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...
New York Cracks Down on Credit Card Surcharges
New York Cracks Down on Credit Card Surcharges Earlier this month, a New York state law went into effect that mandates merchants provide more transparency surrounding credit card fees. It limits credit card surcharges to the amount charged to the business by the...
Chamber of Commerce, Industry Groups Warn FTC that Junk Fee Ban Faces Likely Legal Challenge
Chamber of Commerce, Industry Groups Warn FTC that Junk Fee Ban Faces Likely Legal Challenge The U.S. Chamber of Commerce and other industry groups recently warned the Federal Trade Commission (FTC) that its push to ban junk fees will likely face a legal challenge,...
Republican Reps Say FDIC has “Moved Innovation Backwards”
Republican Reps Say FDIC has “Moved Innovation Backwards” Representatives Patrick McHenry, chairman of the House Financial Services Committee; Andy Barr, chairman of the Financial Institutions and Monetary Policy Subcommittee; and French Hill, chairman of the Digital...
Bankrate Report Finds Only 44% of Adults in US Would Pay $1000 Emergency Expense from Savings
Bankrate Report Finds Only 44% of Adults in US Would Pay $1000 Emergency Expense from Savings Bankrate’s annual emergency savings report found that only 44 percent of U.S. adults say they would pay a minimum $1,000 emergency expense from their savings, which is up one...
CFPB Proposes Rule Limiting Banks’ Ability to Charge NSF Fees on Instantaneously-Declined Transactions
CFPB Proposes Rule Limiting Banks’ Ability to Charge NSF Fees on Instantaneously-Declined Transactions The Consumer Financial Protection Bureau (CFPB) recently proposed a new rule to prevent banks and financial institutions from charging non-sufficient funds (NSF)...
Supreme Court Signals It Will Claw Back Federal Agency Power
Supreme Court Signals It Will Claw Back Federal Agency Power Last week, the Supreme Court signaled that it will likely cut back the regulatory power of federal agencies when several justices indicated during a pair of arguments they were ready to overrule a legal...
