Nov 1, 2021 | Banks & Credit Unions, News
Bank Overdraft Fees Hit Record Highs During Pandemic A recent survey from Bankrate found that Non-Sufficient Funds (NSF, commonly known as overdraft) fees rose to their highest amount ever last year as Americans struggled to make ends meet during COVID-19. The average...
Oct 18, 2021 | Banks & Credit Unions, News
US Postal Service Pilots Paycheck Cashing Service The U.S. Postal Service (USPS) recently started piloting a paycheck-cashing service in select markets that financial experts say could potentially change the way low-wage and financially underserved Americans access...
Oct 13, 2021 | Banks & Credit Unions, News
Average Used Vehicle Loan Amount Reaches Record High in Q2 2021 The average used vehicle loan amount hit a record high in the second quarter of 2021, reaching $23,365 (up from $21,357 in Q2 2020). The rise in prices comes as the global semiconductor shortage is...
Oct 4, 2021 | Banks & Credit Unions, News
Mastercard Building Bank-Driven Buy Now Pay Later Platform In a press release last week, Mastercard announced that it is building a bank-driven Buy Now Pay Later (BNPL) platform called “Mastercard Installments” that will allow borrowers to apply for loans through...
Sep 27, 2021 | Banks & Credit Unions, Federal Regulation, News
Biden Nominates Professor Saule Omarova as Comptroller of the Currency President Joe Biden has nominated law professor Saule Omarova, who currently teaches at Cornell University, to run the Office of the Comptroller of the Currency (OCC). If confirmed by the Senate,...
Sep 22, 2021 | Banks & Credit Unions, News
Bank of America Introduces Program to Help Customers Avoid Overdrafts Bank of America Corp. recently introduced a new program, titled Balance Connect, which will automatically move customers’ money to avoid overdraft fees. Customers can link their checking account...
