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7,640,112 Customers Hit By Massive Bank Breach – Exposing Names, Social Security Numbers, Locations and Bank Account Numbers

A US bank says more than seven million people are affected by a major hack and data breach that’s impacting multiple financial firms and their customers. A new data breach notice at the Office of the Maine Attorney General shows a total…
Bankruptcy News

US Banks Warn Of Disaster And Brace For Higher Delinquencies Despite Rate Cut Expectations

Some of the largest United States banks are bracing themselves for some significant losses coming out of their portfolio of personal loans and credit cards as indicated by their financial reports covering the second quarter of 2024. JPMorgan Chase, one…
Educational News

Debt Collector Taken To Court After Flouting Trade Ban

One of Australia’s largest debt collectors will be taken to court after allegedly operating in Victoria despite being banned for previous illegal conduct. Queensland-based debt collection company Panthera Finance, which operates nationwide, was prohibited from operating in Victoria after it…
Government News

Affirm Says CFPB’s Proposed BNPL Rules Will Confuse Customers

In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations. The popularity of Buy Now, Pay Later exploded at the start of the coronavirus…
Editorial News

Oracle Agrees to $115 Million Settlement in Consumer Privacy Lawsuit

Oracle has agreed to a settlement in a consumer privacy lawsuit that dates back to 2018, offering to pay out $115 million in total for the sale of user data to third parties. The lawsuit alleged that Oracle made $42.5…
Legal News

CFPB Issues Circular, Warning Against Whistleblower Intimidation

On July 24, 2024, the CFPB issued a circular detailing how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. Under Section 1057(a) of the Dodd-Frank Act, covered persons are prohibited from terminating…
Government News

Supervisory Highlights: Servicing and Collection of Consumer Debt, Issue 34 (Summer 2024)

This is the 34th edition of Supervisory Highlights. The findings in this report cover violations of law and consumer harm in the areas of auto and student loan servicing and debt collection, including credit card debt collections. This edition also…
Editorial News

American Debt: Increase for Credit Card Balances in Q1 2024

Consumer debt continues to accelerate at an alarming rate—particularly credit card debt—driven by a culture of consumption. Credit card debt is one of the most worrisome due to the high interest rates charged by credit card companies, which can leave…
Bankruptcy News

Rite Aid bankruptcy plan approved, cutting $2 billion in debt

A U.S. bankruptcy judge on Friday approved Rite Aid’s restructuring plan, allowing the pharmacy chain to cut $2 billion in debt and turn over control of the company to a group of its lenders. U.S. Bankruptcy Judge Michael Kaplan approved Rite…
Legal News

BIS sends government debt warning before important elections

LONDON, June 30 (Reuters) – The Bank for International Settlements warned on Sunday that rising government debt levels amid a number of major elections this year could roil global financial markets. Dubbed the central bankers’ central bank, the BIS said…