Data broker X-Mode Social and its successor Outlogic will be prohibited from sharing or selling any sensitive location data to settle Federal Trade Commission allegations that the company sold precise location data that could be used to track people’s visits to sensitive locations such as medical and reproductive health clinics, places of religious worship and domestic abuse shelters.
Americans are increasingly leaning on their credit cards. Altogether, card balances now total $1.08 trillion, according to the latest quarterly report from the Federal Reserve Bank of New York, a new record.
PYMNTS asked industry executives across the payments and digital commerce landscape to give us their take on the pivotal shifts, technological advancements and strategies that have shaped business in 2023. PSCU President and CEO Chuck Fagan says mergers and acquisitions are poised to continue influencing credit unions.
Traditionally, consumers rely on their primary financial institutions (FIs), such as banks or credit unions (CUs), for credit products like credit cards, mortgages, auto loans and personal loans. However, research indicates a shift in consumer behavior, with more individuals actively seeking better deals and turning to alternative financial service providers, including FinTechs, that provide these products.
On December 22, 2023, the Attorney General of Montana released an opinion (the “Opinion”) concluding that certain earned wage access (EWA) products are not “consumer loans” or “deferred deposit loans” under Montana law and do not, therefore, require licensure by the Montana Division of Banking and Financial Institutions. The Opinion only applies to EWA products that are:
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