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:
The Bureau is adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
On December 21, 2023, the FCC announced it adopted an updated data breach notifications rule. The rule was formerly designed to protect consumers against pretexting, “a practice in which a scammer pretends to be a particular customer or other authorized person to obtain access to that customer’s call detail or other private communications records.”
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