By Miguel Mike Medina
CFPB Suing Major Banks
The Consumer Financial Protection Bureau (CFPB) has launched a lawsuit against major banks JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC), along with Zelle’s operator Early Warning Services.
The bureau alleges that these financial institutions failed to protect consumers from fraud adequately. Zelle was launched without sufficient fraud protection measures, and the banks failed to assist customers in recovering stolen funds.
The End Of An Era For Party City
Party City is closing all its stores, ending nearly 40 years in business.
CEO Barry Litwin told corporate employees Friday in a meeting.
Once the most prominent party supply chain in the U.S., Party City became synonymous with balloons, Halloween costumes, and party essentials.
Despite its strong brand, the company struggled to withstand competition from online retailers and seasonal pop-up stores like Spirit Halloween.
Party City declared bankruptcy in January 2023 and exited a month after Litwin’s arrival. However, recovery efforts proved insufficient due to rising costs, reduced consumer spending, and other challenges.
Litwin cited inflation as the primary reason for the company’s financial struggles, explaining that increased costs and weakened customer spending had been particularly damaging.
Starbucks Baristas Plans To Go On Strike
Starbucks baristas in some locations plan to strike through Christmas Eve, starting with cafes in Los Angeles, Chicago, and Seattle on Friday.
The strikes will escalate daily, covering new markets, as Starbucks Workers United pushes for better pay for baristas.
The stoppage could mean longer waits for holiday drinks and popular Starbucks merchandise in the days before Christmas, when many Americans will be off work and school or buying last-minute gifts.
Miguel Mike Medina is the publisher of The MMM Journal. He can be reached at medinamiguelmike@gmail.com and themmmjournal@gmail.com
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