Articles

11 States Join Supreme Court Challenge to CFPB’s Core Structure

A coalition of 11 state attorneys general have joined a complaint challenging the core structure of the Consumer Financial Protection Bureau (CFPB), arguing that its leadership structure is unconstitutional. This is according to a brief filed with the United States Supreme Court which was obtained by RMD.

When third-party service providers are party to sensitive data

Entrepreneurs wear a lot of hats. In addition to marketing their products, they’re responsible for operational functions like inventory, ordering, and the protection of customer data. Rather than managing all that millinery, some businesses turn to third-party service providers to run things behind the scenes. But what steps are those companies taking to secure the confidential consumer information in their possession? That’s one issue raised by the FTC’s proposed settlement with Utah-based InfoTrax Systems.

Goldman Sachs will reevaluate Apple Card credit limits after bias allegations

Goldman Sachs denied allegations of gender bias and said on Monday that it will reevaluate credit limits for Apple Card users on a case-by-case basis for customers who received lower credit lines than expected.

ALS RESOLVION AND DEL MAR RECOVERY SOLUTIONS ANNOUNCE MERGER

November 11, 2019 – ALS Resolvion and Del Mar Recovery Solutions today announced the completion of a definitive merger agreement.  The combined company will operate under the name Resolvion and will create one of the largest and most efficient repossession management companies in the industry:

Despite strong economy, two-thirds of adults fear a recession could come next year, according to Invest In You survey

Whether a recession is on the horizon or not is anyone’s guess. However, according to the latest CNBC Invest in You survey, two-thirds of respondents think one is coming. Especially if they’re Democrats or younger people. With just one year out to the next presidential election, CNBC Invest in You and Survey Monkey polled 2,776 adults about the state of their finances, opinions about candidates and how they might affect the economy. The survey, with a margin of error of plus or minus 3 percentage points, was conducted Oct. 20 through Oct. 25.

Bank M&A in 2019: Pace up, premiums down

There were more bank M&A announcements through the first 10 months of this year compared with the same period in 2018, but excluding the largest merger agreement of the year — BB&T-SunTrust — deal values and multiples are shrinking. Banks announced 231 deals through Nov. 1, a 4% increase from a year earlier, according to data compiled by Compass Point, Keefe, Bruyette & Woods and S&P Global Market Intelligence. A flurry of activity in September and October contributed to the increase.

Mobile banking finds its ‘half’ life

Two facets of mobile payment adoption have reached an inflection point, according to separate studies released in successive weeks. Consumers have used their smartphones for 61% of all online transactions so far in 2019, according to a report released this week by iovation, a subsidiary of credit reporting agency TransUnion. That figure surpassed 50% for the first time last year, and is up from 28% in 2014, the report indicated.

Faced With Federal Lawsuit, Education Secretary DeVos Erases Student Loans for 1,500

Facing a federal lawsuit and mounting criticism, Education Secretary Betsy DeVos on Friday said she will forgive loans for more than 1,500 borrowers who attended a pair of for-profit colleges that shut down last year.

PayThink FedNow will have a hard time stopping fraud

The way in which we process payments here in the U.S. market has undergone significant change over the years. That said, the Automated Clearinghouse (ACH) process itself has remained fairly static, at least up until now. That’s all set to change, with the Federal Reserve’s recent announcement of its FedNow service.

PayThink Congress needs to hurry up on data protection

As big data, artificial intelligence and machine learning increasingly shape everyday lives, Congress will have some important policy choices to make, weighing how to sustain economic growth while balancing individual rights and corporate responsibility.   Suffusing this debate is the uncomfortable reality that, for all practical purposes, the world’s understanding of oneself will be more so based on a digital alter ego: a virtual persona, created and defined by data-driven analytics.