Apr 26, 2023 | Banks & Credit Unions, News
Four Biggest Lenders in U.S. Wrote Off $3.4B in Bad Consumer Loans in Q1 2023 The four biggest U.S. lenders—Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co.—wrote off a combined $3.4 billion in bad consumer loans during the...
Apr 24, 2023 | Federal Regulation, News
Yellen Warns of Tougher Lending Environment in Aftermath of Bank Failures Following the recent failures of Silicon Valley Bank and Signature Bank, U.S. Treasury secretary Janet Yellen warned that a tougher lending environment could affect the Federal Reserve’s...
Apr 21, 2023 | Federal Regulation, News
CFPB Reveals Massive Data Breach Last month, a former employee of the Consumer Financial Protection Bureau (CFPB) forwarded confidential information of over 250,000 consumers to a personal email account, an incident that the CFPB considered a “major” data breach. The...
Apr 19, 2023 | Financial Literacy, News
Fed Survey: Consumers’ Access to Credit Was at Toughest Level in Nearly a Decade Last Month Earlier this month, the Federal Reserve Bank of New York’s Center for Microeconomic Data released the Survey of Consumer Expectations for March 2023. The survey found...
Apr 14, 2023 | Financial Literacy, News
More Than Half of Workforce Likely to Look for New Job Within the Next Year A new report from Bankrate found that 56 percent of U.S. adults who are employed or seeking a new job are likely going to look for a new job over the next year, which is up from 51 percent who...
Apr 12, 2023 | FinTech, News
Governments Around the World Exploring BNPL Regulation Governments around the world have started considering regulations to apply many existing credit laws to the buy now, pay later (BNPL) market. Since the BNPL market began, it has been mostly free from government...
Apr 10, 2023 | Federal Regulation, News
CFPB Releases Policy Statement on Abusive Acts or Practices Last week, the Consumer Financial Protection Bureau (CFPB) issued a policy statement reminding lenders of its prohibition against abusive acts and practices in the consumer financial market, which was created...
Apr 7, 2023 | Financial Literacy, News
New Study Finds Most Savers Earning Below 3% Despite Better Options A new Bankrate report found that only 22 percent of savers are earning at least 3 percent or more on their accounts, while 75 percent of online accounts offer an annual percentage yield (APY) higher...
Apr 5, 2023 | Federal Regulation, News
CFPB Finalizes Rule on Small Business Lending Data Last week, the Consumer Financial Protection Bureau (CFPB) finalized a rule that they say will increase transparency with small business lending, fight against unlawful discrimination, and promote economic...
