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Financial institutions news from around the web: September 2 – 6, 2024
Written on Sep 6, 2024
In May, the CFPB introduced a new “interpretive rule” that subjects certain short-term lenders to the same rules credit card companies follow, allowing consumers to dispute charges and receive refunds. A banking and payments compliance provider explores the rule and how it will impact the Buy Now, Pay Later industry.
The Mortgage Bankers Association has lowered its forecasts for total commercial real estate production this year and next, but both years will still be significantly better than 2023.
Roughly 120 dispensaries in Ohio have received state licenses to sell recreational marijuana, but banking remains an obstacle for cannabis businesses because marijuana remains illegal under federal law.
A report says 95% of banks are focused on using partnerships to enhance their own digital product services and offerings. However, the same interdependencies and interconnectedness can lead to several avenues of risk for traditional financial services players.