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.
On June 17, the California DFPI proposed to amend the California Code of Regulations relating to requirements under the Debt Collection Licensing Act (DCLA) and will be accepting comments through July 3. The proposed amendments would define the phrase "net proceeds generated by California debtor accounts" and also clarify annual reporting requirements for DCLA licensees.
Fintech companies Wise and Affirm have revealed that the recent data breach suffered by Evolve Bank impacts some of their customers. The notorious ransomware group LockBit recently threatened to leak data allegedly stolen from the US Federal Reserve. The cybercriminals did leak data on June 26, but it turned out that the files actually originated from an Arkansas-based financial organization, Evolve Bank & Trust.
Quick analysis: Another “Up” Month
In May, TCPA (+20.7%), FDCPA (+25.4%) and FCRA (+4.2%) suits were all up over April, and TCPA (+9.3%), FDCPA (+19.2%) and FCRA (+23.3%) suits were all up YTD as well. Meanwhile, CFPB complaints were a bit down for the month (-5.8%) but still way up for the year (85%!).
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