Consumer Financial Services Industry Trade Groups File Lawsuit Asking Court to Strike Down Colorado DIDMCA Opt-Out
Consumer Financial Services Industry Trade Groups File Lawsuit Asking Court to Strike Down Colorado DIDMCA Opt-Out Last year, the Colorado legislature passed, and Governor Jared Polis signed into law, Colorado HB23-1229, which opted the state out of Section 521 of the...
Trade Groups Challenge CFPB Credit Card Rule in Court, CFPB Accuses Them of “Forum Shopping” for Favorable Judge
Trade Groups Challenge CFPB Credit Card Rule in Court, CFPB Accuses Them of “Forum Shopping” for Favorable Judge At the beginning of March, the Consumer Financial Protection Bureau (CFPB) finalized its rule cutting the typical credit card late free from $32 to $8. Two...
Michigan Senate Passes 36% Rate Cap on Payday Loans
Michigan Senate Passes 36% Rate Cap on Payday Loans After Michigan’s Board of State Canvassers declined to certify a ballot initiative proposal to cap interest and fees on payday loans in 2022, the Michigan State Senate last week passed legislation that would cap...
New Report Finds Half of Loan Applicants Have Been Denied Since Fed Rate Increases Began Two Years Ago
New Report Finds Half of Loan Applicants Have Been Denied Since Fed Rate Increases Began Two Years Ago According to a new Bankrate report, half of applicants have been turned down for a loan or financial product since the Federal Reserve began raising interest rates... CFPB Finalizes Rule Cutting Credit Card Late Fees to $8
CFPB Finalizes Rule Cutting Credit Card Late Fees to $8 Earlier this week, the Consumer Financial Protection Bureau (CFPB) finalized a rule cutting credit card late fees from an average of $32 to $8, which the Bureau says will curb fees that cost American families...
House Financial Services Chairman Patrick McHenry Reintroduces Financial Services Innovation Act to Establish Regulatory “Sandboxes”
House Financial Services Chairman Patrick McHenry Reintroduces Financial Services Innovation Act to Establish Regulatory “Sandboxes” Last week, House Financial Services Chairman Patrick McHenry reintroduced the Financial Services Innovation Act, legislation that would... Americans Spent Roughly $25 Billion in Credit Card Interest Last Year
Americans Spent Roughly $25 Billion in Credit Card Interest Last Year A recent analysis by the Consumer Financial Protection Bureau (CFPB) found that the average annual percentage rate (APR) on credit cards almost doubled in 2023 to 22.8 percent from 12.9 percent in...
Americans With Lower Credit Scores Use BNPL More Often
Americans With Lower Credit Scores Use BNPL More Often New research from the Federal Reserve Bank of New York found that Americans already facing financial hardship are more frequent and intensive users of “buy now, pay later” (BNPL) offerings, with the majority of...
