In an October 2023 advisory opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of chatbots and other technologies could increase the risk of violating federal law if those services are ineffective.
Recently, Arizona, Kentucky, and Hawaii have jumped on the bandwagon to regulate earned wage access (EWA) products and services. Arizona’s proposed bill makes clear that EWA services are not considered to be loans or money transmissions, and voluntary tips or gratuities are not finance charges.
SEATTLE — Attorney General Bob Ferguson announced today that Providence, one of the nation’s largest health care systems, must forgive more than $137 million in medical debt and refund more than $20 million to patients the company billed for services despite knowing they likely qualified for free or reduced-cost health care. The $157.8 million resolution will provide full refunds, plus interest, and debt forgiveness for 99,446 individuals. It is the largest resolution of its kind in the country.
South Carolina-based Blackbaud Inc. will be required to delete personal data that it doesn’t need to retain as part of a settlement with the Federal Trade Commission over charges that the company’s lax security allowed a hacker to breach the company’s network and access the personal data of millions of consumers including Social Security and bank account numbers.
In the ever-changing financial services landscape, credit unions face an array of cybersecurity threats. From data breaches to more sophisticated cyberattacks, the risks aren’t just operational, but also carry severe reputational and financial implications.
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