Killing the Military’s Consumer Watchdog by E. Tammy Kim

A unit inside the C.F.P.B. protects servicemembers and veterans from financial scams. The Trump Administration has tried to stop it.

Scott grew up in Baltimore, in the nineteen-eighties and nineties, “thinking that the government was an honorable place to work.” His grandfathers were Westinghouse engineers who conducted state-funded research. His parents were public-school music teachers. “Kids used to make fun of me for carrying a violin,” he told me. In college, he joined the R.O.T.C. and later entered the Air Force. He met his wife, a nuclear missileer, at their shared duty station in California. They both left active duty, but he continued to serve in the Air Force Reserve and went on to law school.

In 2013, he got a job as an attorney-investigator at the Consumer Financial Protection Bureau, the federal agency that monitors and investigates banks, payday lenders, debt collectors, and other businesses. 

Read more at The New Yorker

The Untapped Power of Payments Data in Bill Pay

E-commerce giants such as Amazon and Shopify use data to create highly personalized customer experiences. Yet, bill payment remains largely untouched by this transformation, leading to friction, higher costs, and customer frustration. Despite the wealth of payments data available, many organizations fail to leverage it to enhance customer interactions and reduce costs.

This gap presents a major opportunity: by applying data-driven insights, businesses can not only improve the payment experience but also drive efficiency, reduce costs, and boost customer satisfaction.

In a recent PaymentsJournal podcast, PayNearMe’s John Minor, Head of Product and Gustavo Jordao, Product Manager, joined Don Apgar, Director of Merchant Payments at Javelin Strategy & Research, to discuss how payments data can help organizations deliver better payment experiences.

Read more at PAYMENTSJOURNAL.COM

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Mastercard Teams With Jack Henry to Speed Money Transfers

Mastercard has begun offering its money transfer solutions through Jack Henry’s Rapid Transfers service.

The partnership, announced Monday (March 17) is designed to allow for “near-real time” money movement via Mastercard Move.

By “near-real time,” the companies mean that transaction approvals will depend on the payment and receiving financial networks in question, and that actual fund availability will depend on the receiving financial institution.

The partnership comes on the heels of Jack Henry’s digital payment partnership with Moov, focused on banks and credit union services to consumers and small and medium-sized businesses (SMBs).

Read more at PYMNTS.COM

Credit & Debit Card Swipe Fees Reach New Record in 2024

Total fees increased by more than $15 billion from the previous year.

WASHINGTON, D.C. — Credit and debit card swipe fees reached a new high of $187.2 billion in 2024, further driving up prices for consumers, reported the Merchants Payments Coalition (MPC). 

"With no competition to hold them in check, price-fixed swipe fees rise every year and shot up again last year," said Christine Pollack, MPC executive committee member and vice president of government relations at FMI – The Food Industry Association. "As Main Street small businesses and American families continue to face economic uncertainty, the giant card networks and Wall Street banks continue to take more money out of their pockets every day."

Combined swipe fees for credit cards and debit cards rose more than $15 billion from $172 billion in 2023, per the Nilson Report trade publication. This also marked a 70% increase since the pandemic.

Read more at Convenience Store News

NCUA Releases 2024 Annual Report

ALEXANDRIA, Va. (March 18, 2025) – The National Credit Union Administration today released its 2024 Annual Report(Opens new window), highlighting the agency’s activities and accomplishments for the past year.

“In 2024, the Share Insurance Fund and the credit union system remained well-capitalized with sufficient liquidity during the year,” NCUA Chairman Kyle S. Hauptman said. “Looking ahead, the NCUA will continue to work with stakeholders to enhance the credit union system through innovation, transparency, and a regulatory structure that allows credit unions to meet the evolving financial needs of families and businesses across America.”

The 2024 Annual Report documents the NCUA’s performance in meeting its strategic goals and objectives as detailed in its strategic plan(Opens new window), and annual performance plan(Opens new window). The report contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2024. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws.

Read more at NCUA (National Credit Union Administration)

Trump names Bowman as Fed's top bank cop, signaling shift in regulatory stance

President Trump said Monday that Federal Reserve governor Michelle Bowman would be the central bank's new vice chair for supervision, tapping a former Kansas banking commissioner as the Fed’s top banking cop.

Bowman could take oversight of giant US banks in a new direction as the Trump administration makes it clear it wants to lift constraints on lenders and overhaul a regulatory framework put in place following the 2008 financial crisis.

"Our Economy has been mismanaged for the past four years, and it is time for a change," Trump said in a social media post Monday. "Miki has the 'know-how' to get it done. I am confident we will achieve Economic heights never before seen in our Nation’s History."

Read more at YAHOO/FINANCE

18% of millennials, 12% of Gen Z believe they will never own a home

SEATTLE (KOMO) — About one in five millennials believe they'll never own a home, and that number is even bleaker for Gen Z.

According to a new report from Redfin, 18% of millennials and 12% of Gen Zers who replied to the housing survey said they believe they will never own a home. The survey, which was commissioned by the Seattle-based real estate brokerage and conducted byQualtrics in May and June, was "fielded to5,079 U.S. residents who either moved in the last year, plan to move in the next year, or rent their home," according to Redfin.

The No. 1 barrier to homeownership for millennials and Gen Zers is not exactly a surprise: affordability, as home prices are too expensive, per the survey.

Read more at The National News Desk

Balancing Compliance and Convenience: Consumer Finance Trends to Watch:

By Kristen Hoyman

Consumer financing is evolving rapidly, and with it, the expectations around loan payments. Borrowers demand seamless, digital-first experiences, but lenders must also navigate a complex web of regulatory requirements. 

The challenge? Balancing payment compliance with convenience. Striking this balance is critical — lenders that fail to meet compliance standards risk severe penalties, while those that neglect user-friendly payment options may see higher delinquency rates and lower customer satisfaction.

The key to success lies in leveraging technology that streamlines payment compliance while offering a clean payment experience. In this article, we’ll explore the regulatory landscape, the growing demand for convenience and how lenders can integrate both without compromise.

Navigating Compliance Complexities in Consumer Financing

As a lender, compliance is non-negotiable. Regulatory bodies such as the Consumer Financial Protection Bureau (CFPB) and the Payment Card Industry Security Standards Council (PCI SSC) set strict guidelines to protect consumer data, ensure fair lending practices and prevent fraud. Failing to adhere to these regulations can lead to hefty fines, reputational damage and even shutdowns.

Read more at REPAY 

Wyndham Rewards Launches Industry First Debit Card

Cash-savvy travelers now have a new way to earn Wyndham Rewards® points on their everyday spend thanks to the launch of the Wyndham Rewards Debit Card—a first of its kind offering from a major hospitality brand in the U.S. 

Designed for younger travelers as well as those who prefer a debt-free lifestyle, the Wyndham Rewards Debit Card makes it easy to earn Wyndham Rewards points on day-to-day transactions, from gas and groceries, to dining, retail and more. Points can be redeemed for a wide-range of rewards—including free nights at more than 60,000 hotels, vacation club resorts and vacation rentals globally—while other cardholder perks include complimentary Wyndham Rewards Gold level membership, hotel booking discounts, a rich annual point bonus and more.

Charmaine Taylor, SVP, Strategic and Financial Partnership, Wyndham Hotels & Resorts: “Research continues to show a large number of travelers, particularly younger consumers such as Gen Z, prefer debit cards as their primary method of payment. Unfortunately, that means many have been left on the sidelines when it comes to earning free hotel nights and other travel rewards. With the Wyndham Rewards Debit Card, that’s no longer the case. Now anyone and everyone can earn points on their day-to-day purchases and in turn, enjoy meaningful rewards.”

Read more at Fintech Finance

TENNESSEE: Bill to allow 36% borrowing rate at Tennessee money lending places at Governor's desk

NASHVILLE, Tenn. (WTVF) — A bill allowing interest rates to increase to 36% at certain money lending places is now headed to Tennessee Gov. Bill Lee's desk.

HB775/SB694 would allow for any amount of $100 or more to have an effective borrow rate at 36%, according to the bill. Rep. Dennis Powers, R-Jacksboro, and Sen. Majority Leader Jack Johnson, R-Franklin, are sponsoring the bill.

The bill passed in the Senate along party lines, but in the House a few Republicans voted against the measure. The vote in the House was 61-26-8.

Pay day lending companies' political action committees in Tennessee donate heavily to lawmakers.

Read more at NEWSCHANNEL5

Fired federal workers lose student loan forgiveness

At the beginning of February, Daniel Leckie, 36, was living his best life.

He was a new dad, a new homeowner and had his dream job as a historic preservation specialist for the General Services Administration.

He was even a few payments away from having $80,000 in student loans forgiven after a decade of working as a public servant.

Then came the email. It said that Leckie would be among the thousands of trial and probationary staff across the federal government to be fired. He was just days away from being off probation and months away from loan forgiveness.

“I was so close,” Leckie said. “My performance review was great and yet I was crumpled up and thrown out like a piece of trash.”

Read more at The Detroit News

Cashless Countries Rethink Switch Amid New Cyberthreats

Two of the planet’s most cashless societies are now reexamining their move from paper money.

As The Guardian reported Sunday (March 16), Sweden and Norway have the lowest amount of cash in circulation — in terms of percentage of gross domestic product (GDP) — out of any country in the world. 

For example, just 10% of purchases in Sweden are made with cash, with alternative methods like the mobile payments system Swish growing in popularity.

But now, amid uncertainty in the U.S. and fear of Russian cyberattacks, authorities in those countries are encouraging their citizens to hold onto cash.

Norway, the report said, has floated legislation that says retailers can be fined for not accepting cash, while also recommending that citizens keep some cash on hand, arguing that digital payment solutions are vulnerable to cyberattacks.

Read more at PYMNTS.COM

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How Fintech Solutions Can Boost Financial Inclusion

In an increasingly digital world, financial technology, or fintech, has emerged as a transformative force in the financial sector. With its innovative solutions, fintech is bridging the gap for millions of unbanked and underbanked individuals, promoting financial inclusion globally. This article explores how fintech solutions can enhance financial inclusion and the various ways they are making a difference. 

Understanding Financial Inclusion 

Financial inclusion refers to the accessibility of financial services to individuals and businesses, particularly those who are underserved or excluded from the traditional banking system. It encompasses access to essential services such as savings accounts, loans, insurance, and payment systems. Despite the progress made in recent years, billions of people still lack access to basic financial services, primarily due to geographical, economic, and social barriers.

Read more at CXOTODAY.COM

Square Financial Services Obtains FDIC Approval to Offer Consumer Loan Product Cash App Borrow

Block, Inc. (NYSE: XYZ) announced its industrial bank, Square Financial Services, Inc. (SFS), has received approval from the Federal Deposit Insurance Corporation (FDIC) to begin offering the consumer loan product Cash App Borrow.

SFS is an independently governed subsidiary of Block, Inc., headquartered in Salt Lake City, Utah.

The expansion of Square Financial Services, Inc. to offer consumer loans to Cash App customers will “continue to drive economic empowerment to consumers.”

Cash App Borrow is designed to provide short-term cash flow in “a simple and accessible way when alternatives are notoriously expensive and difficult for consumers to navigate.”

Read more at CROWDFUNDINSIDER.COM