Category: Latest Articles
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U.S. federal agencies seek to crack down on unwanted memberships and recurring payments
In an effort to protect consumers, multiple U.S. federal agencies are working together to make it easier for Americans to unsubscribe from unwanted memberships and recurring payment services. The government initiative, called “Time Is Money,” includes the introduction of new regulations and promises further action in various industries such as healthcare, fitness, and media subscriptions….
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Shortage of accounting talent worsens, 83% of senior leaders report
The shortage of accounting talent in the U.S. is becoming more severe, with 83% of senior leaders reporting a talent shortage this year, up from 70% in 2022. Over 300,000 accountants and auditors have left the profession between 2020 and 2022, a decline of 17%. To address the shortage, 90% of surveyed CFOs are outsourcing…
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Avon owner files for bankruptcy following talc cancer claims
Avon has filed for bankruptcy in the wake of more than 100 claims alleging talcum powder in its products causes cancer. Avon Products, the cosmetics company’s parent group, said it recently filed for Chapter 11 bankruptcy protection in the U.S. to stave off debt pressures and the impact of looming lawsuits. Lawyers argue there is…
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RBC’s former finance chief sues for wrongful termination, citing gender stereotyping
Royal Bank of Canada’s former finance chief has filed a wrongful-termination lawsuit against the Canadian bank, citing the presence of “gender-based stereotyping” in her dismissal. Earlier this year, RBC said it had terminated Nadine Ahn after a probe found that she was in an undisclosed close personal relationship with another executive that led to preferential…
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Customers Bancorp faces Fed action over risk management deficiencies
The U.S. Federal Reserve has imposed an enforcement action on Customers Bancorp for “significant deficiencies” in the bank’s risk management and anti money-laundering practices. The bank has been told to overhaul its policies and regularly report back to regulators on progress. The Pennsylvania-based lender’s chief risk officer, Joan Cheney, said in a statement that the…