Quick analysis: Mixed March, YTD Numbers Still Riding High It has been a robust Q1 in the world of consumer complaints. Similar to February, the consumer complaint/litigation numbers are mixed for March (TCPA +1.5%, FDCPA -13.1%, FCRA -30.6%), but the year to date numbers are all still way up in the double digits over the same period last year (TCPA +26.6%, FDCPA +12.9%, FCRA +28.4%). CFPB complaints were up both in March (+36%) and YTD (a dramatic +60.4%).
On April 26, 2024, Plaintiffs filed their response to the CFPB’s Petition for a Panel Rehearing with the Fifth Circuit in the lawsuit challenging the CFPB’s credit card penalty fees rule (Rule). On the same date, the Plaintiffs also filed their brief in support of their motion for a preliminary injunction with the Fifth Circuit.
Disasters and interruptions can strike at any time, and credit unions that are unprepared can pay a high price. From cyberattacks to natural disasters, the threats are real and the potential consequences severe.
A federal district court partially vacated a New Jersey law requiring national credit reporting agencies (CRAs) to translate credit file disclosures into at least 10 foreign languages other than Spanish. CRAs are required to offer disclosures in English and Spanish, U.S. District Judge Georgette Castner decided.
Spoiler alert: The title of PYMNTS Intelligence’s new report, “Why 60% of Gen Z’s Live Paycheck to Paycheck” gives away a key finding. Six in 10 Generation Z consumers say it’s a challenge to make ends meet. The report, which was based on surveys with 3,405 U.S. consumers, found that many Gen Z consumers (those born between 1997 and 2006) appear to be having a tough time in the current economy.
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