Minnesota AG Sues Three Tribal Lenders
Minnesota AG Sues Three Tribal Lenders Earlier this month, Minnesota Attorney General (AG) Keith Ellison filed a federal lawsuit against three Tribally-owned online lending companies, which his office says “issued thousands of loans to consumers in Minnesota that...
CFPB’s Biennial Credit Card Report Finds Consumers Paid More than $130 Billion in Interest and Fees in 2022
CFPB’s Biennial Credit Card Report Finds Consumers Paid More than $130 Billion in Interest and Fees in 2022 Recently, the Consumer Financial Protection Bureau (CFPB) released its biennial report on the consumer credit card market to Congress, which found that...
Average Retail Credit Card APR Reaches New Record High
Average Retail Credit Card APR Reaches New Record High Bankrate’s annual Retail Cards Study found that the average APR for retail credit cards reached a record high of 28.93 percent this year, up from 26.72 percent in 2022 and 24.35 percent in 2021. The average... CFPB Proposes Personal Financial Data Rights Rule
CFPB Proposes Personal Financial Data Rights Rule Last week, the Consumer Financial Protection Bureau (CFPB) proposed a Personal Financial Data Rights Rule, which it says will promote a shift toward open banking where consumers have more control over their financial...
40 Percent of Millennials Use Installment Plans to Improve Credit Scores
40 Percent of Millennials Use Installment Plans to Improve Credit Scores A recent PYMNTS Intelligence study found that 60 percent of U.S. consumers used installment plans to purchase products in the last year, many of whom do so with the goal of improving their credit... High Debt Consumers Average 14 Late Payments Per Year
High Debt Consumers Average 14 Late Payments Per Year A recent collaboration from PYMNTS Intelligence and Sezzle titled “The Credit Accessibility Series: Economic Malaise Exacerbating U.S. Consumer Debt Levels” found that roughly one-third of consumers struggle to... Report Finds 60% of Consumers Across All Income Levels Living Paycheck-to-Paycheck
Report Finds 60% of Consumers Across All Income Levels Living Paycheck-to-Paycheck A recent report from PYMNTS and LendingClub found that almost 60 percent of U.S. consumers across all income levels reported living paycheck-to-paycheck in August, a slight decrease...
Supreme Court Signals Skepticism on Claims CFPB is Unconstitutional
Supreme Court Signals Skepticism on Claims CFPB is Unconstitutional Since it was created, opponents of the Consumer Financial Protection Bureau (CFPB) have argued that its funding structure—among other elements—was unconstitutional. Last October, those opponents got a...
