TACOMA, Wash., May 31, 2024--(BUSINESS WIRE)--Sound Credit Union (Sound) is thrilled to introduce an exciting opportunity for its members. Starting May 1, all Sound members who open or refinance an auto loan with the credit union will automatically be entered into a special drawing. One lucky winner will have their auto loan balance paid off by Sound, up to $40,000.
To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule stating that BNPL products are actually “credit cards” under the Truth in Lending Act (TILA) and BNPL providers are “card issuers” and therefore “creditors” under, and subject to, Regulation Z.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies. The CFPB’s lawsuit asks the court to order PHEAA to stop its illegal conduct, provide redress to borrowers it has harmed, and pay a civil penalty.
According to PYMNTS Intelligence data, 95% of U.S. credit unions (CUs) are now wooing prospective Gen Z members. However, as “How Credit Union Innovation Can Drive Gen Z Engagement, makes clear, Gen Z consumers are a fickle bunch. In the past year, 42% of Gen Z CU members switched their primary financial institution (FI).
When I meet with collection teams, I always ask collectors, “How do you know you are doing well every month?” Their answers give me a good sense of how much leadership values performance and recognizes the team. If the response is something like, “Well, I am still here,” or “I got a bonus last month,” it indicates limited discussion regarding individual performance. However, if the answer is, “Let me show you my performance reporting or scorecard,” it shows that there is a level of performance management in place.
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