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Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act’s database reporting requirement and for declaration Act does not apply to pawn transactions

CFPB Monitor

In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.

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daVinci Payments Launches CNY Funded Prepaid Cards

PYMNTS

Illinois-based daVinci Payments has announced it is releasing a Chinese Yuan (CNY) corporate-funded prepaid card for employees or customers of multi-national corporations. The company has partnered with UnionPay to provide virtual and physical cards that will be accepted at point-of-sale terminals in China.

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Darden Cyberattack Puts 567K Cards At Risk

PYMNTS

Darden Restaurants announced Wednesday (August 23) that the data on 567,000 payment card numbers may have been exposed. The company said payment card information — including card numbers — from visitors who went to the restaurants from Nov. 3, 2017, through Jan. 2 2018 may have been affected.

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PSCU Says CU Spending Up With Stimulus Funds Arriving

PYMNTS

Debit card spend and average debit card purchases saw year-over-year increases as money was automatically deposited into checking accounts — and consumers found ways to use it, with debit purchases on consumer goods notably increasing.” . People spent more money on consumer goods, with a 20 percent increase in debit card transactions.

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Signature Bank Taps Tech For Simplified AP

PYMNTS

Payments are facilitated using virtual Visa commercial cards, ACH and checks. “Visa is proud to be the virtual card partner for Finrails AP by Signature Bank,” said Kevin Phalen, global head of Visa Business Solutions. Signature Bank is a relationship-based commercial bank headquartered in Rosemont, Illinois.

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New Apple OS Reportedly Has Payment Security Issues

PYMNTS

Two Apple iOS 13 users took to Reddit to share some payment security issues they faced when using the tech giant’s newest iteration of its operating system, according to reports. Today I decided to change my iTunes credit card. It read my card well, but then when I saved the card, someone else’s credit card was saved!

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Apple Bug Could Capture Data From Third-Party Keyboards

PYMNTS

Just one day ago, it was reported that two Apple iOS 13 users experienced payment security issues when using the tech giant’s newest iteration of its operating system. Today I decided to change my iTunes credit card. It read my card well, but then when I saved the card, someone else’s credit card was saved!

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