Nov 23, 2020 | Banks & Credit Unions, News
As Consumers Pay Down Credit Card Debt, Bank Margins Suffer The Financial Times reported earlier this month that bank card loans declined significantly since the onset of the COVID-19 pandemic as consumers in the United States make progress in paying down their credit...
Nov 18, 2020 | Banks & Credit Unions, Federal Regulation, News
CFPB Grants Bank of America Protection for Small Dollar Loans The Consumer Financial Protection Bureau (CFPB) recently sent Bank of America a “no-action letter” clearing the bank to offer its previously announced small-dollar loan program without the threat of...
Nov 13, 2020 | Banks & Credit Unions, Congressional Legislation
Reps. Tlaib and Ocasio-Cortez Introduce Bill to Create National Public Banking System Last month, Representatives Alexandria Ocasio-Cortez (D-N.Y.) and Rashida Tlaib (D-Mich.), both of whom serve on the House Financial Services Committee, introduced legislation...
Oct 19, 2020 | Banks & Credit Unions, FinTech, News
Lending Club Announces Retirement of P2P Lending Platform LendingClub, an online marketplace for borrowers to access loans funded by consumer investors in amounts as low as $25, recently announced that its peer-to-peer (P2P) lending platform will be completely shut...
Oct 16, 2020 | Banks & Credit Unions, News
Americans Continue Cutting Credit Card Balances in August, Fed Reports The Federal Reserve (Fed) reported last week that Americans cut credit card balances again in August for the sixth month in a row. Despite the predicted increase in credit card spending, revolving...
Oct 12, 2020 | Banks & Credit Unions, News
Bank of America Announces Plans to Offer Short-Term Loans Last week, Bank of America Corp. unveiled plans to offer short-term loans to customers that have had checking accounts for more than a year. Under the new plan, customers can borrow up to $500 for a flat $5...
