Nov 16, 2022 | Federal Regulation, News
Arizona Voters Approve New Limits on Consumer Debt Collection In last week’s elections, Arizona voters approved Proposition 209, a measure that will lower interest rates on medical debt and raise borrower protections from debt collectors. Although the measure had...
Nov 14, 2022 | Banks & Credit Unions, News
Credit Card Debt Back to Pre-Pandemic Levels In September, total credit card balances in the U.S. jumped to $916 billion, which is almost identical to where it was before the pandemic, according to credit-reporting firm Equifax. Balances rose 9 percent from January,...
Nov 11, 2022 | Congressional Legislation, News
Three Days after Election, Control of House and Senate Still Undecided; Key Financial Services Policymakers Win Re-Election While Republicans were widely expected by most prognosticators to take a sizeable majority in the House of Representatives and have a chance at...
Nov 9, 2022 | Federal Regulation, News
CFPB Launches Rulemaking Process to Strengthen Personal Financial Data Rights The Consumer Financial Protection Bureau (CFPB) recently launched a rulemaking process which it says is intended to help strengthen consumers’ control over and access to their financial...
Nov 7, 2022 | Financial Literacy, News
U.S. Personal Savings Rates Drop to Lowest Point Since Great Recession The U.S. personal saving rate, or what percentage of a consumer’s disposable income is left over after they pay taxes and spend money, reached its lowest level since the Great Depression when it...
Nov 4, 2022 | Federal Regulation, FinTech, News
OCC Announces Plans to Establish Office of Financial Technology Last week, the Office of the Comptroller of the Currency (OCC) announced plans to create an Office of Financial Technology in 2023 to help the agency adapt to the changing banking landscape. The office...
Nov 2, 2022 | Federal Regulation, News
CFPB Response in TransUnion Case Lays Groundwork for Potential Appeal to Fifth Circuit Ruling Last month, the Fifth Circuit Court of Appeals issued a long-awaited ruling which found that the independent funding mechanism Congress established to insulate the Consumer...
Oct 31, 2022 | Federal Regulation, News
NYDFS Superintendent Wants to Take Leading Role on Setting Nationwide Regulatory Agenda, Starting with Crypto Adrienne Harris, who was confirmed in January to be superintendent of the New York State Department of Financial Services (NYDFS), recently said in an...
Oct 28, 2022 | Banks & Credit Unions, Federal Regulation, News
FDIC Releases 2021 National Survey of Unbanked and Underbanked Households Results, Finding that Number of Banked Households Rose to Nearly 96 Percent Earlier this week, the Federal Deposit Insurance Corporation (FDIC) released the results of its 2021 National Survey...
Oct 26, 2022 | Federal Regulation, Financial Literacy, News
CFPB Report Details Impacts of Overdraft Fees on Economically Insecure Older Adults The Consumer Financial Protection Bureau recently released a report highlighting how overdraft fees affect economically insecure older adults. Most financial institutions charge an...
