For the September installment of the series “New Reality Check: The Paycheck-to-Paycheck Report,” created in collaboration with LendingClub, “The Nonessential Spending Deep Dive Edition,” PYMNTS Intelligence surveyed more than 3,400 U.S. consumers about their spending on nice-to-haves.
The Consumer Financial Protection Bureau faced a key challenge in its long-awaited open banking proposal: allowing the free sharing of customers’ financial data while boosting security. Banks say the agency came up short. The open banking proposal the agency released Oct. 19 calls for banks and credit unions to allow customers to easily share their financial information with third-party fintech apps like Wealthfront or Venmo. Typically, that’s done through data aggregators such as Plaid and MX that serve as a bridge between financial institutions and fintechs.
This report analyzes the 9,284 student loan complaints submitted by consumers from September 1, 2022, through August 31, 2023.1 Complaints submitted to the CFPB suggest that across the federal and private student loan markets, failures on the part of industry participants are excluding some borrowers from protections and benefits intended for them under law.
The Federal Trade Commission has submitted two reports to Congress detailing the agency’s efforts to combat cross-border fraud through the U.S. SAFE WEB Act and work contributing to the fight against ransomware and other cyber attacks that originate outside the United States.
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