MoneyWatch

One of the largest banks in the U.S. illegally opened accounts for customers without their permission, according to the Consumer Financial Protection Bureau (CFPB). Minneapolis-based U.S. Bank, the country’s fifth-largest bank with over $559 billion in assets, accessed unsuspecting customers’ credit reports and opened checking and savings accounts, credit cards …

As raging inflation forces millions of Americans to cut their spending, one group is being stretched especially thin. Nearly half of all hourly workers in the U.S. have been unable to save even a dime to guard against financial emergencies, according to a new survey of 3,000 employees by Branch. …

Inflation hit a fresh 40-year record in June, with consumer prices increasing 9.1% over the last 12 months, the Labor Department said Wednesday. It’s the fastest increase in prices since November 1981, and above what economists had expected. The increases were broad-based: Rent, new and used vehicles, car insurance and …

The Food and Drug Administration and Juul agreed Wednesday to put their court fight on hold while the government conducts more review of the company’s electronic cigarettes. The agreement comes one day after the FDA placed a hold on its initial order banning Juul’s products from the market, saying that …

The National Labor Relations Board is asking a federal court to order Starbucks to stop using what the federal agency calls an “array of illegal tactics” aimed at workers involved in unionization efforts at the coffee chain’s stores.   The NLRB’s petition, filed Tuesday in a U.S. District Court in …

The Internal Revenue Service is facing an even bigger backlog for this tax season than it did a year ago, with delays creating “unprecedented financial difficulties” for taxpayers, according to a report released Wednesday. The National Taxpayer Advocate, an independent watchdog within the agency, found that delays in processing paper …

Inflation is coming for your summer travel plans. It is even deterring some Americans from taking trips during the so-called season of “revenge travel” to make up for postponed vacations during the COVID-19 pandemic. Rising prices for domestic travel are making trips too costly for some consumers and are driving …

Twitter’s board is reportedly close to a deal with Elon Musk over the Tesla CEO’s bid to buy the social platform and take it private. Elon Musk reaches deal to buy Twitter for $44 billion Reuters and the New York Times reported that the board could announce an agreement as …

Twitter on Friday said it adopted a “poison pill” plan that could block billionaire Elon Musk from significantly increasing his stake in the social media company. The counter-measure comes a day after Tesla CEO Musk unveiled a $43 billion hostile offer for Twitter.  In a statement, Twitter said that the …

Ford and General Motors are issuing major recalls covering popular SUV models and pickup trucks. General Motors is recalling nearly 682,000 compact SUVs because the windshield wipers can fail. The recall covers the Chevrolet Equinox and GMC Terrain from the 2014 and 2015 model years. BMW recalls 900,000 vehicles, most …