the tweets I wrote just in the past two days.

I try to read them all, or as many as I can. As should be expected, many are positive, many are negative. This may surprise you but I genuinely appreciate receiving all of it, the good but also the bad. Why? Because you own our company.

It is important that I understand what you think –both the favorable and the unfavorable.

At the same time, it is absolutely vital that after distilling all of your feedback, I actually do and action what I think is in the best interests of all of our shareholders,” Adam Aron said on Twitter.

While I am as frustrated as any of you are by the challenges that AMC still faces 42 long months after Covid forced the closure of all of our theatres, that frustration is greatly outweighed by my pride that AMC is still alive and fighting… that AMC is still leading and innovating… and that AMC is eminently stronger with our now greatly increased cash reserves.

How many times have the naysayers and prophets of doom predicted with certainty that AMC would fail? So far, we have proven them wrong. Over and over again. Wrong, wrong, wrong. In my view, AMC has an exciting future ahead, as our industry continues on its long glide path to eventual recovery and as AMC continues to take bold action to be out front.

In the language and customs of the 18th century, a message like this one would be signed “Your humble and obedient servant.”

Also Read: New Report: August Saw Whopping $129 Million in AMC FTDs

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Market News Today - Will AMC Stock Now Surge As Writers Strike Ends?
Market News Today – Will AMC Stock Now Surge As Writers Strike Ends?

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329 Banks Are Now Being Targeted By Short Sellers

Market News Today - 329 Banks Are Now Being Targeted By Short Sellers.
Market News Today – 329 Banks Are Now Being Targeted By Short Sellers.

329 public US banks are being targeted by short sellers according to the latest data complied by the S&P Global Markets Intelligence.

“Santa Ana, Calif.-based Banc of California Inc. logged the largest increase in short interest among US public banks in August as investor concerns lingered around its pending deal with Beverly Hills, Calif.-based PacWest Bancorp.,” says SP Global.

“Short interest in Banc of California ticked up 2.8 percentage points from July 31 to 7.1% of all shares outstanding as of Aug. 31, according to S&P Global Market Intelligence data.

The gain followed a 2.7 percentage point increase in short interest in the stock in July.”

Richmond, Va.-based Atlantic Union Bankshares Corp. logged the second-highest increase in short interest in August.

PacWest was the third-most shorted US bank stock in August. However, it posted the largest decrease in short interest for the second straight month.

Honolulu-based Bank of Hawaii Corp. remained the most shorted US public bank stock for the second month in a row.

As of Aug. 31, short interest in the company’s stock was 21.7% of shares outstanding.

Bank of Hawaii was also one of the most expensive US bank stocks as of Aug. 31, according to a Market Intelligence analysis.

Bank of Hawaii, like Western Alliance Bancorp. and PacWest, has been one of the most shorted US bank stocks in the months since the March bank failures.

As of June 30, Bank of Hawaii’s deposit balances have remained stable, but the company has large unrealized losses in its securities portfolio.

As of data compiled from September 13, 2023, there are a total of 329 US banks now being targeted by short sellers.

In May, JPMorgan CEO Jamie Dimon urged the SEC to ban the short selling of bank stocks.

Other Big Bank News Today

Market News Today - 329 Banks Are Now Being Targeted By Short Sellers.
Market News Today – 329 Banks Are Now Being Targeted By Short Sellers.

Families are now getting their bank accounts frozen by a US bank according to a new report from a user in distress.

Eric Begley says his family of four are being affected by Credit Karma’s bank partner, MVB bank and are on the brink of being evicted.

Payroll has been frozen and the family is working with local state reps to look into the problem.

“Our family with 2 children are being evicted Monday so please everyone pray for our family that this gets resolved for us asap.

C.K. is purposely holding up these simple routing numbers & now my family’s lives are suffering.”

The family says they have a 4-year old and a 15-year old who have no idea what’s happening.

But Eric and his family aren’t the only ones being affected by fraudulent activity and frozen bank accounts.

They reached out to FrankNez after a report was published on Green Dot Bank denying customers access to money.

A Green Dot Bank user says their family was almost evicted after the bank froze their account on ‘fraudulent charges’ and cancelled their card.

“After I had fraudulent charges on my account they cancelled my card and were supposed to resend one. This happened August 5 2023. I finally got a working card September 14 2023.

Was almost evicted, with my 2 children, missed countless bill payments and multiple days of work because I had no gas for my car. I’m beyond disgusted and in the worst financial position in my life. No Christmas or birthdays for my kids this year. Again,” says one user.

Customers from bigger banks such as Wells Fargo are also beginning to experience something similar.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

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Market News Today - 329 Banks Are Now Being Targeted By Short Sellers.
Market News Today – 329 Banks Are Now Being Targeted By Short Sellers.

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New Report: Short Interest Is Much Higher on Most Stocks

Market News Today - New Report: Short Interest Is Much Higher on Most Stocks.
Market News Today – New Report: Short Interest Is Much Higher on Most Stocks.

For years now retail investors have stated that short interest is much higher on most stocks than is being reported.

I’ve been sharing AMC’s, GME’s, and other ticker’s short interest daily for years now.

But something interesting happened post AMC’s approved proposals, short interest plunged heavily without any signs of shorts closing their positions.

And AMC is not the only retail favorite that has seen a significant drop.

AMC short interest is currently sitting at 11.54%, at least according to the latest Ortex data.

See, the thing is that according to FINRA, positions held overseas at a separate legal entity are not required to report short interest positions.

For this very reason, it means that there are several more short positions worldwide than meets the eye.

This also means that financial institutions may have subsidiaries as legal entities overseas without having to necessarily report their short selling activities.

This loophole is what has led many retail investors to believe that companies targeted by short sellers have fallen victim to possible fraudulent schemes.

Essentially, there are corners in the market that have hidden activity which take advantage of the average investor.

According to Science Direct, a big reason for hiding short positions is that disclosure could make them more costly or difficult to maintain and close.

“Such strategic disclosures can help activist short sellers reduce noise trader risk, making prices converge faster to their fundamental value (Kovbasyuk, Pagano, 2015, Ljungqvist, Qian, 2016, Zhao, 2018).

They also could be used as devices to coordinate predatory short selling and manipulate stock prices (Goldstein, Guembel, 2008, Brunnermeier, Oehmke, 2014).

Are retail favorites being manipulated from accounts overseas? Most would say absolutely given the strange trading activity that persists even today.

But I would love to hear your thoughts — leave a comment down below.

Also Read: New Report: August Saw Whopping $129 Million in AMC FTDs

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Market News Today - New Report: Short Interest Is Much Higher on Most Stocks.
Market News Today – New Report: Short Interest Is Much Higher on Most Stocks.

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SEC Has Now Substantially Increased Fines For Wall Street

Market News Today – SEC Has Now Substantially Increased Fines For Wall Street.

The SEC has now substantially increased its fines for Wall Street which has led to litigation, per the WSJ.

“Big banks and brokerage firms are handing over bigger checks to settle regulatory investigations, including those that don’t result in losses for investors.

U.S. market regulators are increasingly demanding tens of millions of dollars to settle technical violations that just a few years ago cost companies much less to resolve”, reports the journal.

This past week, the SEC sued Virtu Financial over claims that some employees could have improperly viewed its clients’ confidential trading information.

The lawsuit noted that regulators couldn’t tell if the wrong traders ever saw the nonpublic records.

“The SEC settles most of its enforcement cases, and Wall Street firms prefer to pay fines and avoid litigation that would put more heat on executives.

But SEC officials under Chair Gary Gensler are seeking higher fines to settle, even if prior offenders paid less. 

In the Virtu case, the SEC sought a fine of more than $25 million, people familiar with the matter said, many times what similar prior cases fetched for the agency. The fine would have represented about 5% of Virtu’s net income last year.”

Virtu and other companies who dominate the business of filling small investors’ orders say they give traders a better pricing than they would get at the lit stock exchange.

However, retail investors have raised concerns that these institutions have loopholes (should they want) to manipulate stocks in foreign exchanges.

And as we’ve seen on X, formerly known as Twitter, Doug Cifu alongside pal Charles Gasparino have taunted retail investors for investing in companies such as AMC Entertainment.

The two claim investors should be investigated for ‘pumping’ stocks but investors say these institutions have too much power to sway the markets.

And as Gensler has stated, institutions do indeed have a much greater advantage in the markets compared to the average retail investor.

Hedge Funds Spend Billions to Attack The New SEC Rules

Market News Today - SEC Has Now Substantially Increased Fines For Wall Street.
Market News Today – SEC Has Now Substantially Increased Fines For Wall Street.

Private equity, capital ventures, and hedge funds are spending billions to attack the new and approved SEC rules according to Financial Times.

“The US Securities and Exchange Commission’s decision last month to adopt sweeping new rules for the private fund industry is prompting some smaller fund managers to look for their first full-time general counsels and chief compliance officers.

Larger firms are considering not only whether to recruit more staff, but also the need for different kinds of lawyers in light of new rules that will change the way they interact with their investors.

And the entire industry is gearing up to invest more on compliance and reporting technology,” reports FT.

Industry groups have lobbied furiously against the proposals since they were first put forward in February 2022, saying institutional investors should be free to make their own deals with fund managers.

The rules, which were recently passed on a 3-2 vote, aim to provide investors with detailed quarterly reports on performance and increased disclosure on expenses and provide overall greater transparency.

“Economically, our investors, large or small, benefit from greater transparency and integrity,” SEC chair Gary Gensler said after the vote.

“These are significant enhancements in the capital markets.”

“These rules will help protect workers’ pensions and create a more transparent and accountable private funds market,” said Senator Sherrod Brown, who chairs the banking committee.

But Wall Street is pushing back and so are lobbied regulators tied to the big players.

The rule “is unnecessary government interference . . . [that] will squelch competition in the name of enhancing it,” said Hester Peirce, an SEC commissioner who has close ties to a lobbyist group of anti-regulators.

The new rules would impose “significant costs” and big changes on the industry, said Elizabeth Shea Fries, partner at Sidley.

“This is trying to make private funds more like registered funds.”

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Market News Today - SEC Has Now Substantially Increased Fines For Wall Street.
Market News Today – SEC Has Now Substantially Increased Fines For Wall Street.

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The Treasury Direct Is Now Preventing Users From Accessing Money

Market News Today - The Treasury Direct Is Now Preventing Users From Accessing Money.
Market News Today – The Treasury Direct Is Now Preventing Users From Accessing Money.

The Treasury Direct (TreasuryDirect) is now preventing users from accessing their money according to numerous reports.

Long-time users have been unable to log into their TreasuryDirect accounts for over a month now.

Newcomers have also been unable to create an account due to ‘maintenance’ issues.

Kenneth Jomoc says he’s been trying to open a new account with the Treasury Direct but that it’s been ‘unavailable’ for several days.

Others have received messages of ‘error’ when trying to create a new account with different dates of availability.

“Website has been down for scheduled maintenance for months. When will this be resolved,” says Michael.

“US TreasuryDirect website down. They did a software update over the weekend. Was supposed to be back by noon Sept 3, 2023. Hope they didn’t run out of money,” says Taichi Yang.

That of course would be a problem — many users on social media believe that these financial institutions may indeed be insolvent, or unable to pay their big debts.

In August, reports surfaced that the US Treasury Direct had been freezing customer accounts, leaving users without access to their funds from weeks to months.

Tammarra Johnson reported to FrankNez that TreasuryDirect has frozen her account ever since she made a deposit going all the way back to April.

“My account has been frozen since April right after I deposited $1,500 from a settlement. I mailed in the required form from my bank that was needed to unlock my account and it is still locked.

It’s sad to know financial institutions are basically taking citizens money like times aren’t already hard.”

“Treasury Direct is down right now. Starting to wonder if investing in treasuries is really a risk free return if they can’t even keep their website running,” said one user Tuesday of last week.

Related: A US Bank is Now Freezing Some Retiree Accounts

Other Bank News Today

Market News Today - The Treasury Direct Is Now Preventing Users From Accessing Money.
Market News Today – The Treasury Direct Is Now Preventing Users From Accessing Money.

A US bank is now denying customers access to money according to several reports from users.

Green Dot Bank is now facing fraud allegations from various customers who have been locked out of their account from weeks to months, similar to TD.

Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.

“It been a month and i still haven’t been able to get my money from Walmart green dot. I have ask for a replacement card 4 time haven’t got a card yet my rent is do for last month and this month i think there trying keep my money,” says Marzell Land.

Green Dot bank has been freezing multiple customer accounts resulting in missed bills or the usage of high interest credit cards to get by.

“From Az have not gotten my money since Wednesday I have a family and bills I have to pay. I know when they fixed this problem I’m getting my money and I’m gone like the wind, this is not right .🌋🌋🌋🤬🤬🤬. Just got done going through pandemic now this,” says Bobby Rivera.

What is being done about it? Nothing so far, though many of these reports have been submitted to the Better Business Bureau (BBB).

“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.

I’ll get my new card with my money on it this has been going on since the August 1 and I was in the hospital when I was hacked..I want my money it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

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Market News Today - The Treasury Direct Is Now Preventing Users From Accessing Money.
Market News Today – The Treasury Direct Is Now Preventing Users From Accessing Money.

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California Is Now The #1 State With The Most Layoffs

Market News Today - California Is Now The #1 State With The Most Layoffs.
Market News Today – California Is Now The #1 State With The Most Layoffs.

California is now the #1 state with the most layoffs in the U.S. according to the latest WARN data.

The latest report shows that approximately 54,439 employees have been laid off in California in 2023.

California also has 923 WARN notices this year so far, which are notices of many more upcoming layoffs in the state.

The Worker Adjustment and Retraining Notification Act of 1988 is a U.S. labor law that protects employees, their families, and communities by requiring most employers with 100 or more employees to provide notification 60 calendar days in advance of planned closings and mass layoffs of employees.

This means that California will be experiencing several more layoffs leading to the end of the year.

State with most layoffs 2023 - Franknez.com, WARN data | Economy News.
State with most layoffs 2023 – Franknez.com, WARN data | Economy News.

Layoffs in California this year have now exceeded last year’s numbers according to the latest data by the EDD.

11,238 jobs have been cut in California since July 1, 2023.

This is tracking ahead of last year’s period when just under 10,000 jobs were cut in California.

From July 1, 2022, to June 30, 2023, there were a total of 90,693 employees laid off in California,” reports Ash Jurberg.

In second place is Colorado, with approximately 26,816 layoffs and 81 WARN notices, followed by Illinois, Washington, New York, Texas, New Jersey, Florida, and Michigan.

Both California and Florida had the most layoffs in Yellow Corp., an American transportation holding company headquartered in Nashville, Tennessee.

So far, Amazon says it is hiring 30,000 seasonal workers in California and is pushing to fill 250,000 jobs nationwide.

The public has raised concerns over recession worries despite government talks of a soft landing.

For more news and updates, opt-in for push notification, join the newsletter, or follow me on social media below.

Also Read: A US Bank Now Leaves Customers Unable to Pay Bills

More Economy News Today

Market News Today - California Is Now The #1 State With The Most Layoffs.
Market News Today – California Is Now The #1 State With The Most Layoffs.

Massive layoffs in Indiana will now affect thousands of people according to the latest data from the Indiana Department of Workforce Development.

Nearly 4,000 job cuts in Indiana are scheduled to take place this year with the majority coming from LSC Communications, Alan Ritchey, Kuehne & Nagel, Pitney Bowes Inc., FedEx, and many more.

Layoffs in California and layoffs in Illinois both surpassed layoffs in Florida significantly for the month of August.

These three states had the most layoffs in Yellow Corp., an American transportation holding company headquartered in Nashville, Tennessee. 

Upcoming layoffs in Michigan have also put the state right up there in terms of highest job cuts.

Job cut notifications indicate that more than 4,400 jobs will be lost this year.

“Layoffs have hit the United States this year, and Indiana has been impacted by this, with a wide range of businesses announcing layoffs,” reports Ash Jurberg.

Below is a list of upcoming layoffs to hit Indiana in 2023 according to the latest WARN report.

  • Trialon Corporation. Kokomo. 110 jobs cut.
  • BorgWarner. Kokomo. 82 jobs cut.
  • TRIN. Ashley. 155 jobs cut.
  • Owens Corning. Wabash. 87 jobs cut.
  • WestRock. Columbus. 101 jobs cut.
  • Arrowhead Engineered Products. Jasper. 52 jobs cut.
  • Tyson Foods. Corydon. 368 jobs cut.
  • BWI Group. Greenfield. 9 jobs cut.
  • Alan Ritchey. Plainfield. 242 jobs cut.
  • Aurorium. Indianapolis. 159 jobs cut.
  • Yellow Corporation. Statewide job cuts undisclosed.
  • MonoSol. Merrillville. 45 jobs cut.
  • Franciscan Alliance. Dyer, Crown Point, Munster, Lafayette, Beech Grove, Indianapolis. 61 jobs cut.
  • Cenveo Worldwide. Indianapolis. 127 jobs cut.
  • EverQuote. Evansville. 98 jobs cut.
  • FedEx Supply Chain. Indianapolis. 170 jobs cut.
  • Pitney Bowes Inc. Greenwood. 240 jobs cut.
  • LSC Communications. Warsaw. 525 jobs cut.
  • Proterial Cable America.New Albany. 109 jobs cut.
  • Graphic Packaging. Auburn. 70 jobs cut.
  • Enjoy Life Foods. Jeffersonville. 105 jobs cut.
  • Parkhurst Dining at Taylor University. Upland. 178
  • HighPoint Digital. Indianapolis. 65 jobs cut.
  • Walmart Supercenter. South Bend. 261 jobs cut.
  • RR Donnelley. Plainfield. 79 jobs cut.
  • Kuehne & Nagel. Whitestown. 294 jobs cut.
  • Catherine Kasper Life Center. Plymouth. 60 jobs cut.
  • Stealth Enterprises. Bristol. 53 jobs cut.
  • Children’s Factory. Angola. 26 jobs cut.
  • Railcrew Xpress. Lafayette, Avon, Terre Haute, Evansville, and Vincennes. 70 jobs cut.
  • Gannett Publishing Services. Indianapolis. 56 jobs cut.
  • Lincoln Industries. Boonville. 60 jobs cut.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

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Market News Today - California Is Now The #1 State With The Most Layoffs.
Market News Today – California Is Now The #1 State With The Most Layoffs.

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Chase Customers Now Begin to Report Missing Deposits From Bank

Market News Today - Chase Customers Now Begin to Report Missing Deposits From Bank.
Market News Today – Chase Customers Now Begin to Report Missing Deposits From Bank.

More and more JPMorgan Chase (NYSE:JPM) customers are now beginning to report missing deposits from the bank.

Earlier this month, numerous Chase customers were unable to access money through ATMs in California and other parts of the United States, including Texas, Florida, Ohio, New York City, Arizona, and many others.

And according to the company, more than 16,000 ATMs were affected nationwide.

Last week several users also reported being unable to use their debit cards to withdraw cash, with some even seeing double charges on their accounts.

Now Chase customers have begun to report missing deposits from the bank up to a week after getting paid.

“I haven’t received my deposit yet,” says Sharon Stone.

“Deposit finally went through (was suppose to be a instant deposit so still annoyed it took almost 24 hours) but transactions are still not showing up accurately,” says Daisy.

“I just deposited some money into my debit account from the Apple Cash instant transfer and it’s still not showing up in my bank account,” says Jess Coronado.

“I’ve been dealing with this since yesterday. How are they going to have this kind of problem for days now…makes no sense. Card declining, not showing deposits, not reflecting purchases,” says Amanda, another bank customer.

While not every JPMorgan Chase customer might be experiencing these issues, it sure is an inconvenience for those who are.

Recently, Chase users were also reporting being locked out of their accounts completely with 71% of reports having to do with login issues.

The banking industry may not be as sound as other have led the public to believe.

Here are other developments happening today.

Also Read: Here Are The Bank Branches JPMorgan Chase Is Now Closing

Other Bank News Today

Market News Today - Chase Customers Now Begin to Report Missing Deposits From Bank.
Market News Today – Chase Customers Now Begin to Report Missing Deposits From Bank.

Wells Fargo is now freezing bank accounts according to new reports from a customer, which has now led to a lawsuit.

“Wells Fargo seized a customer’s funds and shut down his bank account over a legitimate $207,765 deposit.

Ethan Parker says he opened a new account at the bank late last year specifically to deposit a large check that he received after the death of his adoptive mother.

But 15 days after the deposit, Parker says Wells Fargo shuttered the account, took the funds and accused him of forging the check,” reports DH.

According to the lawsuit, Parker then obtained a letter from the firm that issued the check to confirm its legitimacy.

But the bank was not swayed and continued to deny Parker access to the funds without “adequate explanation.”

The lawsuit asks the courts to force Wells Fargo to release the funds, and says Parker has been damaged in an “amount to be proved at trial.”

In a statement to Triangle Business Journal, a Wells Fargo spokesperson says the bank plans to defend its actions.

“We strongly disagree with the allegations made in the suit filed by Mr. Parker, and will defend our position as we believe Wells Fargo took the appropriate actions.”

Parker says he’s now unable to make house payments, and his lawyers say they’re looking for other people whose accounts were “improperly closed” by the bank over accusations of fraud.

But Wells Fargo isn’t the only bank freezing customer accounts.

The US Treasury Direct (TreasuryDirect) has left users without access to their accounts from weeks to months according to several reports.

Bank of America had also frozen more than 1,000 accounts connected to Coinbase this past summer.

Also Read: A US Bank is Now Denying Customers Access to Money

Market News Published Daily 📰

Market News Today - Chase Customers Now Begin to Report Missing Deposits From Bank.
Market News Today – Chase Customers Now Begin to Report Missing Deposits From Bank.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


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