Most Americans are not confident in the safety and reliability of cryptocurrency
Cryptocurrency markets continue to face challenges. The currency has plummeted, lawsuits are piling up, and Congress is mulling regulations. Meanwhile, Americans remain skeptical about cryptocurrency, and the share that have used it has not increased in the past three years, according to a Pew Research Center survey. Roughly six in ten Americans (63%) say they have little or no confidence that current ways to invest, trade or use cryptocurrencies are reliable and safe. This includes three in ten adults who say they have no self-confidence at all, and a third who say they have very little self-confidence. Only 5% of adults are extremely or very confident in cryptocurrencies, and 18% are somewhat confident. [The Pew Research Center]
Nearly 2/3 of Americans have little or no confidence that cryptocurrencies are trustworthy and safe
Consumer credit limits on the decline, inflation may be the reason
Consumer credit limits decreased in 42 of the 50 states year over year from Q2 2024, with the decrease ranging from about 0.3% to more than 15%, a new study shows. The report from WalletHub suggests that inflation is playing a role in the decline, as consumers pay more on their credit cards to manage monthly expenses. Montana, Washington and Minnesota, respectively, lead the way with the largest declines. South Dakota and Vermont had the smallest decreases. [CU Today]
Capital One warns of possible enforcement action on savings accounts
The CFPB may pursue enforcement action against Capital One for alleged misrepresentations about its savings accounts, the consumer lender disclosed in a filing last week. At the heart of the dispute is a lawsuit filed by several customers last year who claimed the company introduced a new “360 Performance Savings” account with a higher interest rate than it paid customers of another account, the “360 Savings”. Customers claimed that this discrepancy was not clearly communicated, resulting in the loss of potential profits. [Reuters]
The CFPB is investigating how Meta uses consumers’ financial data for targeted advertising
The CFPB has notified Meta of its intent to consider “legal action” related to allegations that the tech giant improperly obtained consumer financial data from third parties for its targeted advertising operations. This federal investigation was revealed in a recent filing that Meta filed with the Securities and Exchange Commission. The filing shows that the CFPB notified Meta on Sept. 18 that it assessed whether the company’s actions violated the Consumer Financial Protection Act, designed to protect consumers from unfair and deceptive financial practices. The status of the investigation remains uncertain, with the filing noting that the CFPB may launch a lawsuit soon, seeking financial penalties and equitable relief. Meta, the parent company of Instagram and Facebook, is facing increased scrutiny from regulators and state attorneys general over various concerns, including its privacy practices. [DigWatch]
Buy Now, Pay Later Giant Says Expands to UK in First Major International Attempt
Buy now pay later firm Affirm launched its installment loans in the UK on Monday, in the company’s first overseas expansion. Founded in 2012, Affirm is an American fintech firm that offers flexible pay-as-you-go payment options. Affirm said its UK offering will include interest-free and interest-bearing monthly payment options. Interest in its plans will be fixed and calculated on the original principal amount, meaning it won’t grow or compound. The company’s UK expansion marks the first time it is launching in a market outside the US and Canada. Globally, Affirm counts over 50 million users and more than 300,000 active merchants, including Amazon, Shopify and Walmart. [CNBC]
Walmart will no longer accept certain receipts at any of its stores
If you are one of those people who still pay in cash and above all do not look at the bills they pay with, you will have to pay special attention especially to the one dollar bills. Walmart has informed its customers that it will no longer accept one dollar bills that have visible damage on them. With this, they seek to strengthen the security of the country’s monetary system. Which receipts will be rejected at all Walmarts? Those banknotes that have tears, cut edges or those that are badly damaged due to the passage of time or moisture. These will no longer be accepted in shops, banks or ATMs, so if you have any, try to get rid of them as soon as possible. [Union Rayo]
It has only been 50 years since women had the right to their own credit
This week marks the 50th anniversary of the Equal Credit Opportunity Act, the legislation that first made it illegal for banks to require women to have a male husband in order to get a credit card, loan or mortgage. Before this legislation was signed into law five decades ago this week, not only could women not access credit, but the credit history went to the male co-signer, meaning that if a woman divorced, she would to start over with no credit history. This disparity continued for more than a decade after the Equal Pay Act of 1963. [Fortune]
TGI Fridays $50 Million Gift Card Top-up causes franchise heartburn
TGI Fridays franchisees are concerned they could be on the hook for $49.7 million in unpaid customer gift card obligations if the company’s bankruptcy does not go smoothly, an attorney for the franchisees said Monday. The amount of unused gift cards far exceeds the company’s available cash, even after taking into account the $5.9 million that TGI Fridays is borrowing to finance its bankruptcy restructuring, according to court filings. TGI Fridays Inc filed for bankruptcy protection in Dallas, Texas, on Saturday, citing higher operating costs and lower demand for casual dining. [Reuters]
Tokenized payments turn moments of buying buying or resting into selling
Hassle-free checkout is a winning mantra for retailers looking to capture sales and delight their customer bases. Customers primarily expect a fast, secure and intuitive checkout process. However, obstacles remain and a seamless checkout is not always as easy as click-pay-make. One of the main points of friction? Fraud is ruining business. Online fraud rates are roughly eight times higher than those for in-person transactions, Marriner said. This creates financial losses for merchants and card issuers. Multiple fraud mitigation steps, such as complex passwords and one-time pass codes, often add additional friction to the checkout process. For businesses, getting the checkout experience right can help increase conversion rates and reduce fraud. For consumers, it can mean the difference between intending to buy and completing the transaction. [PYMNTS]