The California Department of Financial Protection and Innovation (DFPI) announced today it has entered into a consent order as part of a combined $63 million penalty against La Jolla-based Silvergate Bank, its holding company (collectively Silvergate), and certain executives. The DFPI investigation found deficiencies in Silvergate’s internal transaction monitoring.
With buy now, pay later (BNPL) plans becoming increasingly accepted across merchant sectors, retailers are proving to be the payment method’s biggest champion. A PYMNTS Intelligence report, “Merchants’ Evolving Perspective on the Value of Card-Linked Pay Later Plans,” created in collaboration with Splitit, drew from a survey of 100 merchants with expertise and leadership responsibilities in accounts receivable (AR), consumer billing and collections, and finance or financial operations. The report explored these merchants’ interest in offering various installment plans.
Federal and state regulators demand that banks collect, store and use consumer data responsibly — forcing bank marketers to adapt their processes, increasing transparency in how data is used and being more deliberate in obtaining consumer consent.
Artificial intelligence (AI) may cut costs, but financial services companies have reportedly been slow to embrace it. That’s according to a report Sunday (June 30) by the Financial Times (FT), which said that regulatory concerns and worries about job losses have kept banks from adopting AI products. “The big banks will definitely not adopt [the technology] as quickly as any of the FinTech,” said Tom Blomfield, co-founder of neobank Monzo and group partner at Silicon Valley startup incubator Y Combinator.
The Fourth Circuit, both at the appellate and district court levels, packed several punches in June. At the district court level, a Maryland federal court authored a decision concluding that under the facts at issue, a defendant had not obtained prior express written consent by phone to make certain telemarketing calls. Later in the month, the US Court of Appeals for the Fourth Circuit issued an opinion providing further guidance as to what qualifies as a fax advertisement under the TCPA.
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