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...
Apr 3, 2023 | Federal Regulation, News
OCC Establishes Office of Financial Technology, Appoints Chief Financial Technology Officer The Office of the Comptroller of the Currency (OCC) recently announced the establishment of the Office of Financial Technology, as well as the selection of Prashant Bhardwaj as...
Mar 31, 2023 | FinTech, News
LexisNexis Survey of Bank Decision Makers Finds Majority of Respondents Use Alternative Credit Data for New Applicants A recent LexisNexis Risk Solutions survey of nearly 225 senior decision makers for lending, marketing, and credit risk found that 65 percent of...
Mar 29, 2023 | Federal Regulation, News
CFPB Launches Inquiry Into Data Brokers’ Business Practices Earlier this month, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into companies that collect and track consumers’ personal data, giving the public an opportunity to share feedback about...
Mar 27, 2023 | Banks & Credit Unions, News
Survey Finds Consumer Trust in Banks Remains High Despite Recent Collapses A recent Morning Consult survey found that Americans’ trust in banks has remained high, despite the collapse of Signature Bank, Silicon Valley Bank (SVB), and Silvergate Capital Corp. 7 in 10...
Mar 24, 2023 | Federal Regulation, Litigation, News
As SCOTUS Plans to Make Determination, Second Circuit Rules CFPB’s Funding is Constitutional Last week, a three-judge panel of the U.S. Court of Appeals for the Second Circuit ruled that the funding of the Consumer Financial Protection Bureau (CFPB) through the...
Mar 22, 2023 | Financial Literacy, News
Americans Preparing for a Recession are Increasing Savings and Cutting Spending A recent Morning Consult survey found that 41 percent of U.S. adults are actively preparing for an economic downturn by saving and decreasing spending. Many are prepping for a recession by...
Mar 20, 2023 | Federal Regulation, News
CFPB Publishes Supervisory Highlights Report on Junk Fees Earlier this month, the Consumer Financial Protection Bureau (CFPB) released “Junk Fees Special Edition,” a Special Edition of its Supervisory Highlights report that discusses how the CFPB examines...
