Credit Card Defaults Surge to 14-Year High – PYMNTS.com
Credit card defaults are at their highest level since 2010 as consumers feel increasingly stretched. As the Financial Times (FT) reported On Sunday (Dec. 29), card lenders wrote off $46 billion in seriously delinquent loans in the first nine months of this year, a 50% increase compared to 2023. This level is the highest in […]
New Data Shows Consumers Take Strategic Approach to Credit Usage – PYMNTS.com
Credit plays a central role in today's consumers' spending habits and financial lifestyles. Consumers are increasingly using multiple credit products strategically to maintain financial flexibility and maximize benefits. Credit cards remain the most widely used, with 68% of consumers having an active account. In addition to mortgages and other major products, high-income consumers are leading […]
HomeStreet to Sell $990 Million in Loans to Bank of America – PYMNTS.com
The parent company is based in Seattle. home street bank agreed to sell $990 million in multifamily commercial real estate loans to bank of america. The price, including the withheld payments, is 92% of the principal balance of the loan, and the loan sale is expected to close by Tuesday (December 31). home street He […]
Nubank Helps Digital Lender Tyme Reach $1.5 Billion Valuation – PYMNTS.com
Digital bank based in South Africa time Achieved unicorn status with the help of FinTech colleagues Nubank. company announced On Tuesday (December 17), the company announced that it had raised $250 million in a Series D funding round, valuing it at $1.5 billion. Tyme's investors include Nubank, a Brazil-based digital lender with 110 million members. […]
Report: HSBC to Scale Back Retail Banking in Mexico, Malaysia and Indonesia – PYMNTS.com
HSBC It is reported that the bank is considering downsizing its retail banking operations in Mexico, Malaysia and Indonesia. and some other countries. The bank is considering focusing only on wealthy customers in these markets to cut costs and focus on its core markets. it is UK and Hong Kong, Financial Times (FT) reported Thursday […]
Trade Associations Sue to Block CFPB Overdraft Rule – PYMNTS.com
Pursued by four industry groups and three banks legal action against Consumer Financial Protection BureauThe (CFPB) final rules regarding overdraft services were released on Thursday (December 12). In the lawsuit, the organizations claim that the CFPB exceeded its regulatory authority with the new regulations and failed to properly consider how its actions would harm consumers. […]
Court Ruling Will Reignite Debate Over Credit Card Late Fees – PYMNTS.com
Late last week, a federal judge upheld an order blocking the cap on credit card late fees. As reported by PYMNTS. but The debate over fees – their usefulness, whether they should exist or not. At all —It's not over yet. But for now, the Consumer Financial Protection Bureau's (CFPB) move to limit these fees […]
Intuit Debuts Tax Platform Tools for Consumers and Small Businesses – PYMNTS.com
intuition has rolled out a new tax platform product for individual and small business filers. Companies that provide services such as turbo tax, credit karma and quickbooks announced the new tool on Thursday (Dec. 5), saying it's part of an effort to help taxpayers outside of tax season. “Getting your tax refund is a pivotal […]
Wells Fargo Selling San Francisco HQ in Eastward Expansion – PYMNTS.com
wells fargo The company is reportedly selling its San Francisco headquarters as its leadership heads east. The banking giant's offices in San Francisco's financial district could be put up for sale as soon as this month, according to the Wall Street Journal. reported Wednesday (December 3), citing a person familiar with the matter. The bank […]
Mastercard and Consumer Advocate Agree to Settle British Swipe Fee Lawsuit – PYMNTS.com
master card Consumer advocates have also reportedly reached an agreement in principle to resolve a long-running UK lawsuit over card fees. with the company walter merricks They announced that they had agreed to settle the case at a hearing in a British court on Tuesday (December 3). Competition Appeal Court (CAT), Reuters reported Tuesday. The […]