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US DOJ Charges 14 With $28M In PPP Fraud

PYMNTS

In Arkansas, a project manager employed by a major retailer has pleaded guilty to bank fraud charges for filing fraudulent bank loan applications seeking more than $8 million in PPP loans. Benjamin Hayford, 32, of Centerton, Arkansas, is scheduled to be sentenced on Nov.

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Walmart Forms Company To Sell Insurance Amid Healthcare Push

PYMNTS

As it grows its healthcare offerings beyond low-cost clinics and technology to help patients manage their medications, Walmart has formed a new company to sell insurance policies called Walmart Insurance Services LLC. Walmart opened clinics in Springdale, Arkansas and Loganville, Georgia in June.

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CFPB, joined by South Carolina Dept. of Consumer Affairs and Arkansas AG, files lawsuit targeting service providers to pension advance products structured as purchases

CFPB Monitor

In filing the complaint, the CFPB was joined by the South Carolina Department of Consumer Affairs (SCDCA) and the Arkansas Attorney General. The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC. The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC.

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Fear Climbs That Small Banks Are Taking On Too Much CRE Loan Risk

PYMNTS

Bank OZK , the Arkansas lender, saw its stocks plunge late last week after it took a more than $45 million write-down on two commercial real estate loans, stoking fears that small banks in the U.S. You do hear talk in the market that some banks have become really aggressive on some deals.” Five years ago that stood at 15 percent.

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Walmart Names Ex-Amex Exec As Chief Customer Officer

PYMNTS

Prior to her new role, Whiteside worked for American Express for two decades in fields such as customer engagement and relationship management. In addition, Barbara Messing will take the helm as Walmart’s chief marketing officer in August, taking the place of Tony Rogers, who has moved to Walmart’s Sam’s Club.

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The Power Problem Holding Back Supply Chain Digitization

PYMNTS

The technology is often considered a game-changer for supply chain management and logistics operations, able to both elevate the efficiency of operations while connecting corporates to real-time data for deep business intelligence and analytics. Digitization is a big trend, and data is the new currency. “But The Chicken-and-Egg Conundrum.

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SoFi To Start Selling Life Insurance

PYMNTS

It now is in mortgages, personal loans, wealth management and, starting soon, insurance. During the past two months, SoFi got licenses in more states, including Arkansas, Florida, Massachusetts, New York and South Dakota. As a result, it is inactive in New York.