As a result of a Federal Trade Commission lawsuit, the operators of an alleged credit card debt relief scheme based in Tennessee have agreed to court orders that would permanently ban them from telemarketing and selling debt relief products or services.
In March, some ground was made up against February’s much lower-than-normal numbers with FDCPA (+9.5%), FCRA (+20.9%) and FCRA (+27.1%) all way up over the previous month, and CFPB complaints even got in on the action with a +15% increase as well.
The Consumer Financial Protection Bureau’s adopting release for its small business data collection and reporting rule goes beyond that rule by including a discussion deeming merchant cash advances to be “credit” more generally for purposes of the Equal Credit Opportunity Act.
While the European Union (EU) is embracing crypto, credit union (CU) executives largely aren’t. This, as data in the April 2023 PYMNTS report, “Credit Union Innovation: Bridging the Cryptocurrency Divide,” a collaboration with PSCU, finds that more than half of credit union leaders (56%) say they are less than gung-ho about providing cryptocurrency products for their members.
Silicon Valley Bank’s dramatic failure in early March was the product of mismanagement and supervisory missteps, compounded by a dose of social media frenzy, the Federal Reserve concluded in a highly anticipated report released Friday.
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