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Crypto Surveillance One Step Closer; Did Equifax send incorrect credit scores?

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November 21, 2022
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Equifax sent lenders inaccurate credit scores on millions of consumers

Equifax provided inaccurate credit scores on millions of U.S. consumers who searched for loans over a three-week period earlier this year, according to bank executives and others familiar with the mistakes. Equifax sent the erroneous scores of people applying for auto loans, mortgages and credit cards to banks and non-bank lenders large and small, including JPMorgan Chase, Wells Fargo and Ally Financial. The scores were sometimes 20 points or more in either direction, enough to change the interest rates offered to consumers or to reject their application altogether. [The Wall Street Journal]

A bill to oversee cryptocurrency was introduced in the Senate this week.

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New Crypto Oversight Legislation Comes as Industry Shakes

After 13 years, at least three crashes, dozens of scams and Ponzi schemes, and hundreds of billions of dollars created and evaporated, cryptocurrencies have finally gained the full attention of Congress, whose lawmakers and lobbyists have hung Capitol Hill with proposals on how to regulate the industry. The latest bipartisan proposal came from Sens on Wednesday. Debbie Stabenow, D-Mich., and John Boozman, R-Ark. It would hand over the regulatory authority over bitcoin and ether to the Commodities Futures Trading Commission. [Associated Press]

Credit card debt rises as inflation pushes Americans to borrow more

According to a Tuesday report from the Federal Reserve Bank of New York, credit card debt in the United States rose from April to June, as Americans borrowed billions of dollars to continue spending in the face of growing inflation. Credit card balances increased $46 billion in the second quarter, up 5.5% from the first quarter, and there was also an increase in new credit card accounts. The 13% increase from the second quarter of 2021 to the second quarter of 2022 was the biggest jump in more than 20 years. [The Washington Post]

Credit card lenders increase offers despite shaky economy

You may find that you receive more credit card offers in the mail. Despite inflation and fears of a slowing economy, credit card companies are stepping up their efforts to attract new customers. The Wall Street Journal reports that American Express, Capital One and Discover have all committed new money to their marketing budgets, suggesting executives at these lenders believe consumers will continue to spend. Despite fears of a recession, consumers are still spending. JPMorgan Chase reports that consumers spent more than $271 billion on plastic in the second quarter. That’s 33% more than they spent in the fourth quarter of 2019, just before the Covid-19 pandemic. Many consumers demand more, but do not pay off the balance. VantageScore reports that Gen Z consumers increased their credit card balance by 30% in the second quarter. [Consumer Affairs]

Research shows contactless cards are still Apple Pay’s biggest competition at checkout

Apple Pay extended its leading lead in the mobile wallet competition over the past 12 months and now captured 48% of all in-store mobile wallet payments in the United States, with second-place Google Pay far behind at 17%. However, mobile wallets remain unpopular for in-store payments, accounting for just 5.8% in the second quarter of 2022, slightly less than in 2019. The biggest threat to Apple Pay at physical registers is not other mobile wallets, but contactless cards. who took 14% from in-store payments, almost double the share we noticed in 2021. [PYMNTS]

JPMorgan is building a giant travel agency

JPMorgan Chase wants to be your travel agent. For the past 18 months, the nation’s largest bank has gathered the parts to launch a full-service travel company where customers can plan and book trips ranging from a simple domestic flight to an extravagant safari. It bought a booking system, a restaurant rating company and a luxury travel agency. It builds its own airport lounges and thousands of travel agencies. A new website will be launched in the coming months. Travel has become one of the top spending categories for banks and credit card issuers, and JPMorgan wants to be a bigger part of that. The bank hopes to turn those traveling customers into lifelong Chase fans, bringing in more of their spending and other financial needs. [The Wall Street Journal]

Bank of England launches largest rate hike in 27 years, forecasts long recession

The Bank of England raised interest rates by 50 basis points on Thursday, the largest rise since 1995, and forecast the longest recession in the UK since the global financial crisis. The sixth consecutive increase brings borrowing costs to 1.75%, marking the first half-point increase since the bank gained independence from the UK government in 1997. The Monetary Policy Committee voted by an 8-1 majority in favor of the historic half-year. point increase, mentioning mounting inflationary pressures in the UK and the rest of Europe since the last meeting in May. [CNBC]

A Durbin amendment to credit cards will reduce their ubiquity and do nothing to reduce inflation

One of the ways the Biden administration and the Democratic Congress have tried to avert the shame of the inflation spike of the past year is by blaming the middlemen. Last week, Senator Durbin indicated he is considering legislation that would require credit cards to be switched with at least two unaffiliated networks, requiring every credit card currently in circulation to be replaced with a new, more expensive consumer card. . Blaming credit cards for high prices, however, is little more than an exercise in political distraction: New routing mandates won’t help small merchants and would likely reduce the ability of poorer Americans to obtain credit cards. [Forbes]

Instacart and Mastercard team up for a new credit card that offers money back

With the brand new Instacart Mastercard, Chase and Instacart are teaming up to bring groceries and cash back to your front door. This is the first credit card from Instacart, a grocery delivery service that allows you to order from your favorite chains or local stores without leaving your home. When purchased through Instacart’s website or mobile app, cardholders earn 5% cash back on goods from more than 40,000 stores without worrying about spending limits on competing grocery cards. [USA Today]

Banks ask CFPB to crack down on data aggregators

Eight banking trade groups have filed a petition with the Consumer Financial Protection Bureau to define data aggregators as larger participants subject to regulatory oversight. In a 10-page letter sent to CFPB director Rohit Chopra on Tuesday, the banking trade groups asked the agency to enact a larger participant rule before introducing separate regulations on consumer access to financial data. The trade groups also called on the CFPB to define the services of data aggregators as a financial product or service. The trade groups argue that the explosive growth of data aggregation services has led to increased risks for consumers, especially to data privacy and security, which could lead to uneven enforcement. [American Banker]

Splitit partners with let’s bring installment billing to the rental market

Buy now, pay later The company Splitit partners with letus, a cloud-based payment platform for the rental market, through an Installations-as-a-Service integration. The partnership allows tenants to extend expenses, such as rent or security deposits, over several monthly payments on the credit card of their choice without additional interest charges. experience embedded in the platform. [PYMNTS]

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