The Federal Trade Commission is sending payments totaling nearly $500,000 to consumers who were harmed by home security company Vivint Smart Homes, Inc., which allegedly misused credit reports to help unqualified customers get financing for the company’s products and services.
Yesterday, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement to provide covered financial institutions with strategies and examples of effective risk management and other practices to identify, prevent, and respond to elder financial exploitation.
According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $41 billion, or 2.6 percent, over the year ending in the third quarter of 2024, to $1.63 trillion. Total assets rose by $82 billion, or 3.7 percent, to $2.31 trillion during the same period.
Credit card fraud is a rising concern for American consumers, with nearly 1 in 3 reporting fraudulent charges in the past year. As incidents of fraud increase, so does consumer anxiety, with 37% of individuals expressing heightened worry. A PYMNTS Intelligence report, “Credit Card Fears Can Drive Consumers to Switch Banks,” in collaboration with i2c, reveals insights about how fraud affects consumer behavior, their expectations of banks, and how financial institutions must act to retain customer trust.
On November 27, 2024, LA Financial Federal Credit Union (“LA Financial”) filed a notice of data breach with the Attorney General of California after discovering that an employee’s email account was subject to unauthorized access. In this notice, LA Financial explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information. Upon completing its investigation, LA Financial began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.
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