Mar 3, 2023 | Congressional Legislation, News
McHenry Introduces Data Privacy Legislation Last week, Rep. Patrick McHenry (R-N.C.), Chairman of the House Financial Services Committee (HFSC), introduced the Data Privacy Act of 2023, which is meant to modernize financial data privacy laws by requiring financial...
Mar 1, 2023 | Federal Regulation, Litigation, News
Supreme Court Opts to Hear CFPB Funding Case On Monday, the Supreme Court of the United States announced its long-awaited decision to hear a landmark case in its next term, Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of...
Feb 27, 2023 | Federal Regulation, News
CFPB Accuses Big Credit Card Companies of Hurting Consumer Credit Scores by Failing to Report Payments The Consumer Financial Protection Bureau (CFPB) has accused the six largest credit card companies in the U.S. of hurting their customers’ credit scores by failing to...
Feb 24, 2023 | Banks & Credit Unions, News
NY Fed: U.S. Credit Card Balances Reach Nearly $1 Trillion The New York Fed’s Household Debt and Credit Report found that credit card balances rose to a record high of $986 billion in the fourth quarter of 2022 amid high prices and consistent consumer spending. Total...
Feb 22, 2023 | Financial Literacy, News
Morning Consult Survey: Most Adults with Financial Goals Confident They Will Make Progress This Year, While Many Struggle to Make Ends Meet A recent Morning Consult survey found that 75 percent of Americans with 2023 financial goals are confident they will make...
Feb 20, 2023 | Federal Regulation, News
Biden Taps Fed’s Brainard for National Economic Council Director Last week, President Biden named Federal Reserve Vice Chair Lael Brainard as his top economic advisor, replacing outgoing NEC Director Brian Deese. Brainard will work alongside Treasury Secretary Janet...
Feb 17, 2023 | Congressional Legislation, News
Sen. Cramer Introduces Fair Access to Banking Act U.S. Senator Kevin Cramer (R-N.D.) recently introduced the Fair Access to Banking Act, which would prohibit financial institutions from limiting or denying services to certain industries. Banks would instead be...
Feb 15, 2023 | Banks & Credit Unions, News
Banks Tightening Credit Standards, According to Fed Survey The most recent quarterly senior loan officer opinion survey from the Federal Reserve found banks reporting both weaker demand and stricter standards for commercial and industrial real estate, consumer loans,...
Feb 13, 2023 | Financial Literacy, News
TransUnion Report Finds Consumers Looking to Credit Products to Make Ends Meet A recent TransUnion report highlighting credit activity in Q4 of 2022 found that credit card balances hit a record $931 billion, which increased 18.5 percent from the fourth quarter of...
Feb 10, 2023 | Federal Regulation, News
Banks to CFPB: Rule to Cut Late Fees Requires Small Business Review Small community banks and credit unions have recently stated that they will be forced to sue the Consumer Financial Protection Bureau (CFPB) if their plan to cut credit card late fees to $8 goes into...
