Current Industry News

CFPB Report: One In Four Consumers Have Debt In Collections

The Consumer Financial Protection Bureau said in a report that a bit more than one in four —  to be specific, 28 percent — of consumers have had at least one debt in collections. The report, released Thursday (July 18), examined collections tradelines — information about a consumer account sent to a credit reporting company, generally on a regular basis — from 2004 to 2018.  The data spanned debt buyer tradelines, representing debt bought from creditors that has been charged off by creditors and non-buyer tradelines, which attempt to collect on behalf of the original creditor. The percentage of consumers sampled with third party collections never went below 27 percent or above 34 percent. Peak levels — and levels of 33 percent and above — occurred after the financial crisis into 2013.

Bank of America CEO on the importance of digital banking: ‘The numbers are just rolling’

Digital banking is a key strategy to appeal to millennial consumers, Bank of America CEO Brian Moynihan told CNBC on Thursday. He estimates the bank serves 16 million millennial customers, ranging between the ages of 25 and 41, who have about $200 billion worth of deposits, investments and loans with the bank. “They have, you know, $60-70 billion of checking deposit … and then Gen Z adds another chunk on top of that,” Moynihan said in a one-on-one with “Mad Money’s” Jim Cramer. “As a millennial-only bank, it would be one of the biggest banks in the country.”

CCPA Creates Possible Dilemmas for Companies Sending Text Messages. Is Your Business Ready?

Don’t wait to implement your California Consumer Privacy Act (CCPA) compliance as it could require changes to your operations. CCPA can apply to businesses even if they do not have offices or employees in California. It can also reach activities conducted outside of California.  With the impending implementation of the CCPA, brands and platforms that use text messages to contact consumers (could be customers, employees, others) must be sure their texting programs comply with the CCPA.

Kathleen L. Kraninger’s Speech at the Exchequer Club

Thank you for that introduction, and thanks for having me. I’m delighted to be here to spend time with such a distinguished group of experts and leaders in financial and economic policy.   As you heard from the introduction, I’ve been in public service now going on 20 years working in both the Congress and the Executive Branch. I’m honored to be able to carry this forward at the Consumer Financial Protection Bureau. And, I can tell you, I hit the ground running. 

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