The Federal Trade Commission is taking action against personal finance app provider Brigit, alleging that its promises of “instant” cash advances of up to $250 for people living paycheck-to-paycheck were deceptive and that the company locked consumers into a $9.99 monthly membership they couldn’t cancel.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions' lending, services, and investment activities meet the credit needs of their communities.
The proposed changes to credit card interchange in the big box interchange bill are a big concern for credit unions in how it would impact the 137 million members they serve nationwide, CUNA wrote to all members of Congress Tuesday.
Congress should support legislation to increase credit union lending to veteran-owned businesses, CUNA wrote to a Senate, Banking, Housing, and Urban Affairs Committee for its hearing on financial services to veterans. CUNA, Leagues, and credit unions support the Veteran Member Business Loan Act (S. 539), introduced in February by Sens. Mazie Hirono, D-Hawaii, and Dan Sullivan, R-Alaska.
On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer information of 500 or more individuals was subject to unauthorized acquisition.
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