In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025. Because the Rule’s ability to pay requirements were rescinded, the only remaining provisions of the Rule are its “payment provisions.”
On June 11, 2024, Truist Bank (“Truist”) filed a notice of data breach with the Attorney General of Massachusetts after discovering that an unauthorized party was able to access the company’s computer network. In this notice, Truist explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, dates of birth, financial account numbers, loan transaction amounts, and loan balances. Upon completing its investigation, Truist began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.
The average credit union member is 53 years old. Reasonably affluent, well traveled down the journey of life’s financial goals — and well aware of the personalized and community approach of the credit union (CU) itself. But as is the case with any business, credit unions and community banks need to expand their accountholder base and gain ground with younger consumers who either are unaware of their local CUs, or may equate them with relatively staid business models.
In the wake of surpassing $1 trillion in credit card debt, Americans, particularly millennials and Gen Z, find themselves increasingly vulnerable to financial scams, according to a report released by BadCredit.org. The report revealed a staggering 78% of younger generations have been targeted by debt collection scams. With nearly half (46%) expressing concerns about becoming victims of financial fraud, the threat looms large over these demographics.
Today, the Consumer Financial Protection Bureau (CFPB) filed an order to resolve its lawsuit against James R. Carnes and Melissa C. Carnes for fraudulent transfers to avoid paying restitution and penalties. In April 2023, the CFPB sued James and Melissa Carnes for hiding money, through multiple fraudulent transfers over two years, in an effort to avoid paying more than $40 million owed by James Carnes.
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