Feb 27, 2023 | Federal Regulation, News
CFPB Accuses Big Credit Card Companies of Hurting Consumer Credit Scores by Failing to Report Payments The Consumer Financial Protection Bureau (CFPB) has accused the six largest credit card companies in the U.S. of hurting their customers’ credit scores by failing to...
Feb 20, 2023 | Federal Regulation, News
Biden Taps Fed’s Brainard for National Economic Council Director Last week, President Biden named Federal Reserve Vice Chair Lael Brainard as his top economic advisor, replacing outgoing NEC Director Brian Deese. Brainard will work alongside Treasury Secretary Janet...
Feb 10, 2023 | Federal Regulation, News
Banks to CFPB: Rule to Cut Late Fees Requires Small Business Review Small community banks and credit unions have recently stated that they will be forced to sue the Consumer Financial Protection Bureau (CFPB) if their plan to cut credit card late fees to $8 goes into...
Feb 3, 2023 | Federal Regulation, News
CFPB Releases Proposal Slashing Credit Card Late Fees The Consumer Financial Protection Bureau (CFPB) recently issued a proposed rule that it says will rein in excessive credit card late fees that cost Americans nearly $12 billion every year. The Bureau alleges that...
Jan 27, 2023 | Banks & Credit Unions, Federal Regulation, News
Acting Comptroller Warns that “Too Big to Manage” Banks May be Broken Up At a recent event hosted by The Brookings Institution, Acting Comptroller of the Currency Michael Hsu warned that banks whose size is too large to address internal weaknesses and adhere to...
Jan 25, 2023 | Federal Regulation, News
CFPB Proposes Rule to Rein in Nonbank Arbitration Contracts Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to establish a public registry of supervised nonbanks’ terms and conditions in contracts that claim to limit or...
