SACRAMENTO, Calif. – The California Department of Financial Protection and Innovation (DFPI) has proposed new regulations governing “disguised fintech credit,” and further released new data showing high costs for consumers who use earned wage advances and other fintech payday loans.
Fresh Today
NEW YORK— Three companies saw their higher credit card delinquency and charge-off rates rise in February, according to a new report.
SAN FRANCISCO—Western Union said it is focusing on the digital platforms that continue to revolutionize the remittances market.
WASHINGTON— Phil Goldfeder has been named CEO of the American Fintech Council (AFC), the council announced.
SEOUL, South Korea—To combat money laundering schemes and recover funds associated with criminal activity, the South Korean Ministry of Justice announced plans to implement a crypto-tracking system
DILLONVALE, Ohio–A review of 10 new merger disclosure forms filed with NCUA again finds CUs citing aging memberships, retiring leaders, and the inability to offer many services as reasons for seeking to combine. But the newest batch of CUs seeking to merge also shows a number posted year-end losses, and others planning merger-related payouts to both members and employees.
MADISON, Wis.–Credit unions should expect real home price growth rates to remain negative for the next few years as nominal home price growth rates remain below the rate of inflation, according to a new forecast from CUNA Mutual’s chief economist.
RANCHO CUCAMONGA, Calif.—Uneasiness about the current economy can be seen in new spending data released by Co-op Solutions, which is reporting most spending categories were off significantly in February.
WASHINGTON—The Federal Trade Commission has launched an inquiry into the small business credit reporting industry, ordering five firms in that industry to provide the Commission with detailed information about their products and processes.
CAPITOLA, Calif.–With broad swaths of California having been hit by heavy rains, snowstorms and flooding, credit unions have been offering relief to members. Among them: Bay Federal Credit Union, which serves Santa Cruz and Monterey counties and which it said “is here to support our members as they begin to clean up and repair their homes and businesses.”