The premise behind Operation Choke Point, a joint initiative between the DoJ, FDIC and CFPB, was direct enough when it launched in early 2013. Instead of going directly after certain suspect industries – such as short-term lenders, pornographers, ammunition dealers, escort services or online gambling...
A subprime credit card issuer will refund $2.7 million to customers and pay a $250,000 fine for charging customers illegal fees, the Consumer Financial Protection Bureau announced on Wednesday (Feb. 4). Get the Full Story Complete the form to unlock this article and enjoy unlimited...
The Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education (USDE) announced Tuesday (Feb. 3) that it will be providing $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans. Get the Full Story Complete the form to unlock...
In an attempt to shore up its emerging brick-and-mortar business, Amazon.com Inc. is in talks about acquiring some RadioShack Corp. locations after the electronics chain files for bankruptcy, two people with knowledge of the matter said according to Bloomberg. Get the Full Story Complete the...
Former Federal Reserve Bank of Atlanta EVP, Rich Oliver, says that NACHA’s recent decision to create a same-day ACH environment will create “a nice bridge to the ultimate nirvana of a real-time retail payments environment.” In a PYMNTS inclusive, Oliver writes that not only is...
Prepaid card giant Green Dot plans to begin offering credit lines to its customers. It’s a move the company has tried before — but the new version likely foreshadows how new regulations will reshape the prepaid card industry, according to American Banker. Get the Full...
In what may be one of a few legal battles regarding financial liabilities of data breaches, the United States District Court ruled that supermarket chain Schnuck Markets is only liable for the first $500,000 in damages resulted from a series of data hacks between 2012...
The Securities and Exchange Commission has charged ex-Capital One analysts Bonan and Nan Huang with insider trading after it was found that they were using the company’s consumer database to predict stock prices from retail sales data, according to a formal litigation release from Jan 22. Get...
Responding to company reports that contactless and digital payments have grown in 2014, especially in Europe, Visa Europe on Jan. 29 formally announced a plan to invest an additional 200 million euro into developing its digital payment technology, which had been suggested as early as...
