CFPB Eliminates Medical Debt from Credit Reports
The Consumer Financial Protection Bureau (CFPB) has finalized a rule banning medical bills from being considered on credit reports. This decision is expected to remove roughly $49 billion in medical debt from the credit reports of about 15 million Americans—at least for now. Research conducted by CFPB has found that medical debts have little correlation […]
Fraudsters on the Line: The Rise of Call Spoofing in the Financial Industry
Today, we carry devices with us wherever we go, making us highly vulnerable to imposter scams, call spoofing, and data breaches. With the rise of artificial intelligence, threat actors can now commit fraud by mimicking a person’s voice over the phone. This troubling trend is affecting both consumers and businesses, with financial institutions being especially […]
Capital One and Discover Merger Could Cause Payment Roadblocks for U.S. Travelers
Consumers accustomed to swiping their Capital One cards during overseas travels could face issues once the credit card giant transitions its network to Discover. Currently, Capital One’s card payments are processed on networks operated by Visa and Mastercard. After the acquisition of Discover was approved in December by the Office of the Delaware State Bank […]
Why ESG Issues Remain Critical in the Payments World
Online retailers are highly likely to express interest in working with a payments provider that demonstrates a commitment to ESG (environmental, social, and governance) principles. For these merchants, ESG has a much more practical meaning compared to its broader interpretation by investors and other corporate entities. Environmental and sustainability issues are viewed less as political […]
From Potential to Profit: Turning Payments Into a Revenue Center
As payment processes increase in variety and become more complex, they also represent a greater opportunity for retailers and digital businesses. Strengthening your payments setup can boost your customers’ experiences and scale with operational efficiencies at the same time. Optimizing payments doesn’t just increase efficiency and reduce the burden on your finance team. It can […]
California’s Overdraft Fee Ban Takes Effect
California’s ban on overdraft fees at ATMs went into effect at the start of the year. Coupled with the Consumer Financial Protection Bureau’s new rule last month limiting overdraft fees to $5, this could signal the beginning of the end for these charges. The new California law prohibits state-regulated banks and credit unions from imposing […]
Debit Payments Could Drive the Future of Open Banking
In a dynamic payments market, debit cards can be a bit staid. However, consumers continue to favor their reliability over cash, making them an increasingly popular choice for digital payments in mobile wallets. This year, debit payments are set to advance their digital capabilities, adopt real-time payment use cases, and drive pay-by-bank adoption. In the […]
The FTC Takes Aim at Subscription Charges
The Justice Department and the Federal Trade Commission’s suit against the fintech Dave, filed earlier this week, is the latest in a series of enforcement actions under the Restore Online Shoppers’ Confidence Act (ROSCA). This law has been used to target several organizations over the past year that were accused of extracting unwarranted payments and […]
How AI-Driven Payments are Unlocking Opportunities in Emerging Markets
The trajectory of global economic growth is inextricably linked to our ability to integrate emerging markets into the digital landscape. Embracing artificial intelligence and implementing tailored payment solutions are the most effective steps in this integration, as they bridge existing gaps and unlock immense potential in these dynamic regions. By offering localized payment methods and […]
Credit Card Debt Continued to Rise Through the Holiday Season
Record-high credit card balances and delinquency rates did not stop consumers from accumulating even more debt this holiday season. Persistently high interest rates could exacerbate the problem further. According to data compiled by Lending Tree, more than a third of American shoppers took on additional debt during the holiday season, with less than half of […]