An investigation by New York Attorney General Letitia James found that more than 1.1 million online accounts were compromised in cyberattacks at 17 well-known companies.© Shutterstock This was done through a practice that hackers use called credential stuffing. Credential stuffing involves attempts to log in to online accounts using usernames and passwords stolen from other, […]

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A recently released Consumer Financial Protection Bureau (CFPB) report explores how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses.© Shutterstock The CFPB indicated that the annual report of credit and consumer reporting complaints also showed less consumer relief. Last year, the consumer reporting companies Equifax, Experian, and TransUnion […]

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The Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization, set new annual cleared contract volume records. © Shutterstock In 2021, OCC cleared 9.93 billion total contracts — options and futures — and 9.87 billion options contracts. This breaks the previous records of 7.52 billion total contracts and 7.47 billion options contracts set […]

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A recently released National Association of Federally-Insured Credit Unions report examining third quarter consumer lending and loan growth determined expansion remained elevated during the period.© Shutterstock NAFCU officials said its CU Industry Trends analysis showed stronger third quarter consumer lending yielded improved overall loan growth. “Industry performance was solid in the third quarter,” NAFCU Chief […]

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Senate Finance Committee officials said the panel would conduct a hearing this month regarding youth mental health, with Surgeon General Dr. Vivek Murthy expected to provide testimony.© Shutterstock Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) detailed how the Jan. 26 hearing would focus on domestic children and teen-centric mental […]

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Federal Deposit Insurance Corporation (FDIC) Chair Jelena McWilliams has announced her resignation, effective Feb. 4.Jelena McWilliams The Consumer Bankers Association issued a statement on McWilliams’ resignation. “As the head of the FDIC, Chairman McWilliams has served her nation and the banking industry with honor and distinction. Throughout this pandemic, she has worked tirelessly to ensure […]

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The Federal Housing Finance Agency (FHFA) House Price Index (HPI) determined house prices increased nationwide in October, reflecting a rise of 1.1 percent from September.© Shutterstock “House price levels continue to rise, but the rapid pace is curtailing through October,” Will Doerner, supervisory economist in FHFA’s Division of Research and Statistics, said. “The large market […]

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The Consumer Bankers Association (CBA) reflected on 2021, highlighting some of the changes and successes from last year. © Shutterstock “In spite of continued challenges, CBA over the last year was proud to deliver on behalf of our membership, whose unyielding commitment to the communities they serve has helped fuel America’s recovery, drive our nation’s […]

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The Federal Reserve has updated its Federal Reserve Payments Study (FRPS) to include a recent surge in remote and contactless payments. © Shutterstock Specifically, changes in card payments and increased adoption of innovative payment methods following the emergence of COVID-19 were added to the study. For example, due to the pandemic, 2020 saw an unprecedented […]

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The National Association of Insurance Commissioners (NAIC) released a report this week on profitability in the property and casualty insurance industry, which found that total premiums earned increased in 2020. © Shutterstock NAIC’s Report on Profitability By Line By State in 2020 analyzes property/casualty insurance by state and line of insurance. It is designed to […]

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