Citi CFO Warns 10% Credit Card Rate Cap Would Disrupt U.S. Economy
Citi CFO Warns 10% Credit Card Rate Cap Would Disrupt U.S. Economy Speaking at an investor conference, Citi’s head of U.S. personal banking and incoming Chief Financial Officer, Gonzalo Luchetti, warned that a proposed 10 percent federal cap on credit card interest...
CFPB Tightens Complaint Portal Rules for Credit Report Disputes
CFPB Tightens Complaint Portal Rules for Credit Report Disputes Last week, the Consumer Financial Protection Bureau (CFPB) added new requirements to its consumer complaint portal for credit reporting disputes, directing consumers to first file disputes with credit...
Trump Nominates Former Fed Governor Kevin Warsh to Lead Federal Reserve as Powell’s Term Nears End
Trump Nominates Former Fed Governor Kevin Warsh to Lead Federal Reserve as Powell’s Term Nears End President Donald Trump announced last week that he has selected former Federal Reserve Governor Kevin Warsh to serve as the next chair of the Federal Reserve, once...
Analysis Warns 10% Credit Card Rate Cap Could Cut Off Credit Access for 159 Million Consumers
Analysis Warns 10% Credit Card Rate Cap Could Cut Off Credit Access for 159 Million Consumers A new analysis from the American Banking Association examining the impact of a federal 10 percent APR cap on credit cards finds that the policy could sharply reduce consumer...
Senate Banking Committee Delays Crypto Bill Markup After Industry Support Fractures
Senate Banking Committee Delays Crypto Bill Markup After Industry Support Fractures Senate Banking Committee Chair Tim Scott postponed a planned committee markup of sweeping cryptocurrency market structure legislation, abandoning plans to hold a vote last week amid... President Trump Calls for One-Year 10% APR Cap on Credit Card Interest Rates
President Trump Calls for One-Year 10% APR Cap on Credit Card Interest Rates Last week, President Donald Trump called for a one-year cap on credit card interest rates of 10 percent, reviving a campaign pledge that immediately drew sharp criticism from banking trade... Federal Judge Rules CFPB Funding Cannot Lapse
Federal Judge Rules CFPB Funding Cannot Lapse A federal district court judge ruled Tuesday that funding for the Consumer Financial Protection Bureau (CFPB) cannot be allowed to lapse, dealing a setback to the Trump administration’s efforts to dismantle the agency by...
CFPB Says Certain Earned Wage Access Products Are Not Credit
CFPB Says Certain Earned Wage Access Products Are Not Credit On December 23, the CFPB issued an advisory opinion concluding that certain earned wage access (EWA) products fall outside the definition of credit under the Truth in Lending Act (TILA) and Regulation Z. In...
