CFPB Finalizes Rule to Create “Repeat Offender” Registry
CFPB Finalizes Rule to Create “Repeat Offender” Registry Last week, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will establish a registry to track people and companies that have repeatedly broken consumer protection laws. Non-bank...
Younger Consumers Struggling to Pay Credit Card Debts
Younger Consumers Struggling to Pay Credit Card Debts A recent report on first quarter household debt by the Federal Reserve Bank of New York found the share of credit card debt over 90 days past due rose to 10.7 percent in the first quarter, which is a 14-year high....
CFPB Proposes Regulating BNPL Loans Like Credit Cards
CFPB Proposes Regulating BNPL Loans Like Credit Cards Last week, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that considers Buy Now, Pay Later (BNPL) lenders to be credit card providers. The Bureau says that the move is meant to protect...
Amid Scandal, Gruenberg Announces Plans to Resign Once Successor is Approved
Amid Scandal, Gruenberg Announces Plans to Resign Once Successor is Approved Federal Deposit Insurance Corp (FDIC) Chairman Martin Gruenberg announced last week that he plans to step down after the Special Review Committee’s recent report detailing sexual harassment,... CFPB Director Chopra Says Agency “Will Be Firing on All Cylinders” after SCOTUS Ruling
CFPB Director Chopra Says Agency “Will Be Firing on All Cylinders” after SCOTUS Ruling After years of uncertainty regarding the Consumer Financial Protection Bureau (CFPB)’s legal status as a pending lawsuit made its way through the legal system, the...
Supreme Court Issues Long-Awaited CFPB Ruling, Rejecting Challenge and Affirming Constitutionality of Funding Mechanism
Supreme Court Issues Long-Awaited CFPB Ruling, Rejecting Challenge and Affirming Constitutionality of Funding Mechanism Earlier today, the Supreme Court handed down its 7-2 decision in Consumer Financial Protection Bureau v. Community Financial Services of America, a... FDIC Special Review Committee Releases Scathing Independent Report on Workplace Misconduct and Culture
FDIC Special Review Committee Releases Scathing Independent Report on Workplace Misconduct and Culture Last week, the FDIC released the report from the independent third-party review, led by the law firm Cleary Gottlieb Steen & Hamilton LLP, into allegations of...
Federal Reserve Survey of Lending Officers Finds U.S. Banks Reported Stricter Credit Standards in Q1 2024
Federal Reserve Survey of Lending Officers Finds U.S. Banks Reported Stricter Credit Standards in Q1 2024 According to the Federal Reserve’s “April 2024 Senior Loan Officer Opinion Survey on Bank Lending Practices,” released on Monday, many banks tightened their...
