Credit and Collection News

November 4, 2024

CFPB Releases Final Open Banking Rules: Key Takeaways for Fintech Companies

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) announced its long-awaited final rule on “Personal Financial Data Rights” (the Final Rule). The Final Rule implements Section 1033 of the Dodd-Frank Act, which provides consumers the right to access and port their financial ...

November 5, 2024

Canadian Mortgage Delinquency Rates Expected to Rise Through 2025

Canada’s housing market faces ongoing challenges despite showing resilience against higher interest rates, according to a new report from the Canada Mortgage and Housing Corporation (CMHC). The report highlights increasing delinquency rates and concerns about alternative lending practices. While overall ...

State of New Mexico flag. Credit/Shutterstock

October 30, 2024

New Mexico Supreme Court Rules Against Credit Union’s Debt Collection Lawsuits

Credit union employees not authorized to practice law are prohibited from pursuing debt collection lawsuits – even in a small claims court – against their members, the New Mexico Supreme Court ruled unanimously on Monday. The state's high court ruling ...

Payment Services Photo Illustrations - Cash App

November 2, 2024

Cash App To Pay 15 Million In Data Breach Settlement—Are You Eligible?

Cash App to pay 15 million in settlement from data breach that impacted 8.2 million customers. NURPHOTO VIA GETTY IMAGES Cash App, a leading mobile payment platform under Block Inc., formerly known as Square, is set to pay $15 million ...

November 4, 2024

Freedom Credit Union collecting donations for military families during holiday season

SPRINGFIELD, Mass. (WWLP) – Freedom Credit Union will be collecting cash donations to help support military service members and their families. According to Freedom Credit Union, this campaign aims to support the Westover Galaxy Community Council in helping Westover Air ...

US central bankers are still widely expected to cut the Fed’s benchmark interest rate by a quarter of a percentage point on Thursday, but traders are betting rates will only be cut twice in 2025 when Donald Trump takes office. REUTERS

November 6, 2024

Here’s why Donald Trump’s election win could mean fewer Fed rate cuts

President-elect Donald Trump’s impending return to the White House appears to put the Federal Reserve on a slower and shallower path for interest rate cuts, with a slew of new policies embraced by the Republican leader poised to juice the economy and stall, or reverse, the slowdown in inflation ...

November 4, 2024

North Island Credit Union Launches Holiday Toy Drive With Boys & Girls Clubs of Greater San Diego

SAN DIEGO, Nov. 4, 2024 /PRNewswire/ -- North Island Credit Union, in partnership with Boys & Girls Clubs of Greater San Diego, invites you to make a difference in a child's life this holiday season by participating in its 2024 Holiday ...

November 5, 2024

JPMorgan Chase credit card charge-off rate improves in March

JPMorgan Chase (NYSE:JPM)'s credit card metrics improved in March 2024, with its net charge-off rate dropping almost 10 basis points. The Chase Issuance Trust delinquency rate ticked down 1 bps to 0.79% from 0.80% in February. That's down from its ...

November 2, 2024

Minnesota Attorney General reaches settlement with Blue Cross Blue Shield of Minnesota

(KNOX) – Minnesota Attorney General Keith Ellison announced that his Office has reached a settlement with Blue Cross and Blue Shield of Minnesota regarding the accessibility of mental health services. The settlement aims to make Blue Cross’ mental health care services more ...

October 31, 2024

Credit Union Collects Cash For Hurricane Relief

Arsenal Credit Union Supports Red Cross Hurricane Relief Paper Shred Event Turns Into Impromptu Fundraiser Every day, we take for granted the fact that we have shelter, can flip on electricity or can just turn on the faucet for running ...