Finance
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Last Day to Make Plastiq Payments with Amex Cards
“Due to operational issues, Plastiq will no longer accept American Express.”
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IRS Delays New $600 Tax Reporting Threshold for Venmo, PayPal
The Internal Revenue Service (IRS) today announced a delay in the $600 reporting thresholds for third-party payment platforms such as Venmo, Paypal or Cash App.
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Proposal to Raise Venmo and PayPal Reporting Threshold from $600 to $10K
Two U.S. Senators will propose an amendment to the $1.7 trillion spending package that would change the tax-reporting requirements for Venmo, PayPal and other similar apps.
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Wells Fargo Will Pay $3.7 Billion Over Consumer Abuses on Auto Loans, Mortgages and Accounts
CFPB has ordered the bank to pay ordered to pay a $1.7 billion civil penalty and more than $2 billion in redress to million of consumers.
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Plastiq Card Payment Fee Increasing to 2.90%
Plastiq informed customers today that the standard Plastiq card payment fee will increase slightly from 2.85% to 2.9% effective December 1st, 2022.
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Crypto Firm BlockFi Files for Bankruptcy
Crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey as the FTX fallout continues to spread.
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Chase and Mastercard Launch New ‘Pay-by-Bank’ Option for Bill Payments
J.P. Morgan Payments and Mastercard are piloting Pay-By-Bank with a small number of U.S.-based billers and merchants this year and expect to expand in 2023.Â
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TransUnion Breach Exposes Consumers’ Financial Information
On November 7, 2022, TransUnion LLC reported a data breach with the Massachusetts Attorney General.
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BlockFi Halts Withdrawals Due to FTX Collapse
Crypto lender BlockFi said it could not conduct business as normal and would be limiting activity due to FTX’s collapse.
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Astra App Will Shut Down Later this Year
Astra has announced now that it will soon shut down. December 14, 2022 will be the last day to process transactions, and starting on January 4th, 2023, users will no longer be able to login into the mobile application.
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Online Lender Kabbage (Now KServicing) Files for Bankruptcy
This is actually what’s left of the original company and is now called KServicing. It was one of the biggest lenders in the first year of the Paycheck Protection Program.
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US Bank Get $37.5 Million Fine for Opening Fake Accounts
U.S. Bank for illegally accessed customers’ credit reports and opened checking and savings accounts, credit cards, and lines of credit without customers’ permission.
