ARLINGTON, Va.–Given the pandemic and the pressure many Americans have felt when it comes to their finances over the past year, the surge in complaints by consumers to the CFPB should come as no surprise.
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WASHINGTON– The CFPB and the FTC have issued a joint statement saying they are working to stop illegal evictions, especially those resulting from economic hardships due to COVID-19.
PALMDALE, Calif.–Edwards FCU has opened a new flagship branch that includes a feature unique in its market—a one-of-a-kind mural that celebrates the history of the Antelope Valley.
SAN FRANCISCO—The Justice Department is investigating whether Visa is engaging in anticompetitive practices in the debit card market.
NEW YORK—Credit cards get consumers to spend by creating a “purchase craving” in the brain, according to a new study by Nature.com.
BASINGSTOKE, U.K.–Spending by financial institutions on “regtech,” systems that allow FIs to meet compliance requirements, will exceed $130 billion by 2025, a near 300% increase over the $33 billion spent in 2020, according to a new analysis.
EDINBURGH, Scotland–Approximately £10 million in compensation has now been paid out to nearly 14,400 members following the collapse of six community banks in the space of three years, with one report saying it has led to “serious concerns” over how the institutions are being regulated.
BASEL, Switzerland—The Bank for International Settlements has published a paper on central bank digital currencies (CBDCs) and the future of cross-border payments.
WASHINGTON–The Department of Justice announced it has now publicly charged 474 defendants with criminal offenses based on fraud schemes connected to the COVID-19 pandemic, including schemes targeting the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) program and Unemployment Insurance (UI) programs.
CHARLOTTE — An analysis that used artificial intelligence to sort through more than 400,000 consumer complaints reveals a number of trends from which financial institutions can learn, according to one company.