CFPB Monitor

JULY 19, 2022

July has been designated as “Military Consumer Month,” a public-private marketing initiative created by state and federal agencies and military and consumer groups designed to draw attention to financial issues impacting the military community. A recording of the hearing is available here. .

Fraud 78

Fraud National Security social media 78

PYMNTS

JUNE 16, 2020

Powell, speaking before the Committee on Banking, Housing and Urban Affairs with his semiannual report on monetary policy, said the appearance of stability is coming from the reopenings of many parts of American life and increased mobility, which has spurred more spending.

US 130

US Policies Lending Community 130

PYMNTS

DECEMBER 13, 2019

Authorities were giving P2P companies time to wrap up their business affairs, but “the ultimate goal is zero on the balance sheet.” Some investors who lost money in the sector complained to regulators , and P2P lending started to be seen as a “threat to social stability.”. Scandals also turned a negative spotlight on the P2P sector.

Lending 131

Lending Regulation Fraud Meeting 131

PYMNTS

FEBRUARY 14, 2020

Given the option, many consumers would prefer to complete certain shopping excursions – from picking out products to checking out – without engaging anyone. Highlights of the new survey reveal a budding consumer love affair with aspects of UR. percent of interested consumers currently make such purchases. It adds value.

Retail 143

Retail US Report Cards 143

PYMNTS

SEPTEMBER 28, 2020

“Fraudsters perpetrating such schemes often target individuals by phone, posing as bank officials, Internal Revenue Service (IRS) agents or public health administrators and asking for personal information or money in exchange for COVID-19 test kits, stimulus checks or work-from-home jobs.

Fraud 202

Fraud United States Examples cryptocurrency 202

PYMNTS

FEBRUARY 5, 2020

The new card gives Airwallex customers the ability to pay suppliers in seconds while saving businesses time and money. Today, cross-border B2B payments remain a cumbersome and costly affair, which can impact small businesses and corporates who are time-starved and need to keep a close eye on their cashflow. and Hong Kong.

Cards 177

Cards Regional Security Payments 177

PYMNTS

DECEMBER 3, 2019

3), the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that would not be governed by rules tied to international money transfers. The average amount sent by MSBs on behalf of consumers was $381, reported the CFPB. As Bloomberg Law reported Tuesday (Dec.

Compliance 131

Compliance United States Analysis National 131

PYMNTS

JANUARY 22, 2021

In the Land Down Under, the ripple effects of the clash between regulators and a giant in online search (that would be Google , of course) may be such that consumers are left searching for search. Commerce relies, in part, on search to steer people to where they want to spend money.

Google 188

Google Texas New York California 188

PYMNTS

OCTOBER 31, 2019

Authorities are giving P2P companies time to wrap up their business affairs, but “the ultimate goal is zero on the balance sheet,” a source told FT. Some investors who lost money in the sector complained to regulators , and P2P lending started to be seen as a “threat to social stability.”.

Regulation 100

Regulation Lending Meeting Fraud 100

PYMNTS

NOVEMBER 15, 2018

We hope to see more of such innovative digital services from the private sector,” said Dr. Vivian Balakrishnan, Singapore Minister for Foreign Affairs, in the press release. Grab’s product will let banked and unbanked senders remit money instantly and securely to recipients in another country using a GrabPay wallet.

Regional 139

Regional User Experience Operations Security 139

CFPB Monitor

DECEMBER 18, 2020

The CFPB and the South Carolina Department of Consumer Affairs (SCDCA) recently settled a lawsuit they filed jointly in a South Carolina federal district court in October 2019 against Performance Arbitrage Company, Inc. The settlement requires her to pay civil money penalties of $500 each to the Bureau and to South Carolina.

South Carolina 78

South Carolina Company Arkansas New Jersey 78

PYMNTS

NOVEMBER 28, 2019

The consolation prize had been that Chinese consumers still could (and can) buy through Amazon platforms located outside the country (such as in the U.K. The spending power of the Chinese consumer still remains strong, even though growth has been slowing. and Europe). It’s been established that having a presence inside China has value.

Marketing 176

Marketing Course Strategy Online 176

CFPB Monitor

SEPTEMBER 23, 2020

ClearPath), which includes a civil money penalty of $625,000 and requirements to prevent future violations. The CFPB found that ClearPath’s advertisements misrepresented the terms actually available to consumers, misstated actual credit terms available, and disclosed inaccurate interest rate and APR combinations.

Lending 148

Lending Examples Regulation Company 148

PYMNTS

JANUARY 23, 2020

billion consumer accounts fell victim to data breaches during the first half of 2019 — to the tune of $4 million in lost revenue per breach. Online scams were the most prevalent, consisting largely of fake money-transfer requests that affected 63 percent of consumers. More than 4.1

Fraud 160

Fraud Online Data Regulation 160

PYMNTS

MARCH 4, 2019

Enforcement of the ban, if it becomes law, would be put in place under the New York Department of Consumer Affairs. The bill still is slated for a public hearing by the New York City council’s Committee on Consumer Affairs and Business Licensing. In terms of the New York legislation (Intro.

Retail 129

Retail New York City New York New Jersey 129

PYMNTS

JUNE 21, 2018

What is the key to meeting consumers’ payment preferences? When it comes to getting paid, consumers want quick and easy access to their funds – without the common frictions involved with a paper check. Seventy-five percent of consumers who prefer instant payments say speed is the most important factor.

Data 138

Data Millennials Tools Payments 138

PYMNTS

JANUARY 30, 2020

The directive by the Ministry of Agriculture and Rural Affairs has issued a notice to keep supermarkets stocked in quarantined areas. It takes time, and it takes money, to shift supply chains. Might this have a ripple effect in driving up prices to firms (and their end consumers) as transport also is disrupted?

Regional 145

Regional Apple New York Examples 145

PYMNTS

OCTOBER 7, 2019

The latest Disbursements Tracker looks at trends in instant payments and examines what consumers want and how companies are changing to meet these needs. Consumers might still have to cut UPC codes from packaging and physically mail them with receipts to a P.O. What Consumers Want. The State of Rebates.

Online 100

Online Study Retail Cards 100

PYMNTS

APRIL 13, 2020

Also, states are requiring that insurance companies refund insurance premiums to consumers and businesses. With Californians driving fewer miles and many businesses closed due to the COVID-19 emergency, consumers need relief from premiums that no longer reflect their present-day risk of accident or loss.” Lara said in a press release.

North Carolina 130

North Carolina CA California Policies 130

BankBazaar

JUNE 21, 2019

Unlike the common perception, saving money isn’t hard as they make it seem. Check out these eight simple ways that can help you save a great deal of money every month. So, you’ll have more money in your pocket, and additionally, you’ll playing your part in saving the environment too. The closer, the better! Costly much, right?

Cards 113

Cards Course US Mobile 113

PYMNTS

JANUARY 19, 2021

But as GeoGuard CEO David Briggs and People’s United Bank VP of Financial Crimes and Fraud Intelligence Karen Boyer told Karen Webster, realizing the full benefits of using geolocation will take a bit of education – for consumers, yes, but also for banks. It’s how they tell the parents where they are,” he said of these consumers.

Data 227

Data Fraud Los Angeles Compliance 227

PYMNTS

MARCH 18, 2019

The Conference of State Bank Supervisors (CSBC) said last week that there should be a “floor” for data privacy and security regulations, a statement issued by the Senate Committee on Banking, Housing and Urban Affairs. He pointed to the recent enactment of the California Consumer Privacy Act of 2018 as an example.

California 122

California Data Security Regulation 122

CFPB Monitor

OCTOBER 1, 2021

The Division of Banks of the Massachusetts Office of Consumer Affairs and Business Regulation has issued a supervisory alert to warn financial institutions of the potential legal and regulatory risks arising from NSF fees charged on the representment of unpaid transactions.

Massachusetts 78

Massachusetts Regulation Compliance Payments 78

CFPB Monitor

APRIL 13, 2020

Earlier this month, the Office of Servicemember Affairs (OSA) released its annual report covering the Office’s activities during fiscal year 2019, which covers the period of October 1, 2018 to September 30, 2019. Noteworthy items include: Top Complaints Received from Military Consumers During FY19. Research Reports in FY19.

Report 78

Report District of Columbia Survey social media 78

PYMNTS

AUGUST 7, 2018

Last year, Visa introduced new peer-to-peer (P2P) payment functionality in Kenya — the country known for high adoption rates of mobile payments and other financial services — enabling consumers to make P2P payments without transaction fees. The service launched after Visa introduced mVisa, a QR code digital payment service.

Lending 100

Lending Mobile Regulation Fintech 100

PYMNTS

MAY 16, 2018

With internet access improving around the world, FIs are looking to give consumers improved access to their services. The new offering, which targets the 33 percent of Egyptian adults without bank accounts, is designed to enable users to pay bills, transfer money, reload prepaid cards or even withdraw cash at partner retail locations. .

Trends 118

Trends Digital Banking Mobile blockchain 118

PYMNTS

MARCH 7, 2019

Wirex , which providers consumers with an account to store both fiat and cryptocurrency, recently stepped into the corporate finance space with the launch of its business account. In this technology-centered age, this is rightly seen as an unacceptable state of affairs for businesses who simply want to manage their day-to-day cash needs.”.

Payments 169

Payments cryptocurrency Technology Strategy 169

PYMNTS

FEBRUARY 21, 2020

Usually earnings reports are fairly predictable and boring affairs. What Canada Goose did was invest in its North American sales by encouraging consumers to stress-test their current jacket and consider a new one even though the inventory for their obvious suggestion wasn’t front and center. Consumers purchased from a digital kiosk.

Retail 141

Retail Miami Millennials social media 141

CFPB Monitor

MARCH 21, 2019

Grewal and the Division of Consumer Affairs announced the filing of a lawsuit against two “Buy Here-Pay Here” auto dealerships and their owner for allegedly unconscionable and deceptive lending practices. On March 7, New Jersey Attorney General Gurbir S.

New Jersey 68

New Jersey Regulation Fraud Lending 68

PYMNTS

MAY 6, 2019

The notion that Facebook is going to launch and ignite a global payments network, at scale, based on its own branded cryptocurrency and achieve global merchant and consumer acceptance is as likely as the predictions a decade ago that bitcoin and blockchain would, by now, become the internet of money. But not their money.

Innovation 209

Innovation blockchain Payments cryptocurrency 209

PYMNTS

APRIL 9, 2019

In a statement , Vera Jourová, the EU’s commissioner for justice, consumers and gender equality, said, “Today Facebook finally shows commitment to more transparency and straightforward language in its terms of use.”. As part of these ongoing efforts, we’ll be updating our Terms of Service to be more clear about how Facebook makes money.”.

social media 100

social media Data Policies New York 100

PYMNTS

NOVEMBER 30, 2019

Connected devices make shopping part of the everyday consumer experience. Digital board games have a longer history than most might realize — assuming one redefines “digital” to include relatively low-tech affairs from a good generation ago. Indeed, more than three-quarters of U.S.

Trends 211

Trends Texas Retail Groups 211

PYMNTS

MAY 23, 2020

With the outbreak of an international pandemic, our summer plans have been rather modified, as consumers seem to be considering what the safest summer plans might be, and opting to tread a bit differently than they have in the past. . So how to get consumers back out there? But will the customers go out?

Tampa 249

Tampa Connecticut Guidelines New York City 249

PYMNTS

JUNE 30, 2020

Such offerings can include those that help them better manage their financial affairs, get the best deals on energy programs or office supplies and ultimately help them save money. CUs that cannot provide the loyalty and rewards innovations consumers crave risk losing them to other digitally focused FIs, including challenger banks.

Report 133

Report Innovation Florida Cards 133

PYMNTS

JANUARY 16, 2020

According to data released this morning, donation processing had a record-breaking year on multiple fronts — as consumers proved an ongoing willingness to give both more and more often, to those in need worldwide. Consumers and businesses are looking for opportunities to do their part and “be part of something bigger” year-round.

Community 134

Community US Innovation Trends 134

PYMNTS

FEBRUARY 23, 2016

Nobody likes handing their hard-earned money over to the government, but plenty treat their tax refund checks like golden parachutes, federally sanctioned excuses to splurge on vacations, new clothes and the latest electronics. Money saved is spending potential down the road.” Money saved is spending potential down the road.”

Taxes 100

Taxes Retail Millennials Survey 100

PYMNTS

NOVEMBER 22, 2019

And yet the Chinese consumer keeps spending — on travel, on luxury goods and on video games, among a slew of other items and services. To get a sense of the scale and buying power, consider the fact that on Singles’ Day earlier this month, Chinese consumers spent roughly $36 billion online.

Marketing 112

Marketing Course Branding Strategy 112