Financial services are evolving faster than ever due to technology advancements and the industry’s willingness to ‘re-think’ the payments infrastructure. At the same time — and an impetus for financial institutions’ continued evolution — consumers are connected, tech-savvy and expect more when it comes to their digital user experience. As Karen Webster put it, we now live in an on-demand economy where the expectation (no matter the use case, ranging from food delivery services to shipping, among others) is immediate.
On May 29, 1453 the walls of Constantinople had stood unbreached for more than a thousand years. Yet on that day, the army of Sultan Mehmed II was able to force entry into the city through the Gate of St. Romanus. The Byzantine Emperor Constantine XI Palaeologus was killed and the city became Mehmed's new capital. The moral of the story is that even the most impregnable defenses can be breached.
Earlier this month, we discussed the lawsuit filed by ACA International, LLC and Collection Bureau Services, Inc. in the U.S. District Court for the District of Columbia against the Consumer Financial Protection Bureau (CFPB or Bureau) and Director Rohit Chopra. The lawsuit challenges the CFPB’s October 1, 2024 advisory opinion on medical debt collection practices. The plaintiffs are seeking an order vacating the advisory opinion and a stay of the effective date pending the conclusion of the case.
Banks and credit unions may feel like they offer a best-in-class digital experience — and the readiness to offer new services and options — when it comes to bringing lending products online. And they may see themselves as engaging with their customers across online channels. But their customers might beg to differ.
The percentage of unbanked households in the U.S. fell to its lowest level in 2023—4.2%–, the FDIC recently reported. The agency’s annual National Survey of Unbanked and Underbanked Households collected responses from almost 30,000 households in June 2023. In addition to issuing a full report on the Survey, the FDIC also issued an executive summary of the report.
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