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...
Sep 8, 2021 | Banks & Credit Unions, FinTech, News
Credit Unions Exploring Buy Now, Pay Later Installment Products Buy now/pay later (BNPL) installment products have become more popular throughout the COVID pandemic, with credit unions increasingly participating in offering the product. Typical BNPL products allow...
Aug 30, 2021 | Banks & Credit Unions, News
NY Enacts Law Tackling Overdraft Fees As one of his final acts in office, now-former Democratic Governor of New York Andrew Cuomo signed a bill earlier this month targeting bank overdraft fees. The legislation will go into effect January 1, 2022, and will prohibit New...
Aug 27, 2021 | Banks & Credit Unions, News
Wells Fargo Reverses Plan to End Personal Credit Lines Wells Fargo is reversing its decision to end personal lines of credit, a plan the bank released last month that did not fare well among consumers who use the credit product. The decision also drew criticism from...
