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...
Aug 23, 2023 | Federal Regulation, News
CFPB Announces Rule to Limit Types of Consumer Data that Can be Sold by Data Brokers Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said last week at a White House roundtable that the agency plans to propose a rule under the Fair Credit Reporting...
Aug 17, 2023 | Federal Regulation, News
Federal Reserve Launches New Supervisory Program to Oversee Crypto and Nonbank Partnerships Earlier this month, the Federal Reserve announced the launch of a new supervisory program for the banks it supervises to oversee activities surrounding cryptocurrency,...
Aug 14, 2023 | Banks & Credit Unions, News
U.S. Banks Report Nearly $19 Billion in Loan Losses During Q2 Earlier this month, U.S. banks reported $18.9 billion in loan losses during the second quarter of 2023, according to a report from the Financial Times (FT). That figure is the highest loan-loss rate seen in...
Aug 9, 2023 | Financial Literacy, News
54 Million Adults Have Had Credit Card Balances For More Than a Year A new Bankrate report found that 60 percent of U.S. adults who carry a balance on their credit card, or 54 million people, have carried a balance for at least a year—a rate that is unchanged from...
Aug 2, 2023 | Financial Literacy, News
52% of Gen Z Borrow Money to Make Ends Meet A recent collaboration between PYMNTS and LendingClub, entitled “New Reality Check: The Paycheck-to-Paycheck Report — The Household Finances Deep Dive Edition,” found that members of Gen Z are the most likely to have...
Jul 26, 2023 | Federal Regulation, Litigation, News
Supreme Court Schedules Arguments in CFPB Constitutionality Case for October The Supreme Court recently announced its October argument calendar—the first month of the court’s next annual term—which includes the case involving the constitutionality of the Consumer...
