This article highlights the few newsworthy actions and events we wrote about the debt settlement industry throughout the year. The debt settlement industry did see some movement by regulatory bodies across the board, though not as much as in years past. Additionally, we saw a shift in focus on regulating the intersection between the debt settlement and marketing industries, including actions based on telemarketing calls.
According to a PYMNTS Intelligence research study in collaboration with PSCU, “Credit Union Innovation: Staying Ahead Through Payments Innovation,” 27% of clients from CUs say they would consider changing financial institutions (FIs) to access new products. The data doesn’t specify whether switching to a new FI means a FinTech, a bank or simply to another CU that supplies more innovative products, but the fact is that less innovation may translate into losing members.
With a proposed rule on overdraft fee regulation expected this month, the Consumer Financial Protection Bureau has released a report on overdraft and nonsufficient fund frees using insights from recent consumer surveys.
On December 19, 2023, Kimco Staffing Services, Inc. (“Kimco”) filed a notice of data breach with the Attorney General of Maine after discovering that an unauthorized actor was able to access the company’s IT network. In this notice, Kimco explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names and Social Security numbers.
With a proposed rule on overdraft fee regulation expected this month, the Consumer Financial Protection Bureau has released a report on overdraft and nonsufficient fund frees using insights from recent consumer surveys.
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