The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account funds.
In a significant move to protect consumers, the Federal Trade Commission (FTC) has taken action against a fraudulent student loan debt relief scheme that deceived people out of over $20.3 million. This marks the first case under the FTC’s new Impersonation Rule. The FTC’s Impersonation Rule, effective from April 1, 2024, enhances the agency’s ability to tackle and deter scammers who pretend to be government agencies or businesses.
Federal and state regulators demand that banks collect, store and use consumer data responsibly — forcing bank marketers to adapt their processes, increasing transparency in how data is used and being more deliberate in obtaining consumer consent.
With buy now, pay later (BNPL) plans becoming increasingly accepted across merchant sectors, retailers are proving to be the payment method’s biggest champion. A PYMNTS Intelligence report, “Merchants’ Evolving Perspective on the Value of Card-Linked Pay Later Plans,” created in collaboration with Splitit, drew from a survey of 100 merchants with expertise and leadership responsibilities in accounts receivable (AR), consumer billing and collections, and finance or financial operations. The report explored these merchants’ interest in offering various installment plans.
The California Department of Financial Protection and Innovation (DFPI) announced today it has entered into a consent order as part of a combined $63 million penalty against La Jolla-based Silvergate Bank, its holding company (collectively Silvergate), and certain executives. The DFPI investigation found deficiencies in Silvergate’s internal transaction monitoring.
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