BankNews April 2015

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Company links rise in income to growth in St. Louis

Inflation’s links to globalization examined in new Dallas Fed Publication

New report links high credit card debt to medical expenses

Millennials’ ‘Wing It’ Approach to Bill Payment Offers Opportunities to Bill Providers

July 27 – A survey conducted by Inlet, a new technology platform that enables companies to securely deliver digital documents across multiple online consumer destinations, found that many millennials aren’t looking at their bills before they pay them, and the majority don’t have an organized system to pay their bills, creating an opportunity for bill providers to engage this coveted age group early in their adult lives. Continue reading “Millennials’ ‘Wing It’ Approach to Bill Payment Offers Opportunities to Bill Providers” »

Banking as a Force for Good to Promote Positive Social Change

July 20 – From the far West to the North and the South, a growing number of regulated state and national banks are using banking as a way to promote positive social change.

Continue reading “Banking as a Force for Good to Promote Positive Social Change” »

Bank Account Complaints Spike in CFPB Report

July 16 – The Consumer Financial Protection Bureau has launched the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the bureau. The monthly report includes complaint data on company performance, complaint volume, state and local information and product trends. Continue reading “Bank Account Complaints Spike in CFPB Report” »

CFPB Report Details ‘Runarounds and Illegal Dual-tracking’ by Mortgage Servicers

June 24 – The Consumer Financial Protection Bureau released its latest supervision report outlining the illegal practices uncovered by the bureau’s examiners in the first four months of 2015. The bureau found problems with dual-tracking at mortgage servicers that could mislead consumers to believe their trial modifications were canceled. The bureau also found a lack of quality control measures in place at consumer reporting agencies.

Continue reading “CFPB Report Details ‘Runarounds and Illegal Dual-tracking’ by Mortgage Servicers” »

Mitek to Acquire IDchecker

May 28 – Mitek announced that it has entered into a definitive agreement to acquire IDchecker, a global provider of cloud-based identity document verification and facial recognition solutions, for an aggregate purchase price of up to $10.6 million.  Continue reading “Mitek to Acquire IDchecker” »

CFPB Takes Action Against PayPal Credit

May 19 – The Consumer Financial Protection Bureau has filed a complaint and proposed consent order in federal court against PayPal Inc. for illegally signing up consumers for its online credit product, PayPal Credit, formerly known as Bill Me Later. Continue reading “CFPB Takes Action Against PayPal Credit” »

CFPB Launches Inquiry Into Student Loan Servicing

May 14 – The Consumer Financial Protection Bureau  is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. The issues that the Bureau is seeking information on include: industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service. The CFPB is also re-launching an enhanced version of its Repay Student Debt online tool to help borrowers figure out their options for affordable repayment.  Continue reading “CFPB Launches Inquiry Into Student Loan Servicing” »

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