Jul 5, 2021 | Banks & Credit Unions, Congressional Legislation, News
Rep. Maloney Introduces Overdraft Protection Act Representative Carolyn Maloney (D-N.Y.), a senior member of the House Financial Services Committee, recently reintroduced her Overdraft Protection Act, which would restrict the number of times banks can collect...
Jun 30, 2021 | Banks & Credit Unions, News
Nonbanks Issue More Than Two-Thirds of Mortgages in 2020 Recent industry research from Inside Mortgage Finance showed that nonbank mortgage lenders in the U.S. issued 68.1 percent of all mortgages in 2020, up from 58.9 percent in 2019. The increase is their highest...
Jun 28, 2021 | Banks & Credit Unions, News
New York Democratic Members of Congress Push JPMorgan to Refund Overdraft Fees Collected During COVID-19 Earlier this month, Democrats representing New York in the House of Representatives sent a letter to Jamie Dimon, JPMorgan Chase CEO and Chairman, urging the bank...
Jun 21, 2021 | Banks & Credit Unions, Financial Literacy, News
Morning Consult Report Finds Nearly 1 in 5 Americans Have Overdrafted Accounts Within Past Year Recent data from Morning Consult showed that nearly half of Americans overdrafted their accounts in the past and 19 percent have overdrafted within the last 12 months. At...
Jun 9, 2021 | Banks & Credit Unions, Federal Regulation, News
Acting Comptroller Hsu Says No Plans to Review Valid When Made Rule Michael Hsu, Acting Comptroller of the Currency, recently said the Office of the Comptroller of the Currency (OCC) will not review the “valid when made” rule initially implemented during the Trump...
Jun 7, 2021 | Banks & Credit Unions, News
Overdraft Revenue Fell Nearly 10 Percent in 2020 Overdraft revenue fell by nearly 10 percent in 2020—the first time in six years—largely attributed to pandemic-related resources that helped Americans save money and pay off debt. Financial firms brought in roughly...