New York Attorney General Andrew M. Cuomo has begun a national investigation into the debt settlement industry, which he said preys on consumers with lots of card debt.
Cuomo’s office said Thursday he has subpoenaed 14 companies and a law firm to learn about their fee structures and how many have benefited from their services.Some companies have falsely advertised that they can reduce card debt by as much as 75% through negotiations with creditors, the office said.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
Strong consumer spending and cross-border activity drove an 8% increase in Visa's total payments volume during the first quarter of the year, although Asia's economic recovery is taking longer than expected.
Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.
The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
