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Macy's to pay $650,000 in shopper-profiling probe

Macy's to pay $650,000 in shopper-profiling probe
ALBANY, New York (AP) — The retailer Macy's has agreed to pay $650,000 to settle allegations of racial profiling at its flagship store in Manhattan's Herald Square.
 
Under the agreement signed Tuesday with New York's attorney general, the company will adopt new policies on police access to its security camera monitors and against profiling, further train employees, investigate customer complaints, keep better records of detentions and report for three years on its compliance.

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Building minority leaders in the world of construction

Building minority leaders in the world of construction
Memphis is experiencing a metamorphosis in the entrepreneurial space, with advocacy, incubation and acceleration entities for start-ups and existing businesses growing and becoming more accessible.
 
For example, the Greater Memphis Chamber Chairman’s Circle has created its Moon Missions and the Economic Development Growth Engine has a small business loan fund. And while the change is welcomed, Memphis still is experiencing a gap between business owners that are minority owned and their counterparts.

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The business of weddings

The business of weddings
Women are conditioned to think about their Prince Charming. After hearing all of the happy endings in nursery rhymes, women desire the same outcome. Cinderella seemed to have things altogether with her fella. The story of Cinderella has been adapted from so many different perspectives, but ultimately the ending is always the same: The girl gets a wonderful gentleman who has scoured the world looking for her.  So it is only fitting that we talk about the business of weddings.
 
Everything associated with weddings can be a profitable business enterprise when performed in volume. From the engagement ring to the honeymoon, the process requires some level of budget.

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Overdraft fees drain consumer dollars

Overdraft fees drain consumer dollars
Consumers who maintain low and no cushions in their checking accounts may have thought that the overdraft “banking service” was a big help against bouncing checks. But as the use of debit cards have replaced most cash purchases, this “service” has become a drain of available cash for consumers and a major source of revenue for banks.
 
A new research report by the Consumer Financial Protection Bureau (CFPB) found that the majority of debit card overdraft fees are incurred on transactions of $24 or less. Further, as the majority of overdrafts are repaid within three days when the bank repays itself from the consumer’s next deposit, the median overdraft fee of $34 carries the equivalent of 17,000 percent annual percentage rate (APR).

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‘Power in the Boardroom’

‘Power in the Boardroom’
(PRNewswire) – Black Enterprise (BE) – via BlackEnterprise.com – has released its latest report on African American representation on the corporate boards of 250 of America’s largest publicly traded companies. 
In its second annual report focused on African-American representation of corporate boards, the media company identifies 176 African-American directors at S&P 250 largest companies, including American Express, Walmart, Xerox and Carnival Corporation, on the Black Enterprise Registry of Corporate Directors. In addition, the report reveals 74 companies with no African-American representation among their boards of directors.
 
The report spotlights prominent African0American directors, including Black Enterprise 2014 Corporate Executive of the Year Kenneth Frazier, Chairman and CEO of Merck & Co. and an ExxonMobil Corp. director; Ariel Investments L.L.C. Chairman and CEO John Rogers, who serves on the boards of McDonald's and Exelon; and American Express Chairman & CEO Kenneth I. Chenault, who serves on the boards of AMEX, IBM, and P&G; among others.

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Catch up for a more comfortable retirement

Catch up for a more comfortable retirement
Seven out of 10 workers aged 50 and older are confident that they will have enough money to cover basic expenses in retirement. When it comes to the prospect of living comfortably in retirement, however, the percentage expressing confidence drops to 53 percent — and only 14% are “very confident.”
 
If your retirement account balance is lagging and you are 50 or older, you can give your savings a boost by taking advantage of catch-up contributions that are available for IRAs and employer-sponsored retirement plans.

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Growing income gap between blacks and whites impacts banking access

Growing income gap between blacks and whites impacts banking access
(PRNewswire) – A new GoBankingRates study examined current and historical data on online banking habits across several demographic groups.
 
The findings revealed that blacks are statistically slower to adopt online banking than whites – data that some experts suggest might be tied to a widening median household income gap between blacks and whites.
 
"The media often talks about economic disparities in America; when we looked at digital trends in banking, we saw a clear racial divide when it came to access to modern banking technology," said GoBankingRates.com editor Jennifer Calonia.

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