FDIC, Federal Reserve, and OCC Release Guidance for Banks Partnering with Third Parties
FDIC, Federal Reserve, and OCC Release Guidance for Banks Partnering with Third Parties The Federal Deposit Insurance Corp. (FDIC), Federal Reserve, and Office of the Comptroller of the Currency (OCC) have issued guidance regarding how financial institutions should...
CFPB Director Rohit Chopra Testifies Before House, Senate Committees
CFPB Director Rohit Chopra Testifies Before House, Senate Committees Last week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified at hearings before the House Financial Services Committee and Senate Banking Committee to present the CFPB’s...
America’s Credit Card Debt Passes $1 Trillion
America’s Credit Card Debt Passes $1 Trillion Last month, America’s credit card balance was set to surpass $1 trillion with the average interest rate on a new credit card currently at 24 percent, which is the highest figure seen since the Reagan administration....
CFPB Orders OneMain to Pay $20 Million in Penalties and Redress
CFPB Orders OneMain to Pay $20 Million in Penalties and Redress Last week, the Consumer Financial Protection Bureau (CFPB) ordered installment lender OneMain Financial to pay $20 million in penalties and redress due to a failure to refund interest that was charged to...
Latest Federal Reserve Economic Well-Being Report Finds Self-Reported Financial Well-Being Declined in 2022
Latest Federal Reserve Economic Well-Being Report Finds Self-Reported Financial Well-Being Declined in 2022 Last month, the Federal Reserve issued its “Economic Well-Being of U.S. Households in 2022” report, which shows that higher prices have negatively impacted the...
CFPB Report Finds Overdraft and NSF Fee Revenue Dropped by Nearly 50% in Q4 2022
CFPB Report Finds Overdraft and NSF Fee Revenue Dropped by Nearly 50% in Q4 2022 The Consumer Financial Protection Bureau (CFPB) recently released a report highlighting overdraft and non-sufficient funds (NSF) fee revenue, finding that revenue for the fourth quarter...
Nearly 40% of Americans Facing Difficulties Making Ends Meet, Census Finds
Nearly 40% of Americans Facing Difficulties Making Ends Meet, Census Finds The Census Bureau’s most recent Household Pulse Survey showed that 38.5 percent of American adults, or 89.1 million people, faced hardship in paying their typical home expenses between April 26...
Sens. Scott, Manchin Reintroduce Credit Access and Inclusion Act
Sens. Scott, Manchin Reintroduce Credit Access and Inclusion Act Last week, U.S. Senators Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Joe Manchin (D-W.Va.) reintroduced the Credit Access and Inclusion Act. The... 