The Consumer Financial Protection Bureau (CFPB) today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies – specifically those handling more than 50 million transactions per year – follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB.
Finastra, a London-based financial software company that serves most of the world’s top banks, has confirmed it’s investigating a data breach after a hacker claimed a compromise of the company’s internal file-transfer platform.
The New Mexico Supreme Court recently confirmed consumer standing to pursue state law claims against a credit union after it pursued debt collection lawsuits against its members in the New Mexico magistrate courts. Several members filed a class action lawsuit against the credit union for the unauthorized practice of law and under the Unfair Practices Act (UPA), but the trial court dismissed the case, finding the plaintiffs lacked standing.
Though the data privacy function is relatively new, it faces an old challenge: How can privacy prove its value to the business and be seen as more than "just" a cost center?
Planning for success in today’s digital landscape requires a clear understanding of client needs, along with the right amount of creative thinking to understand where to invest in innovation. As we partner with leading enterprise brands to plot their path to a successful 2025, our Carat team at Fiserv is centered on delivering solutions that help our clients enhance the end-customer experience. Our approach is to apply intense focus on what the optimal experience should look like and then work backward from that point with our clients to ensure we’re helping them succeed with innovative tools and solutions.
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