Credit and Collection News

January 20, 2025

VeriPark and Canadian credit unions team up on digital banking

VeriPark, an omnichannel customer experience solutions provider, has collaborated with a coalition of Canadian credit unions and financial institutions to launch a digital banking solution specifically designed for the Canadian market. This coalition comprises First West Credit Union, Prospera Credit ...

January 23, 2025

HSBC’s payments app closure puts around 400 jobs at risk

HSBC is shutting down its international payments app Zing, which may lead to approximately 400 job losses, as part of CEO Georges Elhedery's cost-cutting measures. Launched a year ago, Zing aimed to compete with fintech rivals but has now been ...

January 21, 2025

FTC Issues Over $5 Million In Refunds To Victims Of Credit Repair Scheme

The Federal Trade Commission will issue over $5 million in refunds to 7,687 victims of the credit card debt relief scheme ACRO Services, the organization announced Tuesday. ACRO Services — which also operated under the names American Consumer Rights Organization, ...

Brian Moynihan, chief executive officer of Bank of America Corp., during a Bloomberg Television interview at the World Economic Forum (WEF)

January 22, 2025

Brian Moynihan says big banks like BofA may have to adopt crypto payments

Brian Moynihan, CEO of Bank of America, can see how regulation might lead to crypto’s mainstream adoption. Bank of America CEO Brian Moynihan says cryptocurrencies could be adopted into the mainstream, with wealth advisor Christopher McMahon adding such signals may ...

More Americans are increasingly financially stressed and taking on debt that they cannot pay off.

January 23, 2025

U.S. Credit Card Defaults Soar; Total Debt Hits 12-Year High

More Americans are increasingly financially stressed and taking on debt that they cannot pay off. The stock market may be hitting record highs, but not all is well for the U.S. consumer. In fact, more Americans are increasingly financially stressed ...

January 23, 2025

Credit union with thousands of customers collapses into administration – what it means for you

The London Community Credit Union (LCCU) had 17,000 customers when it went bust - if you have money saved with LCCU, then we explain the next steps you need to take A credit union with thousands of customers has collapsed ...

January 21, 2025

Hauptman Named NCUA Board Chair, CU Industry Wants to ‘Reexamine’ Regulations

NCUA Boardroom. Credit/NCUA Hours after being sworn in for a second term, President Donald Trump named 15 new chairs and acting chairs for numerous federal agencies. Included in his list was Kyle Hauptman to take over the NCUA Board from ...

January 20, 2025

TransUnion expands LatAm footprint with $560m deal for majority stake in Trans Union de México

TransUnion has agreed to acquire a majority share in Trans Union de Mexico, the consumer credit arm of Mexican credit bureau Buró de Crédito, for approximately $560 million (MXN 11.5 billion). TransUnion buys majority stage in Trans Union de Mexico ...

U.S. President Donald Trump delivering a remote special address at the 55th annual World Economic Forum meeting in Davos, Switzerland, January 23, 2025.

January 23, 2025

Trump wants interest rates to ‘drop immediately’ — after mortgage and credit card hike under Biden

WASHINGTON — President Trump told the world’s financial elite Thursday that America is “open for business” — saying he will demand that interest rates “drop immediately” while lowering energy costs and slashing corporate taxes and regulations. Trump, 78, said he’s also ...

January 22, 2025

Self Financial Launches Self Visa® Credit Card that Features One of the Lowest Security Deposits in the U.S.

With no credit check, consumers with low or no credit can qualify for a secured credit card with $100 deposit AUSTIN, Texas, Jan. 22, 2025 /PRNewswire/ -- Today credit-building platform Self Financial announced it has launched a secured card that requires ...