Articles

Truist Bank Notifies Clients of Recent Data Breach Affecting Their Financial Account and Loan Information

On June 11, 2024, Truist Bank (“Truist”) filed a notice of data breach with the Attorney General of Massachusetts after discovering that an unauthorized party was able to access the company’s computer network. In this notice, Truist explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, dates of birth, financial account numbers, loan transaction amounts, and loan balances. Upon completing its investigation, Truist began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

New reports show Americans face increased risks of scams

In the wake of surpassing $1 trillion in credit card debt, Americans, particularly millennials and Gen Z, find themselves increasingly vulnerable to financial scams, according to a report released by BadCredit.org. The report revealed a staggering 78% of younger generations have been targeted by debt collection scams. With nearly half (46%) expressing concerns about becoming victims of financial fraud, the threat looms large over these demographics.

Walz holds public signing for Minnesota Debt Fairness Act

A ceremonial signing for the Minnesota Debt Fairness Act was held Monday. Governor Tim Walz was joined by Attorney General Keith Ellison, bill authors Senator Liz Boldon and Representative Liz Reyer, and impacted Minnesotans to celebrate legislation intended to ease the burden of medical debt on Minnesotans.

CFPB Takes Action Against James and Melissa Carnes for Fraudulently Hiding Money to Evade Law Enforcement

Today, the Consumer Financial Protection Bureau (CFPB) filed an order to resolve its lawsuit against James R. Carnes and Melissa C. Carnes for fraudulent transfers to avoid paying restitution and penalties. In April 2023, the CFPB sued James and Melissa Carnes for hiding money, through multiple fraudulent transfers over two years, in an effort to avoid paying more than $40 million owed by James Carnes.

Velera CEO: Credit Unions Need Gen Z Consumers to Gain ‘Velocity’

The average credit union member is 53 years old. Reasonably affluent, well traveled down the journey of life’s financial goals — and well aware of the personalized and community approach of the credit union (CU) itself. But as is the case with any business, credit unions and community banks need to expand their accountholder base and gain ground with younger consumers who either are unaware of their local CUs, or may equate them with relatively staid business models. 

NCUA Releases Q1 2024 State-Level Credit Union Data Report

For federally insured credit unions, assets and shares and deposits declined at the median over the year ending in the first quarter of 2024. At the same time, loans outstanding increased and delinquencies grew at the median, according to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration.

Card processing redundancy – safeguarding your bank’s lending business

While any downtime in card processing is a major stressor, Steve Kramer explains how billers can keep payments providers accountable for creating better processes and workarounds that maximise uptime and reliability during inevitable processor outages

CFPB announces March 30, 2025 compliance date for payday lending rule

In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025.  Because the Rule’s ability to pay requirements were rescinded, the only remaining provisions of the Rule are its “payment provisions.” 

R.I. legislators pass bill to keep medical debt off credit reports

The General Assembly recently passed legislation that would protect Rhode Islanders from credit problems resulting from medical debts. The bills sponsored by Rep. Mary Ann Shallcross Smith, D-Lincoln, and Sen. Melissa A. Murray, D-Woonsocket, would prohibit debt collectors from reporting all medical debt to credit bureaus. It also sets rules for communication with consumers, false and misleading representation by debt collectors, and a ban against collection during insurance appeals.

OCC Announces Enforcement Actions for June 2024

The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified.