Credit and Collection News

July 23, 2024

Why the FTC Is Eyeing ‘Surveillance Pricing’ at Companies Like Mastercard, JPMorgan Chase, and McKinsey

The Federal Trade Commission is investigating if major companies are enabling a sinister-sounding practice known as surveillance pricing. The FTC has asked Mastercard, Revionics, Bloomreach, JPMorgan Chase, Task Software, PROS, Accenture, and McKinsey to provide information about products and services ...

July 23, 2024

Capital One customers sue to block $35 billion Discover merger

July 23 (Reuters) - Banking giant Capital One and credit card issuer Discover Financial (DFS.N), opens new tab have been hit with a lawsuit claiming their proposed $35 billion merger would reduce competition, drive up prices and should be stopped ...

July 25, 2024

Capital One celebrates National Hire a Veteran Day

RICHMOND, Va. -- July 25 is National Hire a Veteran Day. Every year, approximately 200,000 men and women leave U.S. military service and return to life as civilians. Traditional ways of hiring, including putting an emphasis on college degrees and ...

July 25, 2024

CFPB circular focuses on whistleblowing guidelines for financial institutions

The Consumer Financial Protection Bureau (CFPB) is blowing a whistle, so to speak, about whistleblowing. On Wednesday, the bureau issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to ...

July 25, 2024

FTC targets Mastercard in major investigation into AI-based surveillance pricing

WTF?! In a groundbreaking move, the Federal Trade Commission has launched an investigation into Mastercard's use of artificial intelligence (AI) for surveillance pricing--a practice that uses consumer data to manipulate individual pricing. The FTC's action comes in response to growing ...

July 25, 2024

eBay to stop accepting American Express

eBay has decided to drop American Express (Amex) cards as a payment method, starting 17 August 2024. Users will still be able to use their Amex on eBay by going through PayPal – but with large purchases, they may lose ...

July 23, 2024

Microfinance credit continues to expand/ Increase by almost 15% at the end of the first quarter

According to data from the Bank of Albania, the loan portfolio of non-bank financial institutions at the end of March 2024 reached ALL 57.6 billion or almost EUR 560 million. The loan portfolio granted by these institutions has increased by ...

July 20, 2024

American Express Raises Full-Year Earnings Per Share Guidance

In This Article: AXP-2.74% Q2 EPS Increased 44% to $4.15, or 21% to $3.49 Excluding a Transaction Gain1 Revenue Grew 8% (9% FX-Adjusted2) to Record $16.3 Billion NEW YORK, July 19, 2024--(BUSINESS WIRE)--American Express Company (NYSE: AXP) today reported second-quarter ...

July 23, 2024

Visa’s profit climbs 9% on growth in consumer card spending

(Bloomberg) -- Visa Inc. slipped in late trading Tuesday after reporting quarterly revenue that just missed Wall Street estimates — a rarity for the world’s biggest payments network. Shares of San Francisco-based Visa declined 3% to US$256.85 at 5:04 p.m ...

July 23, 2024

FTC launches probe into how companies use data to tailor what each customer pays

The Federal Trade Commission (FTC) announced Tuesday that it has launched an inquiry into how companies surveil consumers to set individualized pricing for the same products and services based on private data from their financial profiles. The profiles are built ...