Jan 16, 2023 | Financial Literacy, News
More Consumers Rolling Over Credit Card Debt from Month-to-Month A new Bankrate report released last week found that the number of adults carrying credit card debt from month to month jumped six points from last year to 35 percent. It also found that roughly 46...
Jan 13, 2023 | Financial Literacy, News
Credit Card Rates Poised to Hit 40-Year High This Year Credit card interest rates are expected to reach an average of 20.5 percent by the last week of 2023, up from 19.6 percent in the last week of 2022. This is the highest average seen in 40 years, which is painful...
Jan 11, 2023 | Federal Regulation, News
CFPB Creates “Repeat Offender Unit” to Target Large Banks In a recent report about its supervisory activity, the Consumer Financial Protection Bureau (CFPB) said that it had created a “repeat offender unit” to monitor large banks that frequently violate consumer...
Jan 9, 2023 | Financial Literacy, News
Big Banks Predicting Recession This Year More than two-thirds of economists at 23 big financial institutions that do business with the Federal Reserve are predicting that the U.S. will have a recession in 2023, and two others predict a recession in 2024. The...
Jan 6, 2023 | Federal Regulation, News
CFPB Exploring New Rules for Credit Reporting Companies The Consumer Financial Protection Bureau (CFPB) recently released an annual report on deficiencies in how credit reporting companies respond to consumer complaints. The report includes considerations for how the...
Jan 4, 2023 | Financial Literacy, News
Survey: Nearly 2 in 3 Americans Do Not Expect Personal Finances to Improve in 2023 A new Bankrate report found that only 34 percent of Americans expect their personal financial state to improve in 2023, leaving nearly two-thirds who do not expect their finances to...
Jan 2, 2023 | Congressional Legislation, News
Republican Senators Introduce Legislation to Reform Fed Last month, as one of his last acts before leaving the Senate this week, Committee on Banking, Housing, and Urban Affairs Ranking Member Sen. Pat Toomey (R-Pa.) introduced the Federal Reserve Accountability Act,...
Dec 30, 2022 | Banks & Credit Unions, FinTech, News
Survey: Most Americans Think Crypto and Fintech Companies Aren’t Held to Same Regulatory Standards as Banks A recent Consumer Bankers Association (CBA) survey found that nearly 90 percent of Americans are concerned that crypto and fintech companies are not held...
Dec 28, 2022 | FinTech, News
Sources Say Walmart Plans to Offer BNPL Loans Through Its Fintech Venture Walmart is planning to launch buy now, pay later (BNPL) loans through its majority-owned fintech venture as early as next year, according to three people familiar with the matter. The service...
Dec 26, 2022 | Congressional Legislation, News
Toomey Proposes Legislation to Change CFPB’s Leadership Structure to Bipartisan Board Just a few weeks before he is set to leave office, Senator Pat Toomey (R-Pa.), ranking member of the Senate Banking Committee, alongside Senator Bill Hagerty (R-Tenn.), introduced...
