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Payment Processor Settles FTC's Telemarketing Scheme Charges
Capital Payments LLC, an Independent Sales Organization (ISO), has agreed to settle Federal Trade Commission charges that it allowed a telemarketing scheme called The Tax Club to use merchant accounts to process consumers’ credit card payments.  more »
Outstanding revolving debt, including ongoing lines of credit used by consumers, jumped to $935.6 billion as of December from $841 billion in 2010, according to data from the Federal Reserve and a report from ValuePenguin. more »
U.S. consumers in December increased their borrowing at the fastest pace in three months. The result suggests that consumer spending should remain strong in the coming months. more »
Discover Financial Services reported a slowdown in growth in its credit card business but vowed to take steps to reverse the trend. more »
"This is part of our young-adult strategy, where we're looking to build long-term engagement and loyalty," said Discover marketing executive Jerry Young.
Discover Financial Services is making an aggressive new bid for consumers who can't qualify for a traditional credit card. more »
Data on consumer borrowing and debt released by S&P Dow Jones Indices and Experian show consumer credit default rates stabilized in December. more »
It took seven years, but the U.S. credit-card business has finally bounced back from its post-crisis hangover. more »
Overall consumer borrowing grew from October to November but decelerated to the slowest pace since January as Americans took out fewer loans for big-ticket items such as cars and education. more »
The FTC and the State of Florida on Friday charged a payment processing business with credit card laundering and illegally assisting and facilitating a nationwide debt relief telemarketing scheme that allegedly bilked millions of dollars from consumers. more »
Macy’s has announced plans to consolidate four credit and customer service center facilities into three, resulting in 4,800 job cuts for the Cincinnati-based retail giant. more »
Participants in an alleged credit card laundering scheme agreed to settle FTC charges that they illegally helped provide access to payment networks, enabling scammers to place bogus charges on consumers’ credit cards. more »
Seventeen colleges will receive warning letters this week from the Consumer Financial Protection Bureau stating they may be in violation of federal law for not disclosing agreements they have with credit card companies. more »
Handoff: Eileen Serra is turning over leadership of JPMorgan Chase's card services unit to Kevin Watters, a longtime executive at the company who is currently CEO of mortgage banking.
JPMorgan Chase has shuffled three top executives in credit cards, mortgages and mortgage servicing. more »

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