Credit and Collection News

July 22, 2024

Debt Collector FBCS Ups Cyber Incident Victim Count To Over 4.1 Million Individuals

US debt collection agency Financial Business and Consumer Solutions said it experienced a significant data security incident that compromised the sensitive personal information of more than 4.1 million customers. In a filing with the Office of the Maine Attorney General, ...

This graphic is a map of the United States, with the state abbreviation and the amount of money returned to consumers in that state from the CFPB’s victims relief fund as a result of the CFPB’s action against Brightspeed. The total distribution is $53,335,244.07 to 122,507 consumers. Below is a list of locations and the amount of money consumers received. Active-duty military living in Europe, Middle East, and Canada $1,408.49. Alaska $112,205.82. Alabama $682,495.82. Active-duty military living in Pacific $1,267.96. Arkansas $498,343.89. Arizona $1,299,329.47. California $5,173,209.06. Colorado $1,080,727.10. Connecticut $705,803.42. The District of Columbia $100,971.62. Delaware $215,291.40. Florida $3,702,012.03. Georgia $1,371,987.96. Guam $1,349.97. Hawaii $276,736.58. Iowa $263,674.22. Idaho $312,914.43. Illinois $2,091,312.20. Indiana $1,164,902.85. Kansas $551,487.90. Kentucky $631,193.92. Louisiana $651,062.69. Massachusetts $15,214,657.73. Maryland $1,189,837.15. Maine $276,585.27. Michigan $1,726,362.41. Minnesota $1,234,869.96. Missouri $1,066,298.81. Mississippi $355,781.14. Montana $296,561.99. North Carolina $1,618,973.78. North Dakota $187,817.21. Nebraska $462,200.51. New Hampshire $314,334.29. New Jersey $1,594,600.88. New Mexico $389,138.74. Nevada $503,406.16. New York $3,208,869.53. Ohio $2,112,952.02. Oklahoma $516,790.84. Oregon $802,188.94. Pennsylvania $2,594,728.87. Puerto Rico $10,351.44. Rhode Island $198,695.85. South Carolina $888,805.25. South Dakota $190,408.15. Tennessee $988,310.97. Texas $3,696,481.39. Utah $445,935.54. Virginia $1,420,509.29. Vermont $131,124.36. Washington $1,476,470.63. Wisconsin $1,271,500.12. West Virginia $366,639.03. Wyoming $199,591.86.

July 23, 2024

CFPB To Distribute More Than $53 Million To Consumers Harmed By BrightSpeed Solutions

In July, 122,507 consumers harmed by BrightSpeed Solutions and its founder, Kevin Howard, will begin receiving refund checks in the mail. The CFPB brought a lawsuit against the privately-owned, third-party payment processor and its founder, Kevin Howard, for knowingly facilitating ...

Ebay sign outside building at nighttime.

July 24, 2024

eBay Breaks up With AmEx Over ‘Unacceptably High Fees’

GETTY IMAGES Since eBay and American Express are calling it quits, explore alternative cards that offer good rewards for eBay purchases. Key Takeaways Citing high merchant fees, eBay says it will no longer accept American Express starting Aug. 17. Customers ...

July 24, 2024

First Harvest Credit Union donates $2,000 to Veterans Memorial Home and more than 150 essential items to animal shelter

First Harvest Credit Union donates $2,000 to Veterans Memorial Home and more than 150 essential items to animal shelter Donations collected by charitable journey for the new jersey Veterans Memorial Home at Vineland; employee-led donation drive benefits Gloucester County Animal ...

July 23, 2024

US Senate bill aims to curb Texas two-step bankruptcies

July 23 (Reuters) - U.S. Senators introduced a bipartisan bill on Tuesday that would deter so-called Texas two-step bankruptcies, saying that wealthy companies should not be able to stop lawsuits by dumping their liabilities into a bankrupt shell company. Senators ...

July 24, 2024

Judge Pittman (N.D. Texas) questions whether Fort Worth Chamber of Commerce has standing to pursue claims seeking to invalidate the CFPB’s credit card late fee rule – Consumer Finance Monitor

We recently reported that on July 18 the CFPB, upon remand from the Fifth Circuit, re-filed its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary injunction, and brief ...

July 25, 2024

Oracle Agrees to $115 Million Settlement in Consumer Privacy Lawsuit

Oracle has agreed to a settlement in a consumer privacy lawsuit that dates back to 2018, offering to pay out $115 million in total for the sale of user data to third parties. The lawsuit alleged that Oracle made $42.5 ...

July 22, 2024

Harvard Federal Credit Union Live With Scienaptic’s Fair & Compliant AI-driven Credit Underwriting Platform

Instant approvals increased by 80%+ for credit cards, 50%+ for unsecured loans, and went up from 0 to 30%+ for vehicle loans NEW YORK, July 22, 2024--(BUSINESS WIRE)--Leading global AI-powered credit underwriting platform provider Scienaptic AI announced today that Harvard ...

July 25, 2024

Revolut finally receives UK banking licence after three-year wait

Move paves way for fintech firm to hold customers’ deposits and offer own-branded loans, including mortgages Kalyeena MakortoffBanking correspondent Thu 25 Jul 2024 11.30 EDT Share Revolut has secured a UK banking licence – with “restrictions” – more than three ...

July 23, 2024

Banks Are Bracing For Consumers To Stop Paying Off Their Credit Cards

Provisions for credit losses rose at JPMorgan, Citi, Wells Fargo, and Bank of America last quarter By Rocio Fabbro PublishedYesterday : People walk past a Citibank in New York City on Oct.14, 2022. Photo: Michael M. Santiago (Getty Images) With ...