The Department of Attorney General’s Consumer Protection Team has launched a new standalone website to make it easier than ever for Michigan residents to access common scam alerts, research charities, learn about renter’s rights, and more.
Card loans are still growing, on average rising 1.6% in October over September across five big U.S. card lenders, versus a seasonally typical 0.7% increase, according to tracking of the latest monthly data by analysts at Goldman Sachs. The trend suggests that consumers still are willing and able to use their cards, portending well for retailers. U.S. retail sales slowed in October, but by less than feared, and were still at an overall solid level. Some retail stocks have jumped recently on hopes for holiday shopping.
The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions. The CFPB’s proposed rule would apply to larger non-bank digital consumer payment companies handling more than 5m transactions a year that “blur the traditional lines that have separated banking and payments from commercial activities”.
But a recent study released in August highlights a chilling new way hackers use AI to steal your bank account password: it listens to you typing. And it’s over 95% accurate.
CUNA released a detailed analysis of the Federal Housing Finance Agency’s (FHFA) report on the Federal Home Loan Bank (FHLBank) system to get credit unions thinking about how they use the FHLBank system and potential impacts of the report. CUNA’s summary pairs FHFA’s objectives identified in the report with FHFA’s corresponding recommendation.
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