WASHINGTON—The Consumer Financial Protection Bureau and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home after alleging its ownership was fraudulently transferred by the operator of a massive and now-defunct debt-collection scheme.
Fresh Today
BASINGSTOKE, U.K.–A new study from Juniper Research has found digital domestic money transfer transaction values will rise from $2 trillion in 2020 to $3.4 trillion in 2025, driven by growth of mobile money transfers.
WASHINGTON—Yellowstone Capital, a provider of merchant cash advances, will pay more than $9.8 million to settle Federal Trade Commission charges that it took money from businesses’ bank accounts without permission and deceived them about the amount of financing business owners would receive and other features of its financing products, the FTC said.
LONDON–Experian is reporting it has added three U.K. credit unions to its comparison services in a bid to widen access to affordable and ethical credit.
WASHINGTON–CUNA has sent a letter to Treasury Secretary Janet Yellen related to the CFPB’s recent proposed delay of the mandatory compliance date for the General QM Final Rule until Oct. 1, 2022.
ARLINGTON, Va.—Credit unions say they will not end the financial relief they are providing members as long as the health crisis persists.
MADISON, Wis.—The day-to-day can get in the way of innovation, emphasizes one industry expert, who told credit unions they must break loose from those kinds of ties if they want to create the kinds of new processes and opportunities needed to compete with the big banks and fintechs.
ST. PETERSBURG, Fla.—Convenient friction and the authentication “arms race” are two issues credit unions need to focus on as fraudsters pick up their pace of attacks during the health crisis.
WASHINGTON–The number of people expressing opposition to the OCC’s “True Lender” rule continues to expand, the newest being a bipartisan group of 25 attorneys general (AGs) who sent a letter today to congressional leadership urging it to “use the Congressional Review Act (CRA) to rescind the rule.”
GREENSBORO, N.C.–Vizo Financial is reporting success following its virtual Risk Management Conference.