The Consumer Financial Protection Bureau (CFPB) and the National Collegiate Student Loan Trusts have filed a proposed stipulated judgment to resolve the regulator’s lawsuit alleging that the trusts had illegal debt collection practices. If entered by the court, the proposed stipulated judgment would require the trusts to pay $2.25 million in redress to student borrowers […] The post National Collegiate Student Loan Trusts to Settle CFPB Allegations of Illegal Debt Collection appeared first on PYMNTS.com ..read more

Best Buy is preparing to launch a digital marketplace platform that will allow third-party sellers to integrate their products into the retailer’s website and app. The new Best Buy Marketplace will launch this summer, the company said in a Thursday (Jan. 16) announcement. “We’re incredibly excited to roll out Best Buy Marketplace later this year […] The post Best Buy to Launch Third-Party Marketplace Powered by Mirakl appeared first on PYMNTS.com ..read more

The Federal Trade Commission (FTC) said Thursday (Jan. 16) that it referred a complaint against Snapchat operator Snap to the Department of Justice. “The complaint pertains to the company’s deployment of an artificial intelligence [AI] powered chatbot, My AI, in its Snapchat application and the allegedly resulting risks and harms to young users of the […] The post Divided FTC Refers Complaint Against Snap’s AI Chatbot to Justice Department appeared first on PYMNTS.com ..read more

ChatGPT Plus is reportedly the artificial intelligence (AI) subscription service that retains the highest percentage of paying customers after six months. That service retains 71% of subscribers, The Wall Street Journal (WSJ) reported Thursday (Jan. 16), citing data from Earnest Analytics. Just behind ChatGPT Plus in the rankings is Claude Pro, which retains 62% of […] The post Report: ChatGPT Plus Has Top Retention Rate Among AI Subscription Services appeared first on PYMNTS.com ..read more

American Express said Thursday (Jan. 16) that it expects to pay $230 million to settle previously disclosed investigations by the U.S. Department of Justice and the Federal Reserve. The company entered into agreements with the Justice Department and expects a resolution with the Federal Reserve to be finalized within weeks, American Express said in a […] The post American Express to Pay $230 Million to Settle Investigations Into Sales Practices appeared first on PYMNTS.com ..read more

Bank of America’s fourth quarter earnings, released Thursday (Jan. 16) indicated continued momentum in the digital shift that has now resulted in 61% of its consumer sales made through digital channels, up from 49% a year ago. And 78% of all households signed up with the bank are defined as being “digitally active,” up from […] The post Bank of America Says 61% of Consumer Sales Are Made Through Digital Channels appeared first on PYMNTS.com ..read more

The Consumer Financial Protection Bureau (CFPB) filed an amicus brief Thursday (Jan. 16), saying it aims to ensure that credit reporting companies are held accountable for “junk data” and don’t secure “loopholes” in the law that prevent that accountability. The regulator filed the amicus brief in a case in which TransUnion has argued that it doesn’t have to […] The post CFPB: Credit Reporting Companies Must Disclose Source of Consumer Information appeared first on PYMNTS.com ..read more

FinTech company iCapital plans to enhance its alternative investment marketplace platform for the wealth and asset management industries by acquiring Parallel Markets. The company entered into a definitive agreement under which iCapital will acquire Parallel Markets, which provides “reusable financial identity,” the companies said in a Thursday (Jan. 16) press release. The acquisition will enable […] The post iCapital to Add ‘Reusable Financial Identity’ With Parallel Markets Acquisition appeared first on PYMNTS.com ..read more

Amazon has launched its Retail Ad Service, a new platform designed to help retailers easily incorporate targeted advertising into their digital storefronts. Powered by Amazon Web Services (AWS), the service allows retailers to display ads on product, search and browse pages, while purchases are completed on their own websites. Currently in beta with partners like […] The post Amazon Launches Retail Ad Service to Compete With Walmart Connect appeared first on PYMNTS.com ..read more

1Money emerged from stealth Thursday (Jan. 16), saying it raised over $20 million in seed capital and is developing Layer 1 protocol purpose-built for stablecoin payments. The company will use the funding to launch the 1Money Network, and plans to launch it during the second quarter, it said in a press release. “Stablecoins are poised […] The post 1Money Raises $20 Million to Launch Network for Stablecoin Payments appeared first on PYMNTS.com ..read more