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...
Jul 20, 2023 | Financial Literacy, News
Consumer Borrowing Slows to More than Two-Year Low Recent Federal Reserve data showed that in May, U.S. consumer borrowing slowed to a more than two-year low, which is the first decline in non-revolving credit since the beginning of the pandemic. Total credit rose...
Jul 18, 2023 | Banks & Credit Unions, News
Wells Fargo Promotes Head of Native American Banking to Managing Director Earlier this month, Wells Fargo promoted Dawson Her Many Horses, a member of the Rosebud Sioux Tribe of South Dakota, to managing director, making him one of the first enrolled tribal members to...
Jul 13, 2023 | Financial Literacy, News
Experian Research Finds Having Established Credit History Helps Young Consumers Feel Financially Independent Recent Experian research found that 54 percent of millennials and Gen Zers consider themselves at least somewhat financially reliant on their parents, with 23...
Jul 11, 2023 | Financial Literacy, News
Americans Paid 14% More for Financial Services in 2022, Spending Nearly $350 Billion on Interest and Fees A new report from the Financial Health Network found that Americans paid 14 percent more for financial services in 2022 due to increased interest rates on loans,...
