Successful digital transactions are an essential part of business. However, that doesn’t mean that all digital payment solutions used to ensure those transactions go through are created equal. “All payment networks sit on a ton of payments data,” Tine Fincioen, executive vice president for digital transformation at Mastercard, told PYMNTS, “but where we differentiate is how we use our data analytics to identify optimization opportunities.”
Data broker National Public Data has filed for bankruptcy, claiming it cannot sustain the mounting financial and reputational damage associated with a major data breach it suffered in December 2023.
As we have previously reported, there are several CFPB enforcement lawsuits pending in which the defendants have filed motions to dismiss based in whole or in part on the argument that subsequent to September 2022, all funding received by the CFPB from the Federal Reserve Board has been unlawfully received. That is a result of the fact that the Federal Reserve System began then to incur substantial losses after September 2022 which continue to this day with no profits being foreseen in the near future.
On October 21, Minnesota Attorney General Keith Ellison announced a settlement with two debt settlement companies, Financial Solutions Group and Accelerated Debt Settlement.
On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access rights to the data their financial institutions hold. Although there are some differences, the Final Rule largely tracks the Proposed Rule announced by the CFPB last year on October 19, 2023, with the largest concession coming in the form of the extended effective date.