The Consumer Financial Protection Bureau has been on a recent tear: hitting a small-dollar lender for illegal debt collection practices; warning colleges to improve disclosure of school-sponsored credit card agreements; and an upcoming proposal to regulate payday-type loans with more severity.
CardFlash News Briefs: VELOCITY (launch); BHG (loans); KBC (MasterPass); and I-VEND (report).
Liberis, a provider of cash advances to small businesses, has teamed with Worldpay to offer Britain’s small businesses the ability to take an unsecured cash advance based on their future credit and debit card sales.
Visa and Visa Europe have inked a definitive agreement for Visa to acquire Visa Europe, creating a single global company. The transaction consists of upfront consideration of €16.5 billion with the potential for an additional earn-out of up to €4.7 billion payable following the fourth anniversary of closing, for a total value of up to €21.2 billion.
About 77% Americans are frightened of having their identity stolen including 23% who are very frightened. About half of Americans (46%) have either been a victim of identity theft or know someone who was, up 12 percentage points from 2008.
First Data expects to raise $3.7 billion in its initial public offering. The deal involves 160 million shares of its Class A common stock. The initial public offering price is expected to be between $18.00 and $20.00 per share.
In today’s CardFlash News Que: MAGICCUBE (funding); CHECKALT (Payoneer); APRIVA (conference); and CALLAHAN (TRK).
The U.S. Department of Defense issued a final rule expanding the types of credit products that are covered by the 36% rate cap and other military-specific protections under the Military Lending Act. The Act provides servicemembers and their dependents with specific protections for their “consumer credit” transactions.
eBay will not be the same without PayPal and most analysts agree they have an uphill battle long-term due to intense competition. However, eBay is expected to divest its Enterprise business in a deal valued at $925 million, according to Forbes.
Total household debt in the U.S. was $13.512 trillion at the end of 2014 and credit cards accounted for 6.52% or $881.57 billion. The ratio of credit card debt to household debt was highest in 1996 at 10.05%.
Revel Systems introduced the proprietary Revel Ethernet Connect cabled solution providing wired Ethernet connectivity, allowing enterprises to utilize a wired, always-on Ethernet connection to power their Revel iPad POS systems and achieve more secure and robust networking as an alternative to WiFi.
Net 1 UEPS Technologies has acquired a 43.88% interest in Transact24 Limited , a specialist Hong Kong-based payment services company.