The National Credit Union Administration released today its annual Cybersecurity and Credit Union System Resilience Report. The report summarizes the current cybersecurity threat landscape, highlights the agency’s key cybersecurity initiatives, and outlines the agency’s ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry.
The European Union (EU) is leading the global charge with AI regulations. U.S. companies are not beyond their regulatory reach, however, and should be preparing their AI risk mitigation efforts accordingly.
A District Court judge in Missouri has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that the plaintiff lacked standing and that the defendant did not violate the FDCPA. The case revolved around disputes and cease communication requests and the plaintiff’s claim that the cost of a postage stamp was enough to confer standing to pursue this lawsuit.
When Walmart made a push into credit cards in 2018, it turned to one of the largest banks in America, Capitol One. The two giants signed an exclusive long-term deal that promised to help Walmart offer its clients the latest in digital credit card products, while Capital One was basically given the keys to Walmart’s kingdom: access to a retail market larger than some nations' GDPs without any of that pesky competition.
If you have listened to collectors working on auto deficiency accounts, you will see that it is very challenging to encourage customers to pay. Part of the problem is that collectors often struggle to understand the loan process for charged-off or repossessed auto loans. The typical response is that it’s not about the vehicle; it’s about the loan taken from the finance company. This often ends the discussion about why the loan needs to be paid. Now, we have more proof that auto deficiency balances often start as potentially higher-risk loans. The CFPB has shared information highlighting that many auto loans include elements that create difficult situations for both the customer and the collector.
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