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...
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... 