Wells Fargo Bank will pay $ 4 million for credit card-related violations uncovered by a New York Department of Financial Services examination of the bank's former affiliate, according to New York officials. Collection & Credit Risk
In the U.S., 1.7% of credit card accounts are more than 30 days past due, which includes people who have let their bills go unpaid for more than 60 and 90 days, according to new data. Collection & Credit Risk
The U.S. credit card industry continues its slow rebound from the financial crisis. In the second quarter, the number of open accounts rose by 24 million from a year earlier, while purchase volumes also increased significantly, according to a new report issued Wednesday by the American Bankers Association. Collection & Credit Risk
The Consumer Financial Protection Bureau is suing a Texas-based company, Union Workers Credit Services, for allegedly deceiving consumers into paying fees to sign up for a sham credit card. Collection & Credit Risk
Today, we’re releasing a report that looks at deals between financial institutions and colleges to market credit cards to students. Congress requires credit card companies to provide data on these agreements to the CFPB each year, and further requires the CFPB to look at these arrangements in an annual report. This year we found that [...]
Today, we’re announcing that, as part of Project Catalyst, we’ll be working with American Express to evaluate practices to promote regular saving habits among prepaid card users. Project Catalyst is our initiative to encourage innovations that make financial products more consumer-friendly. The research will focus on saving behavior among low- and moderate-income prepaid card users [...]
Consumer credit card debt in the United States has been rising in recent years, although as the labor markets improve, defaults on such cards have fallen to multi-decade lows. Collection & Credit Risk
The latest TransUnion Industry Insights Report found that total outstanding credit card balances increased by 4.3% in Q3 2014 from Q3 2013. It signals the second consecutive quarter of significant annual growth and it constitutes the highest growth rate observed since Q4 2008. Collection & Credit Risk
Back in the early 2000s, it was considered risky for credit-card companies to lean heavily on their websites to sign up new customers. The perception was that people who were scouring the Web for credit offers tended to be desperate and unreliable. Collection & Credit Risk
JPMorgan Chase said it's on track to eliminate 3,000 more jobs this year than previously forecast in its mortgage and credit card divisions. Collection & Credit Risk
