Weekly Infobyte: Debt Repayment, Savings Priority for Young

Cyber Monday saw record holiday season spending, growing 7.3% year-over-year to $13.3 billion.

The report cited FTC figures detailing a 21% increase from 2022 to 2023 in consumer investment scams and losses of $4.6 billion in 2023.

The total number of mortgage applications and originations “dropped significantly” in 2023, with both falling by roughly a third from the year before, the CFPB said.

ABA and the Consumer Bankers Association urged a New York City agency to withdraw a proposed rule to expand the procedural requirements for creditors collecting debts in their own name.

The Office of Cybersecurity and Critical Infrastructure Protection has released a consumer advisory on avoiding cyber and online scams during the holiday season, including a warning about suspicious texts or emails claiming to come from financial institutions.

ABA joined associations representing bankers and credit unions in filing a lawsuit challenging the CFPB's effective cap on overdraft fees.