Jun 10, 2020 | Banks & Credit Unions, News
U.S. Economy Officially Enters Recession as of February In February 2020, the United States economy entered its first recession in 11 years as a result of the widespread business shutdown during the coronavirus pandemic. According to a report issued this week by the...
Jun 8, 2020 | Banks & Credit Unions, News
Banks Collected $11 Billion in Overdraft Fees in 2019 Banks last year collected $11.68 billion from customer accounts in overdraft fees, according to new research released last week by the Center for Responsible Lending (CRL), an advocacy group focused on financial...
Jun 5, 2020 | Banks & Credit Unions, Federal Regulation, News
Acting OCC Head Calls for Ending Coronavirus-Related Shutdowns to Boost Economy Brian Brooks, who became acting Comptroller of the Currency after former Comptroller Joseph Otting stepped down last week, has called for states to end the shutdown orders that were put in...
May 18, 2020 | Banks & Credit Unions, News
Report Finds Average Credit Card Spending Falls 40 Percent Last week, the JPMorgan Chase Institute released a report featuring new data on household credit card spending, finding a 40 percent decrease attributed mostly to the ongoing coronavirus pandemic. The report...
May 11, 2020 | Banks & Credit Unions, Federal Regulation, News
CFPB Releases Final Remittance Rule, Expanding Temporary Protections and Making Them Permanent Earlier today, the Consumer Financial Protection Bureau (CFPB) issued a final rule regarding remittance transfers, also known as international money transfers, which places...
Apr 28, 2020 | Banks & Credit Unions, News
Credit Cards Start Reining in Credit Limits due to COVID-19 Outbreak As millions of Americans face unexpected expenses or income disruptions due to the COVID-19 pandemic, many United States credit card issuers have begun lowering customer spending limits. According to...