Dec 14, 2023 | Federal Regulation, FinTech, News
OCC Issues BNPL Guidance Last week, the Office of the Comptroller of the Currency (OCC) issued guidance to national banks and federal savings associations addressing what it says are the risks of “buy now, pay later” (BNPL) lending. BNPL products present compliance,...
Dec 6, 2023 | Federal Regulation, News
CFPB’s Plan to Crack Down on Overdraft Fees Expected in December Officials from the Consumer Financial Protection Bureau (CFPB) have recently told industry executives that the agency will most likely reveal its plan to crack down on overdraft fees this month. The...
Nov 30, 2023 | Federal Regulation, News
FDIC Under Fire After Report of Sexual Harassment, Other Misconduct The Wall Street Journal recently published an explosive report highlighting the “toxic atmosphere” described by current and former employees of the Federal Deposit Insurance Corp., including 20 women...
Nov 28, 2023 | Congressional Legislation, Federal Regulation, News
Banking Trade Groups Argue Interest Rate Cap Could Impact Subprime Borrowers’ Credit Access In a recent joint letter to lawmakers, seven bank trade groups warned that the Military Lending Act, which would impose a 36 percent interest rate cap on consumer loans, could...
Nov 2, 2023 | Banks & Credit Unions, Federal Regulation, News
CFPB’s Biennial Credit Card Report Finds Consumers Paid More than $130 Billion in Interest and Fees in 2022 Recently, the Consumer Financial Protection Bureau (CFPB) released its biennial report on the consumer credit card market to Congress, which found that...
Oct 26, 2023 | Federal Regulation, News
CFPB Proposes Personal Financial Data Rights Rule Last week, the Consumer Financial Protection Bureau (CFPB) proposed a Personal Financial Data Rights Rule, which it says will promote a shift toward open banking where consumers have more control over their financial...
