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AI OASIS®
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FTC amends complaint against Dave
The Federal Trade Commission has reported it has referred its federal court case against online cash advance firm Dave Inc. to the U.S. Department of Justice (DOJ), which has filed an amended complaint in the case that names Dave CEO Jason Wilk as a defendant and seeks civil penalties.
The FTC first brought its case against Dave in November 2024, charging that the company uses misleading marketing to deceive consumers about the amount of its cash advances, charges consumers undisclosed fees, and charges so-called "tips" to consumers without their consent.
For more on this story, click HERE.
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Exception Cost Calculator (Free Spreadsheet)
How Much Does Exception Tracking Cost Your Bank?
Download the free spreadsheet, enter the number of hours for each task, and see the results. Estimate your annual exception tracking cost.
— Alogent
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CFPB calls for credit card price and availability data
The Consumer Financial Protection Bureau yesterday published a notice to advise credit card issuers that they may voluntarily submit credit card price and availability data through the CFPB's Terms of Credit Card Plans (TCCP) Survey.
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IN THE NEWS
Alogent's recently published article discusses electronic lockboxes and explores benefits of comprehensive lockboxes that also include wholesale and retail.
Learn about electronic lockboxes.
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Happy New Year!
It is time, once again, to move on to another calendar year, to put 2024 behind us and look forward to whatever 2025 brings. Will the BOI Reporting Rule survive its court challenges? Will the CFPB's Overdraft Fees Rule for large banks survive litigation (and the Congressional Review Act)? We'll report the answers to those questions and more next year.
In the meantime, we at BankersOnline wish you a Happy, Safe, and Prosperous New Year! Our offices will be closed tomorrow in observance of New Year's Day. Look for our next Compliance Briefing Thursday morning, January 2, 2025.
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