California Enacts Package of Consumer Protection Bills
California Enacts Package of Consumer Protection Bills Last week, California enacted a package of consumer protection laws, including three bills aimed at restricting debt collection practices surrounding civil actions for money judgments, commercial debt collection,...
CFPB Policy Reminder Says Banks Must Maintain Proof Consumers Opted In to Overdraft Fees
CFPB Policy Reminder Says Banks Must Maintain Proof Consumers Opted In to Overdraft Fees The Consumer Financial Protection Bureau (CFPB) recently said in a policy reminder that banks must keep evidence that customers have opted in to overdraft coverage. As a default,...
CFPB Report States Most Frequent Consumer Debt Collection Complaints Last Year Were Attempts to Collect Debts That Were Not Owed
CFPB Report States Most Frequent Consumer Debt Collection Complaints Last Year Were Attempts to Collect Debts That Were Not Owed The Consumer Financial Protection Bureau’s (CFPB) annual Fair Debt Collection Practices Act report stated that in 2023, the most frequent...
Loan Delinquencies Beginning to Level Off
Loan Delinquencies Beginning to Level Off Bankers and industry analysts recently said that U.S. consumers’ late payments on credit cards and other loans have leveled off in recent months after rising earlier this year. Delinquency rates fell to just over 2 percent in...
Study Finds 7 in 10 US Consumers Stressed About Personal Finances
Study Finds 7 in 10 US Consumers Stressed About Personal Finances A recent PYMNTS Intelligence report, “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,” found that 70 percent of U.S. consumers feel stressed about their personal finances,...
Americans Say Not Saving for Retirement and Emergencies are Top Financial Regrets, Study Finds
Americans Say Not Saving for Retirement and Emergencies are Top Financial Regrets, Study Finds A recent Bankrate survey found that 77 percent of Americans have a financial regret. 22 percent say they regret not saving for retirement early enough, and 18 percent regret...
Interest Rate Cuts Could Increase BNPL Usage, CEO Says
Interest Rate Cuts Could Increase BNPL Usage, CEO Says Last month, one of the leading buy now, pay later (BNPL) providers, Affirm, reported in its fourth quarter fiscal 2024 results that it saw 31 percent year-over-year growth in gross merchandise volume (GMV),...
CFPB Announces Plans For FAQs to Help BNPL Lenders Ensure Compliance
CFPB Announces Plans For FAQs to Help BNPL Lenders Ensure Compliance The Consumer Financial Protection Bureau (CFPB) plans to issue a set of frequently asked questions (FAQs) next month to help buy now, pay later (BNPL) lenders comply with federal laws and... 