Tag: banks

White House agrees to cancel student debt for millions of borrowers

The Trump administration says it is canceling student debt for millions of borrowers — a pivot from its previous moves to block some loan forgiveness plans.

In an agreement with the American Federation of Teachers, the White House will again start processing student loan forgiveness for eligible borrowers in two income-driven repayment plans — Income-Contingent Repayment and Pay as You Earn — until they expire.

President Trump’s “Big, Beautiful Bill” is slated to phase out those two programs by July 1, 2028. They have over 2.5 million enrollees total, a higher ed expert estimated.

“This is a tremendous win for borrowers. With today’s filing, borrowers can rest a little easier,” said Winston Berkman-Breen, legal director for Protect Borrowers, which acted as counsel for the teachers’ union.

“The US Department of Education has agreed to follow the law and deliver congressionally mandated affordable payments and debt relief to hard-working public service workers across the country, and will do so under court supervision. We fully intend to hold them to their word.”

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The Hidden Risks of the Digital Euro

The European Central Bank has presented the digital euro as a symbol of financial autonomy and modernization. But, much like the Chinese model that seems to inspire ECB President Christine Lagarde, what is at stake is not just technology: it is the risk of turning a payment instrument into a mechanism of control over every citizen’s transactions. Across the Atlantic, the United States took the opposite path: it legalized stablecoins and banned a centralized digital dollar, strengthening freedom and competition instead of state control.

On September 26, the European Central Bank announced what had long been anticipated: it will conduct new experiments on what can be achieved with the digital euro.

This project, presented as an achievement of financial autonomy, has now been accelerated after the United States Congress approved the so-called GENIUS (“Guiding and Establishing National Innovation for U.S. Stablecoins”) Act, which authorizes stablecoins currencies pegged to stable assets, usually the dollar. At the same time, Congress also approved a prohibition on the Federal Reserve from creating an official digital dollar, ensuring that innovation remains decentralized and outside the direct control of the State.

In Brussels, the reaction was the opposite. The fear that these dollar-linked digital currencies could trigger a “digital dollarization” of the European economy served as justification to accelerate the digital euro. But instead of strengthening the diversity of existing solutions, the European Union is moving forward with a project directly controlled by the ECB. The narrative is one of “financial sovereignty,” but in practice it risks increasing citizens’ dependence on central power and undermines competition in the financial sector, especially when the Chinese model appears to serve as reference.

The ECB insists that the digital euro will be just another payment option, coexisting with cash. But President Lagarde has repeatedly praised the Chinese model, which looks very much like a declaration of intent. Even if it begins with promises of voluntarism, the reality is that models of this kind rarely remain optional for long. China’s case is illustrative: the digital yuan was presented as a complement to physical cash and a voluntary choice, but it quickly became a mass-use instrument, encouraged by the State and integrated into nearly all daily transactions.

In 2023, in cities such as Shanghai and Shenzhen, public salaries and subsidies were being paid through the digital yuan. After the 2022 Beijing Winter Olympics, its use expanded to such an extent that it became virtually impossible to avoid. In just five years, the digital yuan became unavoidable in many Chinese cities, with public wages, subsidies, and taxes processed exclusively this way.

By recording in real time all transactions through the People’s Bank of China, the government monitors in detail who buys, what, where, and when. This level of surveillance opens the door to direct conditioning of citizens’ behavior. Features such as “programmable money,” with an expiration date that forces people to spend within a certain timeframe instead of saving, have already been tested.

Added to this is the risk of social exclusion: those who do not join the system or lack access to the necessary digital tools are, in practice, shut out from a growing part of the economy. State incentives make adhesion inevitable if public salaries, subsidies, and even transport are processed via digital money; the space for private alternatives shrinks progressively.

In such a model, financial freedom ceases to exist: every payment ultimately depends on state approval.

Although official EU platforms highlight numerous advantages of the digital euro, such as lower cost payments, privacy protected by European law, and structures to prevent cyberattacks. One unavoidable question remains: Why is this system necessary at all? At present, the private sector offers multiple secure and reliable digital payment options.

Since the market already provides safe and efficient alternatives, the only possible incentive to develop this system lies in control through the centralization of power, at the expense of privacy while weakening the private banking system. In essence, the digital euro is not a technological advance, but a serious step backward in terms of freedom and privacy.

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Auto Loan Delinquencies Surge 50% As Cracks Deepen Across U.S. Credit Markets

A month after bankruptcies of subprime auto lender Tricolor and auto-parts supplier First Brands, new cracks emerged in U.S. credit markets. This week, Zions and Western Alliance disclosed they were victims of loan fraud tied to funds investing in distressed commercial real estate. The revelations come amid broader credit trouble, and shifting our focus back to autos, there’s new data this morning about credit products tied to the riskiest consumers that have seen a 50% surge in delinquencies. 

Bloomberg cites data from the credit-scoring company, VantageScore, which reveals that delinquencies among the low-tier consumers have surged 50% since 2010. Fueling the delinquencies is a perfect storm of record-high car prices, elevated interest rates, longer loan terms, and monthly payments that average nearly as much as rent for some folks. 

Since 2019, new vehicle prices have jumped over 25% to $50,000, while average monthly payments reached $767, with 20% of borrowers paying over $1,000 per month. Loan rates now exceed 9%, worsening the affordability crisis.

Notably, prime and near-prime borrowers are now defaulting faster than subprime consumers, as lenders tightened standards for the lowest-credit segment, according to the report. The average auto loan balance has risen 57% since 2010, and many borrowers are “upside-down”, owing more than their cars are worth.

“We’re seeing the cost of cars and the cost related to car ownership increase enormously,” VantageScore chief economist Rikard Bandebo said in an interview. “In the past five years, it has increased even faster.”

Bandebo continued, “That’s a double… You’ve been hit by the increased cost of the car and then the financing cost of the car.”

“Consumers now are in a more precarious position than they’ve been since the last recession,” Bandebo said. “We’ve seen this growing trend over the last several years of more and more consumers struggling to make ends meet, and it’s looking like that trend is going to continue into next year.”

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Bank of America, BNY sued over alleged ties to Jeffrey Epstein

A woman who says Jeffrey Epstein sexually abused her at least 100 times is suing Bank of America and Bank of New York Mellon over their alleged ties to the convicted predator, accusing the banks of maintaining relationships with him and failing to report suspicious activities until after his 2019 death.

The class-action lawsuits, filed in Manhattan federal court on Wednesday on behalf of a Jane Doe and other alleged Epstein survivors, claim the sicko couldn’t have run his trafficking operation without special treatment from banks including the defendants.

The complaint against Bank of America, the second biggest bank in the US, graphically describes the sexual violence Epstein allegedly inflicted on the plaintiff.

“From 2011 through 2019, Epstein sexually abused Jane Doe on at least 100 occasions, including but not limited to, forcibly touching her, forcibly raping her, and forcing her to engage in sexual acts with other women for his own depraved sexual gratification,” the lawsuit stated.

The document also cites previous reports to illustrate the scale of the sicko’s alleged crimes, noting that “Epstein had been sexually abusing three to four young females per day.”

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Slain Journalist Was on Threshold of Exposing Large-Scale CIA-Mafia Drug-Smuggling Operation Using Australian Bank Founded by Special Forces Veteran

n August 10, 1991, Danny Casolaro was found lying dead in a tub of bloody water in a hotel room in Martinsburg, West Virginia.

The cause of death was ruled a suicide, the view presented in a recent Emmy winning Netflix series. However, the crime scene evidence makes clear that Casolaro was murdered.

Prior to his death, Casolaro had been investigating the nefarious activities of a corrupt cabal in the CIA linked to then-President George H.W. Bush and was planning to publish a tell-all book called “The Octopus.”

One of the key chapters was going to focus on a drug and arms-smuggling operation using the Australian-based Nugan Hand Bank, which was founded in 1973 and staffed by people with military backgrounds and who had links at a high level with American intelligence operations.[1]

Nugan Hand made its money by charging high fees for performing illegal and shady services (including moving money overseas, flouting Australia’s and other countries’ laws, and tax avoidance schemes) and from the fraudulent procurement and subsequent misappropriation of investments from the public.[2]

CIA whistleblower Victor Marchetti wrote that Nugan Hand’s favors for the CIA included providing cover for operators, laundering money, and establishing cutouts for clandestine activity the Agency did not want to be publicly identified with—including gun running to apartheid South Africa and Southern Rhodesia in violation of arms embargos.[3]

Casolaro had been planning a trip to Australia to interview key figures associated with the bank, including Bernie Houghton, a top CIA man from Texas who joined Nugan Hand’s staff in 1978 and established its Saudi Arabian branch.[4]

An Air Force cadet in World War II who flew opium out of the Golden Triangle in C-47 cargo planes during the Vietnam War, Houghton had established the Bourbon & Beefsteak, a gathering place for U.S. soldiers on R&R from Vietnam, whose private guests included Sydney mob boss Abe Saffron and John D. Walker, the CIA’s Australian Station Chief from 1973 to 1975.[5]

Besides Houghton, Casolaro hoped to interview members of an Australian parliamentary commission that had investigated the Nugan Hand Bank and helped expose its criminal activities. Casolaro further intended to interview Nugan Hand Bank co-founder Michael Jon Hand, a decorated Green Beret in Vietnam and CIA contract agent who trained hill tribesmen in Vietnam and Laos and fled Australia after the Nugan Hand Bank’s collapse in January 1980.[6]

Already, Casolaro had amassed significant evidence of Nugan Hand’s function as a beachhead for drug and money-laundering operations run by Mafia-connected CIA operatives who were part of President George H.W. Bush’s “secret team.”

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Mark Cuban-Backed Startup Lets ‘Low FICO’ People Tap Used Car Equity – Even If Not Paid Off – For 30% APR

While Mark Cuban may be a ‘benevolent pill merchant’ – providing low-income Americans with cheap prescription drugs, the ‘Shark Tank’ billionaire just helped raise $50 million for a Series B round in a Dallas-based financial technology firm that lets people with terrible credit scores tap into the equity in their depreciating used cars at a 30% interest rate – even if it’s not paid off – in which case the entire auto loan is transferred). 

The startup, Yendo Inc., makes it even easier to squeeze blood from that stone. After signing up, the company issues the borrower a credit card – which incurs an additional 3% fee if used at an ATM to pull cash out. 

[Yendo] offers credit cards backed by vehicle equity to help customers get access to credit who may not be able to otherwise due to low FICO scores. The credit card functions like a normal card. Instead of a cash deposit, it’s secured by the value of a person’s car. -Dallas Business Journal

In addition to Cuban – an early investor in the company, Yendo received funding from Spice Expeditions, Autotech Ventures, FPV Ventures, Pelion Venture Partners and Clocktower Technology Ventures. As Dallas Business Journal notes, Spice Expeditions founder Nick Huber will join Yendo’s board, along with Lyft co-founder Logan Green. 

Founded in 2021, the company will use the funding to build an AI-powered digital bank that will decrease onboarding and operating costs – allowing them to focus on “opening doors for underserved Americans.” The company says that there’s more than $4 trillion in “untapped assets held by nonprime Americans.

Last May, the company raised $165 million in new capital – much if it debt, to increase lending through its asset-backed credit cards. Read more about their history here.

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JP Morgan’s Biometric Mandate Signals New Era Of Workplace Surveillance In Finance

When employees begin reporting to JPMorgan Chase’s new Manhattan headquarters later this year, they will be required to submit their biometric data to enter the building.

The policy, a first among major U.S. banks, makes biometric enrollment mandatory for staff assigned to the $3 billion, 60-story tower at 270 Park Avenue.

JPMorgan says the system is part of a modern security program designed to protect workers and streamline access, but it has sparked growing concern over privacy, consent, and the expanding use of surveillance technology in the workplace.

Internal communications reviewed by the Financial Times and The Guardian confirm that JPMorgan employees assigned to the new building have been told they must enroll their fingerprints or undergo an eye scan to access the premises.

Earlier drafts of the plan described the system as voluntary, but reports say that language has quietly disappeared. A company spokesperson declined to clarify how data will be stored or how long it will be retained, citing security concerns. Some staff reportedly may retain the option of using a badge instead, though the criteria for exemption remain undisclosed.

The biometric access requirement is being rolled out alongside a Work at JPMC smartphone app that doubles as a digital ID badge and internal service platform, allowing staff to order meals, navigate the building, or register visitors.

According to its listing in the Google Play Store, the app currently claims “no data collected,” though that self-reported disclosure does not replace a formal employee privacy notice.

In combination, the app and access system will allow the bank to track who enters the building, when, and potentially how long they stay on each floor, a level of visibility that, while defensible as security modernization, unsettles those wary of the creeping normalization of biometric surveillance in the workplace.

Executives have promoted the new headquarters as the “most technologically advanced” corporate campus in New York, and that it is designed to embody efficiency and safety. Reports suggest that the decision to make biometrics mandatory followed a series of high-profile crimes in Midtown, including the December 2024 killing of UnitedHealthcare CEO Brian Thompson. Within the bank, the justification has been framed as protecting employees in a volatile urban environment.

Yet, the decision thrusts JPMorgan into largely uncharted territory. No other major U.S. bank has been publicly documented as requiring its employees to submit biometric data merely to enter a headquarters building.

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The country is healing: A company that provided car loans to illegals just went belly up…

A Dallas-based auto lender built on giving car loans to illegals has just gone belly up, and it’s dragging Wall Street down with it.

Tricolor Holdings was once hailed by the US Treasury as a “community development” success story. Now, they’ve just filed for bankruptcy as fraud allegations and a full-blown federal investigation overtake them. The company, which sold overpriced used cars to illegals and wrapped the scheme in a feel-good “social lending” label, is leaving major US banks like JPMorgan, Barclays, and Fifth Third staring at massive losses.

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ECB President Christine Lagarde Calls Democratic Process a “Drag” Slowing Digital Euro CBDC Rollout

European Central Bank President Christine Lagarde has expressed clear frustration with democratic processes that she believes are obstructing her efforts to introduce a central bank digital currency.

Speaking at the Bank of Finland’s 4th International Monetary Policy Conference, Lagarde characterized the digital euro’s delay not as a technical hurdle but as the result of slow-moving democratic systems.

Although she acknowledged that democracy is something Europeans “praise ourselves with,” she went on to describe it as “too much of a drag at a time when speed is really of the essence.”

She openly admitted that the legislative timeline has prevented her from completing the rollout of the digital euro within her term, stating, “Given the time that it takes… I will be gone.”

The digital euro project is still in its preparatory phase, with a decision expected soon on whether to proceed to pilot testing.

However, the European Central Bank has repeatedly said that a full launch is not guaranteed.

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Welcome To Big Brother’s Digital Prison, Part I: Central Bank Digital Currencies

Globalist leaders are working at full speed to introduce central bank digital currencies (CBDCs). A CBDC is a digital currency that is issued directly by a central bank, such as the Federal Reserve in the US, the European Central Bank in the EU’s eurozone, and the Bank of England in the UK.

A CBDC will be the final straw that ensures that every dream of suppression and control that the globalists nurture will come true. Several of those dreams are already a reality, including shutting down dissent and free speech, as in Europe, where people are routinely fined and arrested for saying things their governments do not like. A host of other controlling measures are already in the works, including herding people into “15-minute cities” where it is easier to monitor them, keep tabs on their use of private cars, decide what they can and cannot eat – ideally “ecologically preferable” bugs and lab-grown meat, no beef or cheese — track their “carbon footprints”, determine where and how they can travel, oversee their vaccines and so on.

The Oxford-educated, German economist Richard A. Werner said in an interview last year.

“The push for CBDCs is the final step in a multi-decade program by central planners to increase their power over the people and over countries. This is the ultimate step because the powers of CBDCs are so extraordinary that, I mean, even the worst dictators of past centuries could only have dreamt of having such enormous power over the lives of so many people.

“We are talking about a very dystopian future if we allow central banks to issue central bank digital currencies. You know, even if the original designers and heads of central banks who are launching this are super well-meaning, you know, let’s give them the benefit of the doubt, we just know what human nature is like and history is the best guide…

“I think the power would be abused, if not by the original generation of launchers, then by the next generation…. It will be a completely totalitarian system of such frightening proportions, it’s hard to imagine…

“The micromanaging decision [about your spending] will then be automated and… you have no right to appeal the algorithm… You just won’t be able to use your money for certain things and then there is nothing that you can do… That by definition ends freedom….

“Dictators like Stalin and other dictators, they could only have dreamt of, you know, the enormous power that central bank digital currencies give to central planners… We are talking about dystopian digital prisons that will be created through central bank digital currencies, because the programmability – and this has been mentioned in the studies by the central banks – include of course geography, and there is this proposal for climate change, whatever reasons, that people… should stay within their 15-minute walking small local area… and there will be digital controls… when you walk with all your RFID chips in your cards and your CBDC anyway, of course you will be immediately recognized if you’re out of the area and you will be punished. It’s a digital prison.”

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