Defrauding others of their financial assets remains a common thread throughout history, from snake oil salespeople to modern-day digital fraudsters. Yet, despite advances in bank fraud protection, scammers continue to develop and deploy sophisticated—and successful—methods. Earlier this year, the Federal Trade Commission announced over $10 million in fraud losses in 2023, up 14% from the previous year. Email has become the most commonly used fraud method that scammers implement, but phone calls and text messages are not far behind.  Although many Americans inevitably encounter fraudulent ..read more

As the youngest baby boomers approach retirement, the number of retirees in the United States keeps growing, with many of them retiring as middle-income seniors. A study from the University of Chicago found the number of retirees within that segment will nearly double in the next 10 years. More than half of them will not be able to afford the yearly costs of $60,000 for assisted living rent and other expenses. Many will also not qualify for Medicaid to pay for long-term care needs, as that program is designed for lower-income individuals. They will likely be stuck in the middle, making too muc ..read more

Molly Hime, a long-time Division Manager for Popular Association Banking (PAB), a division of Popular Bank, has announced her retirement, effective December 31, 2023. Molly has been with Popular Bank since 2005 and was instrumental in growing PAB into a $2 Billion loan portfolio business and the national platform it is today. Under her leadership, the team has quadrupled in size and has originated more than $5 Billion in association loans as well as more than $1.6 Billion in deposits. In addition to Molly’s impressive track record leading PAB, she has been actively involved in community work ..read more

A new Florida condo safety law passed in June 2023 makes some updates to a regulation passed in 2022 for condominium and cooperative buildings. The new law (SB 154) largely leaves the changes from the previous law (SB 4-D) in place but aims to add clarity on a few areas. SB 4-D, which passed in May 2022, centered around inspection requirements, mandatory reserves, and more transparency for unit owners regarding the condition of the buildings. Read more about what we wrote when the original condo safety laws passed, as well as questions associations should consider. What to know about the ..read more

The branch will increase community lending and financial education initiatives to foster economic empowerment and financial inclusion. Popular Bank announced the Banking Development District (BDD) designation from the New York State Department of Financial Services (DFS) for the bank’s Brooklyn Fifth Avenue Branch located in Sunset Park at 4502 Fifth Avenue, Brooklyn, NY 11220. As part of the BDD program, $10 million in subsidized public deposits and other benefits are made available to banks and credit unions that open or maintain a branch and offer affordable and accessible products and se ..read more

A New York City organization that empowers women to succeed professionally Established in 1999, Bottomless Closet is one of the organizations that Popular Foundation supports through employee contribution-based grants. The organization’s goal is to support women as they enter or return to the workforce. Since its founding, Bottomless Closet has helped nearly 50,000 NYC women. Enabling clients to be confident and feel their best Women in need find the organization through one of Bottomless Closet’s referral partners (a community advocacy group, a shelter, a college, or a social worker, for exa ..read more

Recently, Florida passed SB 4-D, a new safety regulation for condominium and cooperative association buildings. The new condo safety laws center around inspection requirements, mandatory reserves, and more transparency for unit owners and prospective unit owners on information regarding the condition of the buildings. For associations who have been waiving or partially funding their reserves, the new law may result in large budgetary increases and create a financial burden on unit owners.   Florida’s new condo safety laws at-a-glance The new legislation, SB 4-D, primarily focuses on the f ..read more

Holiday shoppers may be looking at pricier gifts this season with inflation remaining high. You can take steps to alleviate the financial toll of the holiday season by making a holiday shopping budget. According to recent data from Deloitte, retail sales are set to increase due to higher prices. Deloitte predicts that holiday sales will total $1.45 to $1.47 trillion this season. This is a 4% to 6% increase from the 2021 holiday season. You’re not alone if you’re worried about the costs of gifts this year. The vast majority of consumers participating in the International Council of Shoppin ..read more

ACH transactions are electronic payments or money transfers over the automated clearing house (ACH) network. The ACH network can be used to process transactions such as direct debits, direct deposits, direct payments, electronic checks, and electronic funds transfers. Unfortunately, these types of transactions can be susceptible to ACH fraud. ACH transactions are more common than you might think. Direct bill payments to utility companies, direct deposits from an employer, and electronic payments via Zelle or Venmo are all common examples of different types of ACH transactions. Businesses also ..read more

An unauthorized debit card transaction can be an early signal that you’re the victim of debit card fraud. In 2021, The Federal Trade Commission reported nearly 69,000 cases of consumer-reported debit card fraud in the U.S.  If you notice any suspicious activity on your debit card, it’s critical you take immediate action to protect your money. Here are four steps you should take to safeguard yourself from unauthorized debit card transactions: 1. Practice safe fraud protection. Just like you know not to give away information such as your date of birth, social security number, and bank accou ..read more