Buy now, pay later (BNPL) has emerged as a compelling payment option, particularly among millennials. This shift presents an opportunity for subscription merchants to enhance their offerings, potentially increasing revenue and creating long-term customer loyalty.
If you have federal student loans, two important benefits are ending today: the student loan repayment "on-ramp" and the Fresh Start program. From March 2020 through October 2023, federal student loan payments were paused in response to the pandemic. Over the past year, borrowers received additional benefits meant to ease the transition back into active student loan repayment.
On September 24, California Governor Gavin Newsom signed into law a package of consumer protection laws, with three bills aimed directly at collection practices. These new laws introduce significant changes in the areas of commercial debt collection practices, medical debt reporting, and civil actions for money judgments.
On July 25, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a “Joint Statement on Banks’ Arrangements with Third Parties to Deliver Bank Deposit Products and Services” to “note potential risks related to arrangements between banks and third parties to deliver bank deposit products and services to end users”. On the same day, the agencies issued a “Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses” (the RFI).
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in August 2024. There is one administrative hearing scheduled for October 2024.
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