Jul 27, 2022 | Congressional Legislation, News
Congressional Democrats Renew Push to Pass Overdraft Fee Legislation Last month, sources told American Banker that the House Financial Services Committee had set aside the Overdraft Protection Act, a bill introduced by Rep. Carolyn Maloney (D-N.Y) to introduce a...
Jul 25, 2022 | Federal Regulation, News
Michigan Rate Cap Initiative Fails to Make Ballot Last week, Michigan’s Board of Canvassers declined to certify a proposal to cap interest rates on certain loans that campaign organizers hoped to put on the Michigan ballot in November. While the group organizing the...
Jul 22, 2022 | Federal Regulation, News
CFPB Creates Oversight Office to Deal with Congressional Probes A recent internal memo authored by Deputy CFPB Director Zixta Q. Martinez revealed that the Consumer Financial Protection Bureau (CFPB) is creating a new Office of Oversight to manage an expected increase...
Jul 20, 2022 | Federal Regulation, News
N.Y. Department of Financial Services Announces New Guidance on Overdraft and NSF Fees The New York State Department of Financial Services (NYDFS) recently issued new guidance prohibiting unfair and deceptive overdraft and nonsufficient funds (NSF) fees. “Access to...
Jul 18, 2022 | Financial Literacy, News
Credit Cardholder Confidence Plunged in June to Lowest Level in Four Years According to LendingTree’s Credit Card Confidence Index, a monthly look at the mindset and payment habits of credit card holders in the United States, confidence sharply declined last month to...
Jul 15, 2022 | Federal Regulation, News
Barr Confirmed for Fed Vice Chair of Supervision On Wednesday, The U.S. Senate confirmed Michael Barr to serve as Vice Chair of Supervision at the Federal Reserve (Fed), where many expect that he will crack down on big banks while being open to new fintechs playing a...
