Technology has been reshaping the financial landscape, emphasizing the significance of the digital experience in serving members, attracting new ones, and competing effectively.
Household spending is up despite several factors that should be keeping it down. Americans spent 5.8% more in August compared to the year before amid a boom in “experience” spending, The Wall Street Journal (WSJ) reported Monday (Oct. 2). Delta Air Lines reported record revenue, while Ticketmaster’s sales were up almost 18%.
On September 20, the Senate Banking Committee held its first hearing on the use of artificial intelligence (AI) in the financial services space, further revealing a partisan divide regarding the utilities and risks associated with the technology.
On September 27, the CFPB released its annual report on residential mortgage lending activity and trends for 2022. Under the Home Mortgage Disclosure Act (HMDA), the CFPB requires financial institutions to collect and provide loan-level information on mortgage loan applications and originations.
Recently, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a district court’s decision finding a furnisher’s investigation of a consumer’s dispute and subsequent furnishing of the disputed information to be reasonable under the Fair Credit Reporting Act (FCRA).
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