Bank of America – most complained about lender
According to the U.S. Consumer Finance Protection Bureau (CFPB), Bank of America had the most consumer complaints of all banks in a recent report. Bank of America services roughly 15 percent of all u.S. loans, yet accounted for 30 percent of all mortgage complaints, primarily regarding their handling of loan modifications, debt collection and foreclosures, and customer service.
The bank and several analysts point to their acquisition of Countrywide to their demise, as the leader of subprime loans, and they also point out that the CFPB reveals that 98 percent of complaints have been resolved.
Conversely, Wells Fargo ranked as the least complained about lender, accounting for only 16 percent of all mortgage complaints, meanwhile servicing 21.5 percent of all American loans. Most of their complaints involved loan modifications and foreclosures, as did the majority of other banks with flailing brand reputations.
Meanwhile CEO gets a 70 percent pay increase?
Since the 2008 acquisition of Countrywide, the bank has lost tens of billions of dollars on those loans and has had to foreclose on many, many homes for nonpayment. Many point to Countrywide as the bane of Bank of America’s existence, but even so, the overall brand has had 15,136 complaints recorded by the CFPB since December 2011.
Meanwhile, according to The Charlotte Observer, Bank of America CEO Brian Moynihan was awarded $12 million in base salary, stock awards and other compensation for his 2012 performance, representing a 70 percent jump from the year prior when he was awarded $7 million in total compensation.
In a filing with the Securities and Exchange Commission (SEC), the increase is based on improved profit margins and progress toward resolving mortgage-related problems. In other words, Bank of America’s books are improving, so Moynihan is paid based on performance.
Interestingly, he’s not even the top paid executive at the bank, as Co-Chief Operating Officer Thomas Montag, was paid $14.5 million in total compensation in 2012. Additionally, he’s not even the top paid bank CEO, as The Observer reports that Wells Fargo CEO John Stumpf made $22.8 million and JPMorgan Chase’s Jamie Dimon made $18.7 million, while Citigroup CEO Michael Corbat made $12.4 million.
So why the disconnect?
Bank executives are paid more when the bank meets certain targets, and less when they don’t, and customer complaints do not factor in to the equation, even though some believe it should. The CFPB is still a young organization, so the impact of the government more closely monitoring consumer problems may eventually become a part of executives’ pay structure, but right now it is not associated.
Ageism: How to properly combat this discrimination in the workplace
(BUSINESS) Ageism is still being fought by many companies, how can this new issue be resolved before it becomes more of a problem?
Workers over the age of 55 represent the fasting growing sector in labor. The U.S. Department of Labor estimates that 25% of the labor force will be over age 55 by 2024. A 2018 AARP survey found that over 60% of the respondents reported age discrimination in their workplace. The figure is even higher among older women, minorities, and unemployed seniors. Age discrimination is a problem for many.
Unfortunately, age discrimination lawsuits aren’t uncommon. We have covered cases for Jewel Food Stores, Inc., Novo Nordisk, Inc., AT&T, and iTutorGroup, all alleging age or disability discrimination in some form or fashion. This could be from using vocabulary such as “tenured,” hiring a younger employee instead of promoting a well-season veteran, or pressuring older employees with extra responsibilities in order to get them to resign or retire early.
How can your organization create an age-inclusive workforce?
It is difficult to prove age discrimination but fighting a lawsuit against it could be expensive. Rather than worrying about getting sued for age discrimination, consider your own business and whether your culture creates a workplace that welcomes older workers.
- Check your job descriptions and hiring practices to eliminate graduation dates and birthdates. Focus on worker’s skills, not youthful attributes, such as “fresh graduate” or “digital native.” Feature workers of all ages in your branding and marketing.
- Include age diversity training for your managers and employees, especially those that hire or work in recruiting.
- Support legislative reforms that protect older workers. Use your experience to create content for your website.
Changing the culture of your workplace to include older workers will benefit you in many ways. Older workers bring experience and ideas to the table that younger employees don’t have. Having mixed-age teams encourages creativity. There are many ways to support older workers and to be inclusive in your workplace.
What steps are you taking in your organization to reduce ageism in your workplace?
AI-generated content is against Google’s guidelines, so what now?
(BUSINESS) Google’s Search Advocate, John Mueller, says that AI-generated content is against webmaster guidelines. What does mean for content strategy?
John Mueller, Google’s Search Advocate, stated that AI-generated content is against Google’s webmaster guidelines in a weekly online question and answer session.
Let’s review what that means for you and your content strategy going forward.
First of all, what is AI Generated Content?
Simply put, Medium defines it as
“[a]utomatically generated or Auto-Generated content is content that’s been created with the help of machine learning and artificial intelligence tools.”
Tools like writesonic or jasper are examples of AI content creation tools made to create content for a blog, social media, etc. If you check these websites, you will find that Google is listed as one of the many companies that use their services.
So, Google can use it but others will be penalized for using it. Can Google recognize when a user takes advantage of AI-generated content services for use on the web?
In the video Q&A, Mueller doesn’t confirm or deny whether or not Google is capable of recognizing AI-generated content. He is quoted as stating,
“I can’t claim that. But for us, if we see that something is automatically generated, then the webspam team can take action on that.”
After countless searches about the Google webspam team and what actions they can take, it’s not immediately clear, but what seems to be the consensus is that it could negatively impact Google rankings and SEO.
What can you do?
If you are already using AI-generated content, the first thing to consider is do you need to do most of the heavy lifting or are you using it to generate ideas or a starting point? If you’re using it to fully write your next blog post, you need to reconsider this position and be sure to have a human add personal touches to your online content.
According to Mueller, using AI-generated content in ANY capacity is considered unacceptable. He states,
“[c]urrently it’s all against the webmaster guidelines. So, from our point of view, if we were to run across something like that, if the webspam team were to see it, they would see it as spam.”
Your best bet is to keep doing it yourself because right now Google has all the power over search and rankings. At least, until something changes.
Social media and depression go hand-in-hand, studies show
(BUSINESS) Maybe this won’t come as a surprise, but the statistics sure are telling- having depression and social media usage are linked.
Researchers from the University of Pennsylvania believe they have found evidence of a link between depression and social media use. Many studies have attempted to show that social media use can be detrimental to your mental health, but the parameters of these studies are often limited in scope or were unrealistic situations. The UPenn study collected usage data tracked by the phone rather than relying on self-reporting.
Psychologist Melissa G. Hunt, the author of the published study, says the bottom line is: “Using less social media than you normally would lead to significant decreases in both depression and loneliness. These effects are particularly pronounced for folks who were more depressed when they came into the study.”
It should be noted that the study participants were college students who were randomly assigned to either use social media as they normally would or be in the experimental group that limited time on the three most popular platforms, Facebook, Snapchat and Instagram. Hunt doesn’t believe that it’s realistic not to use social networks at all, but it is important to find a way to manage your use to avoid negative effects.
Depression is a serious problem for Americans, but is social media responsible?
The CDC reported that between 2013 and 2016, 8.1% of Americans over the age of 20 experienced depression in a 2-week period. About 80% of these people had difficulty with daily activities due to depression. However, “over a 10-year period, from 2007–2008 to 2015–2016, the percentage of adults with depression did not change significantly.” On the other hand, social network use increased exponentially during this time.
There have been other studies that link social media use and depression. It might be that the more platforms accessed increase the risk for depression. Another study found that it was the way people used social media that increased depression. Using it to compare yourself to others or feeling addicted to social media increased the feelings of depression.
But it’s unknown whether depression or social media use came first. Studies haven’t quite agreed on whether it exacerbates existing problems, or creates them.
How should we approach social media use?
Another report suggests that Facebook knew from the start that they were creating addictions. The people closest to tech believe that there are inherent risks for their children to be on social media. Scary? It should make you think about how and why you use tech.
If you find yourself having negative feelings after using social networks, consider limiting the amount of time you spend on those platforms. Get out and connect with others. Relationships can often reduce the risk of depression. Get involved in your community. It’s important to find balance in using social media and having connections with others. Spend time on what makes you feel better about your life.
There are still a lot of questions about how social networks and technologies affect society. In the meantime, pay attention to how you use these sites and be conscious of not getting sucked into the comparison trap.
If you are depressed and lonely, there is help available, and we ask you to make that difficult step and reach out – call the National Alliance on Mental Illness (NAMI) Helpline at 800-950-6264 or text NAMI to 741741. You can also visit their website to find your local NAMI.
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