In January 2021, the U.S. Comptroller of the Currency, the Department of Justice, and the Consumer Financial Protection Bureau announced a joint investigation into mortgage pricing discrimination at Wells Fargo and other large banks. Regulators allege that the banks charged Black and Hispanic borrowers higher fees and rates than white borrowers with similar credit profiles. The investigation also found evidence that the banks provided fewer loan modifications and refinancing options to borrowers of color than to their white peers. In addition, regulators accused the banks of failing to invest enough in communities of color as required by the Community Reinvestment Act. The investigation has been ongoing and the regulators involved have not issued any further updates.
United Parcel Service (UPS) workers have overwhelmingly voted to approve a new labor contract, ending the threat of a prolonged strike. The Teamsters union, which represents about 250,000 UPS workers, announced yesterday that the vote was 77.9 percent in favor of the contract and 22.1 percent against. The current contract, which was due to expire […]
Peloton shares fall after it posts wider-than-expected loss, falling sales due to Bike recall, seasonality
Peloton’s shares fell by about 7.4% after it posted a wider-than-expected adjusted loss of $0.26 per share in its fiscal fourth quarter and reported lower-than-expected sales of $757 million. The drop in sales was largely attributed to the recall of its Tread+ product in April, as well as lower-than-expected sales due to seasonality and supply […]
It is impossible to say whether workers having a seat at the table on AI this year will be enough to make a difference in the industry. Much depends on the extent to which their voices are heard and respected. AI is a rapidly evolving technology with far-reaching implications, making it essential to ensure that […]