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Sallie Mae Smart Option student borrowers earn $5.5 million in rewards

Sallie Mae announced earlier this week that its Smart Option student loan customers earned more than $5.5 million back by making on-time payments through a rewards program introduced by the lender in 2010. The Sallie Mae Smart Rewards program rewards customers who make on-time payments on their loans while in school or during their six-month... Read More...

Zumigo raises $6 million in financing to expand operations, services

Zumigo Corp., a provider of mobile device location and identity verification services, announced last week that it has raised $6 million in Series B financing to expand business operations, accelerate product development and introduce new products and services. The financing was led by Intel Capital, a new investor, with participation from... Read More...

EFT Source to acquire CPI Card Group

EFT Source recently announced it plans to acquire long-time partner CPI Card Group, a provider of financial and EMV card production services. “As longstanding partners, CPI and EFT Source share a common philosophy and focus on superior customer service delivery,” Steve Montross, the president and CEO of CPI, which provides plastic cards... Read More...

BofA reaches landmark settlement with Justice Department over faulty securities

Bank of America announced last week that it has reached a settlement with the U.S. Department of Justice and state attorneys general to resolve allegations that the bank sold faulty mortgage securities. The $16.7 billion settlement is, according to the Justice Department, the largest civil settlement in American history involving a single... Read More...

Malware threat affects 51 UPS Stores in 24 states

UPS announced last week that malware discovered on computer systems at 51 stores compromised consumer information, exposing names, postal addresses, payment card information and email addresses. The intrusion makes UPS the latest retailer among major names like Target and Michaels that have experienced a security breach. According to the... Read More...

Money20/20 event, hackathon to be held in Las Vegas this fall

The Money20/20 conference, which explores trends in payments and innovations within the financial services industry, will be held this fall in Las Vegas and will include participation by more than 2,250 companies. The event, which will be held Nov. 2-6 at the ARIA Resort and Casino, will feature more than 300,000 square feet of showcasing and... Read More...

Ingenico and partners release PCI-certified P2PE, EMV payment solution

Ingenico recently partnered with FreedomPay and ScanSource to release the first PCI-certified point-to-point encryption (P2PE) and EMV payment solution in North America. The new solution, which combines Ingenico’s On-Guard and FreedomPay Commerce platforms, covers EMV and NFC electronic payments, as well as those made with magnetic stripe... Read More...

CFPB seeks approval to collect info for teacher financial literacy training

The CFPB recently requested comment on a proposal to collect information that could help train K-12 teachers to teach and incorporate lessons in financial education as part of an effort to improve the financial capabilities of young people. According to the noticed published in the Federal Register, under the teacher training initiative (TTI),... Read More...

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