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Fed: Household Debt Nears $18 Trillion as Delinquencies Pressure Consumers
Fed: Household Debt Nears $18 Trillion as Delinquencies Pressure Consumers
November 13, 2024  |  Economy

New government data shows American consumer debt continuing to grow. The Federal Reserve Bank of New York’s Center for Microeconomic Data released its Quarterly Report on...

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CFPB: 63% of Student Loan Borrowers Have Difficulty Making Payments
CFPB: 63% of Student Loan Borrowers Have Difficulty Making Payments
November 13, 2024  |  Debt

Most student loan borrowers have had difficulty making their loan payments, but many don’t know they could choose a different repayment plan that could help...

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FCA Gives Auto Lenders More Time to Manage Customer Complaints
FCA Gives Auto Lenders More Time to Manage Customer Complaints
November 13, 2024  |  Regulation

The U.K.’s financial watchdog is giving auto financing companies more time to deal with customer complaints. The Financial Conduct Authority (FCA) announced this decision Wednesday (Nov. 13) in the...

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Banks Target Account Opening Tech to Avoid Deposit Drift’s ‘Death by 1,000 Cuts’
Banks Target Account Opening Tech to Avoid Deposit Drift’s ‘Death by 1,000 Cuts’
November 13, 2024  |  Digital Banking

The average consumer has 5.3 bank accounts. Now that the Consumer Financial Protection Bureau has issued a final rule on data sharing, the age of...

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Fed Says Consumer Credit Decelerated in September; Card APRs Still at Multiyear Highs
Fed Says Consumer Credit Decelerated in September; Card APRs Still at Multiyear Highs
November 08, 2024  |  Consumer Finance

All eyes were on the Federal Reserve’s interest rate cut this week. As widely expected, the central bank delivered a 0.25% trimming to the federal...

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CFPB: Navy Federal CU Fined $95 Million for Alleged Illegal Overdraft Fees
CFPB: Navy Federal CU Fined $95 Million for Alleged Illegal Overdraft Fees
November 07, 2024  |  Bank Regulation

The government has ordered America’s largest credit union to repay its customers $80 million. Navy Federal Credit Union was issued that order Thursday (Nov. 7)...

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Lend, Don’t Break: How Mid-Size Banks Can Overcome Digital Lending Growing Pains
Lend, Don’t Break: How Mid-Size Banks Can Overcome Digital Lending Growing Pains
November 07, 2024  |  Digital-First Banking

Throughout their history, mid-sized banks have served as a lifeline for local businesses across America. These financial institutions (FIs) — including community banks, regional banks,...

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Sunbit Gets $355 Million to Grow BNPL Business
Sunbit Gets $355 Million to Grow BNPL Business
November 07, 2024  |  BNPL

Buy now, pay later (BNPL) firm Sunbit has received a $355 million debt warehouse facility. The new financing, announced Monday (Nov. 4), was led by...

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MoneyLion’s Customer Growth Surges 54% on Ecosystem Upgrades
MoneyLion’s Customer Growth Surges 54% on Ecosystem Upgrades
November 07, 2024  |  Earnings

MoneyLion’s third-quarter results showed double-digit growth in customers and revenues as individuals gravitated to what the FinTech’s management termed the company’s “digital ecosystem” for personal...

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