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The Federal Deposit Insurance Corp. (FDIC) processed a surge in consumer complaints in 2024, with credit cards being the most frequently cited product and credit reporting disputes being the most common issue.
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The agency’s National Center for Consumer and Depositor Assistance, Consumer Response Unit (CRU), registered 26,451 written complaints and telephone inquiries...
In May 1999, a group of entrepreneurs launched an online B2B website called Alibaba.com, which operated out of a small apartment in Hangzhou, China. Its goal was to connect Chinese manufacturers and trading companies with overseas buyers.
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Over the decades, Alibaba would branch out into other businesses to become the largest eCommerce company in China and one of the...
A boom in the use of dollar-backed stablecoins could destabilize the global payment system, Amundi Asset Management Group Chief Investment Officer Vincent Mortier told Reuters in a report posted Thursday (July 3).
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While Mortier said he had not fully made up his mind about stablecoins, he said they could cause a major shift in money flows, weaken the U.S. dollar by...
The Consumer Financial Protection Bureau (CFPB) reports that the ranks of the “credit invisibles” in the U.S. have thinned.
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But there are still 25 million unscored individuals.
As reported by the agency, 2.7% of the adult population are considered credit invisible, reflecting an update to data and the methodologies employed by the CFPB. A decade ago, the CFPB said that...
The battle between Amazon and Walmart is hardly recognizable today relative to 10 years ago.
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As artificial intelligence (AI) and automation become the invisible infrastructure underpinning global commerce, the Amazon-Walmart rivalry, long emblematic of the old guard versus the new, is turning into a real-time case study in retail’s transformation. It’s no longer just...
Google has reportedly proposed changes to its search results ahead of a possible antitrust fine.
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That’s according to a report Wednesday (July 2) by Reuters, citing an internal company document. It comes one week before a crucial meeting that could bring additional fines from European regulators to the tech giant.
Google in March was accused by the European Union of...
When Navan, a business travel and expense management company, set out to build its artificial intelligence-powered virtual travel agent called Ava, it faced the challenge of making sure the system didn’t hallucinate.
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In corporate settings, even one AI-generated error — like offering a refund that violates fare rules or showing the wrong flight details — could lead to...
Robotics startup Genesis AI emerged from stealth with $105 million in seed funding.
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Genesis AI aims to create a general-purpose artificial intelligence model that will allow robots to automate a range of repetitive tasks, TechCrunch reported Tuesday (July 1). The company’s funding round was co-led by Eclipse and Khosla Ventures.
While large language models are trained...
Securities and Exchange Commission (SEC) Chairman Paul Atkins said Wednesday (July 2) that the agency will review some of the more recent rules it imposed on special purpose acquisition companies (SPACs).
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“There have been new rules adopted by the commission in the last couple of years regarding SPACs,” Atkins said in a Wednesday interview with CNBC. “Those were very,...
Higher income consumers in the United States are crowding the aisles at dollar stores, moved to seek discounts in the paycheck-to-paycheck economy.
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Big box retailers such as Walmart and Target have continued to be favorites among those earnings more than $100,000 each year. But PYMNTS Intelligence data shows that higher income households are also ringing up their...