More than Half of Americans Could Not Cover a Surprise $400 Expense, New Survey Finds
More than Half of Americans Could Not Cover a Surprise $400 Expense, New Survey Finds A recent poll conducted by Morning Consult for Bloomberg News found that most Americans would not be able to cover a surprise $400 expense without going into debt. Roughly one-third...
Catawba Indian Nation Passes Banking Code to Attract Banks and Fintechs
Catawba Indian Nation Passes Banking Code to Attract Banks and Fintechs Last month, the Catawba Indian Nation in South Carolina passed a banking code to attract both traditional and new financial activity to its reservation. It is headed by the Catawba Digital...
Almost 3/4 of Millennials Living Paycheck to Paycheck, Report Finds
Almost 3/4 of Millennials Living Paycheck to Paycheck, Report Finds A new PYMNTS report in collaboration with LendingClub found that 73.2 percent of millennials, nearly three quarters, are living paycheck to paycheck, which is a significantly higher share than other...
FDIC and OCC Take Aim at Certain Overdraft Practices
FDIC and OCC Take Aim at Certain Overdraft Practices Last month, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) warned financial institutions about overdraft practices that they consider unfair or deceptive, saying...
80 Million Consumers Lack Reliable Credit Access, Report Finds
80 Million Consumers Lack Reliable Credit Access, Report Finds A recent PYMNTS report in collaboration with Sezzle entitled “How Credit Insecurity Is Changing U.S. Consumers’ Borrowing Habits” found that 31 percent of U.S. consumers—nearly 80 million individuals—are...
House Financial Services Committee Passes CFPB Reform Bill
House Financial Services Committee Passes CFPB Reform Bill During a House Financial Services Committee markup last week, 14 legislative proposals passed the committee, clearing them for consideration before the full House. One of these, the CFPB Transparency and... Morning Consult Report Finds Consumers Are Worse Off Financially Now Than Last Year
Morning Consult Report Finds Consumers Are Worse Off Financially Now Than Last Year Morning Consult’s State of Consumer Banking and Payments report found that consumers are worse off financially than they were last year, amidst evolving economic conditions, increased...
Four Biggest Lenders in U.S. Wrote Off $3.4B in Bad Consumer Loans in Q1 2023
Four Biggest Lenders in U.S. Wrote Off $3.4B in Bad Consumer Loans in Q1 2023 The four biggest U.S. lenders—Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co.—wrote off a combined $3.4 billion in bad consumer loans during the...
