Mar 13, 2024 | Banks & Credit Unions, Financial Literacy, News
New Report Finds Half of Loan Applicants Have Been Denied Since Fed Rate Increases Began Two Years Ago According to a new Bankrate report, half of applicants have been turned down for a loan or financial product since the Federal Reserve began raising interest rates...
Mar 7, 2024 | Federal Regulation, News
CFPB Finalizes Rule Cutting Credit Card Late Fees to $8 Earlier this week, the Consumer Financial Protection Bureau (CFPB) finalized a rule cutting credit card late fees from an average of $32 to $8, which the Bureau says will curb fees that cost American families...
Mar 5, 2024 | Congressional Legislation, News
House Financial Services Chairman Patrick McHenry Reintroduces Financial Services Innovation Act to Establish Regulatory “Sandboxes” Last week, House Financial Services Chairman Patrick McHenry reintroduced the Financial Services Innovation Act, legislation that would...
Feb 28, 2024 | Banks & Credit Unions, News
Americans Spent Roughly $25 Billion in Credit Card Interest Last Year A recent analysis by the Consumer Financial Protection Bureau (CFPB) found that the average annual percentage rate (APR) on credit cards almost doubled in 2023 to 22.8 percent from 12.9 percent in...
Feb 22, 2024 | Financial Literacy, FinTech, News
Americans With Lower Credit Scores Use BNPL More Often New research from the Federal Reserve Bank of New York found that Americans already facing financial hardship are more frequent and intensive users of “buy now, pay later” (BNPL) offerings, with the majority of...
