Jun 7, 2023 | Federal Regulation, News
CFPB Orders OneMain to Pay $20 Million in Penalties and Redress Last week, the Consumer Financial Protection Bureau (CFPB) ordered installment lender OneMain Financial to pay $20 million in penalties and redress due to a failure to refund interest that was charged to...
Jun 2, 2023 | Financial Literacy, News
Latest Federal Reserve Economic Well-Being Report Finds Self-Reported Financial Well-Being Declined in 2022 Last month, the Federal Reserve issued its “Economic Well-Being of U.S. Households in 2022” report, which shows that higher prices have negatively impacted the...
May 31, 2023 | Banks & Credit Unions, Federal Regulation, News
CFPB Report Finds Overdraft and NSF Fee Revenue Dropped by Nearly 50% in Q4 2022 The Consumer Financial Protection Bureau (CFPB) recently released a report highlighting overdraft and non-sufficient funds (NSF) fee revenue, finding that revenue for the fourth quarter...
May 29, 2023 | Financial Literacy, News
Nearly 40% of Americans Facing Difficulties Making Ends Meet, Census Finds The Census Bureau’s most recent Household Pulse Survey showed that 38.5 percent of American adults, or 89.1 million people, faced hardship in paying their typical home expenses between April 26...
May 26, 2023 | Congressional Legislation, News
Sens. Scott, Manchin Reintroduce Credit Access and Inclusion Act Last week, U.S. Senators Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Joe Manchin (D-W.Va.) reintroduced the Credit Access and Inclusion Act. The...
May 24, 2023 | Financial Literacy, News
US Credit Card Debt Declined at Slower Pace than Usual in Q1 2023 Recent data released by TransUnion shows that U.S. credit card debt declined at a slower pace than it usually does during the first quarter of each year. Since 2013, the average drop in credit card...
May 22, 2023 | Financial Literacy, News
Report Finds Majority of U.S. Adults Say Money Has A Negative Impact on their Mental Health A Bankrate report released earlier this month found that money has a negative impact on the mental health of 52 percent of U.S. adults, up from 42 percent in 2022. This group...
May 19, 2023 | Congressional Legislation, Litigation, News
144 Current and Former Members File Amicus Brief Supporting CFPB in SCOTUS Case Earlier this month, Congresswoman Maxine Waters (D-Calif.), top Democrat on the House Financial Services Committee (HFSC), and Senator Sherrod Brown (D-Ohio), Chairman of the Senate...
May 17, 2023 | Federal Regulation, News
NY AG James Releases Draft Legislation to Regulate Crypto New York Attorney General Letitia James, recently proposed a state law entitled The Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act, which would require independent audits of crypto...
May 15, 2023 | Congressional Legislation, News
Senate Banking Committee Holds Cannabis Banking Hearing Last week, the Senate Banking Committee held a hearing entitled “Examining Cannabis Banking Challenges of Small Businesses and Workers” to discuss cannabis banking issues, as well as bipartisan legislation aimed...
