Oct 9, 2023 | Federal Regulation, Litigation, News
Supreme Court Signals Skepticism on Claims CFPB is Unconstitutional Since it was created, opponents of the Consumer Financial Protection Bureau (CFPB) have argued that its funding structure—among other elements—was unconstitutional. Last October, those opponents got a...
Oct 5, 2023 | FinTech, News
Fed Report Finds BNPL Loans Increase Financial Inclusion The Federal Reserve Bank of New York recently found that buy now/pay later (BNPL) loans have helped consumers pay off debt at a lower cost than traditional loans, despite consumer advocates urging regulators to...
Oct 3, 2023 | Congressional Legislation, Federal Regulation, News
Senate Advances SAFER Banking Act, Sending Legislation to Senate Floor Last week, the Senate Banking Committee approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, a week after it was filed with revisions to garner more bipartisan buy-in. The...
Sep 26, 2023 | Federal Regulation, News
CFPB Launches Rulemaking to Remove Medical Debt from Credit Reports Last week, the Consumer Financial Protection Bureau (CFPB), announced a new rulemaking process to remove medical debts from Americans’ credit reports. The Bureau says that the proposals under...
Sep 21, 2023 | Congressional Legislation, News
Senate Banking Committee Schedules Vote on SAFE Banking Act On September 27, the Senate Committee on Banking, Housing, and Urban Affairs is set to hold a vote on the Secure and Fair Enforcement (SAFE) Banking Act, which would make it easier for financial institutions...
Sep 19, 2023 | Congressional Legislation, News
Sen. Josh Hawley Proposes Legislation to Cap Credit Card Interest Rates at 18% Last week, Senator Josh Hawley (R-Mo.) introduced legislation that would cap the maximum interest rate credit cards could charge annually at 18 percent. By comparison, the average credit...
Sep 11, 2023 | Federal Regulation, News
Senate Confirms Biden’s Fed Nominees Last week, the Senate confirmed three of President Biden’s Federal Reserve nominees: Philip Jefferson to serve as the Fed’s vice chair, Adriana Kugler to serve on the Fed’s Board of Governors, and the renomination of Lisa Cook to...
Sep 8, 2023 | Banks & Credit Unions, News
Pressure Building in Consumer Loans, According to Latest Fed Data Recent data from the Federal Reserve found heightened pressure in consumer lending, as household debt reached $17 trillion and credit card debt was estimated to surpass the $1 trillion milestone....
Sep 5, 2023 | Banks & Credit Unions, News
ATM Fees Hit Record High as Overdraft and NSF Fees Drop Bankrate’s annual Checking Account and ATM Fee Study found that the average combined ATM fee for out-of-network withdrawals was $4.73, which surpassed the previous average high of $4.72 in 2019. Alternatively,...
Aug 29, 2023 | Financial Literacy, News
High-Income Urban Consumers 25% More Likely than Suburban Ones to Live Paycheck-to-Paycheck A recent study by PYMNTS and LendingClub entitled “New Reality Check: The Regional Divide Edition” found that city dwellers are feeling the financial pressure of increased...
