The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with critical and timely financing, and there was no dispute that the defendants gave these businesses upfront lump-sums of money in exchange for the right to collect future receivables.
Yuma, Arizona-based AEA Federal Credit Union will purchase substantially all of Goodyear, Arizona-based West Valley National Bank’s assets and assume substantially all of its liabilities in an all-cash deal announced Tuesday that represents the 11th time this year a credit union has bought a bank.
Americans now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found.
Pennsylvania is considering its own state privacy law, joining California and a host of other U.S. states. Rep. Edward Neilson (D-174) is sponsoring H.B 1201. The bill was referred to the Pennsylvania House of Representatives’ Commerce committee on May 19 and discussed on September 7.
Today, the CFPB is taking action against Citi, one of the globe’s largest banks, for intentionally and systematically discriminating against Americans of Armenian descent. Specifically, Citi targeted its discrimination at applicants whose surnames ended in “-ian” or “-yan,” and stereotyped them as likely to be engaged in fraud.
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