The payments industry is increasingly defined by speed, security and precision, and generative artificial intelligence promises to transform every facet of financial services.
Yet, as Lisa McFarland, executive vice president and chief product officer at Ingo Payments, told PYMNTS for the series “What’s Next In Payments: Memo to the GenAI Companies,” if she were to sit down with Sam Altman or other AI leaders, her message would be clear: The payments industry needs more specialized solutions.
The enforcement landscape of recently enacted state consumer privacy laws in the United States is beginning to take shape, with state attorneys general (AGs) or designated specialized enforcement agencies leading the charge. The absence of comprehensive federal legislation, along with a lack of private rights of action in most state privacy regimes, has resulted in varied enforcement strategies and priorities across different jurisdictions. The following summarizes some state enforcement actions and priorities.
Professional Finance Company, one of the leading debt collection agencies in the United States, has agreed to settle a class action lawsuit that alleged negligence for failing to implement reasonable and appropriate measures to protect the sensitive data provided by its healthcare clients. The Greeley, CO-based company suffered a ransomware attack on February 26, 2022. The attack was blocked but not in time to prevent unauthorized access to sensitive data.
On January 15, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Compliance Aid to clarify the requirements under the Electronic Fund Transfer Act (EFTA) and Regulation E. Electronic Fund Transfers (EFTs) are defined as “any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account.” The Compliance Aid, presented in a Frequently Asked Questions (FAQs) format, addresses various aspects of EFTs, including coverage, financial institutions’ obligations, and error resolution processes.
The auto finance market represents a significant component of consumer credit in the United States, with outstanding auto loan balances exceeding $1.64 trillion through the third quarter of 2024. This accounts for more than 100 million active auto finance accounts and $63 billion in new monthly originations as of April 2024. Despite its size, detailed data on the auto finance market remains limited.
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