Oct 14, 2022 | Congressional Legislation, Litigation, News
State AGs Sue to Halt Cancellation of Student Loan Debt Last month, Attorneys General in several states filed a complaint against President Biden, Secretary of Education Miguel Cardona, and the U.S. Department of Education seeking to block the implementation of the...
Oct 13, 2022 | NAFSA News, Tribal Sovereignty
A special conversation with Chairman John R. Shotton (Otoe-Missouria Tribe of Oklahoma and Chairman, NAFSA, Board of Directors) As part of our celebration of the Native American Financial Services Association’s (NAFSA) 10-year anniversary, we will be bringing you a...
Oct 12, 2022 | FinTech, News
Afterpay Expands from Pay-in-4 BNPL Offerings to Interest-Bearing Loans Buy Now, Pay Later (BNPL) company Afterpay recently announced that it is adding a monthly payment option at the point of sale for users to choose to stretch payments for certain items for up to a...
Oct 10, 2022 | Banks & Credit Unions, News
Banks Still Hesitant To Offer Small-Dollar Loans Due to Regulatory Risk While several major retail banks in the United States—including US Bancorp, Bank of America Corp., Wells Fargo & Co., and four others—are now issuing or have announced plans to issue flat-fee,...
Oct 7, 2022 | Financial Literacy, News
LendingClub CEO: Paycheck-to-Paycheck Living is Akin to the Climate Crisis PYMNTS recently partnered with LendingClub to produce the “New Reality Check: the Paycheck-to-Paycheck Report,” which tracks how Americans are affording the cost of living. LendingClub CEO...
Oct 5, 2022 | Federal Regulation, News
CFPB to Toughen Caps on Credit Card Late Fees Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra has set a framework for the CFPB to issue a rule next year to determine if credit card late fees are set at reasonable levels, and whether they should...
Oct 3, 2022 | Financial Literacy, News
Report Finds that More Americans Carry Credit Card Debt for Longer Periods of Time A recent survey conducted by YouGov for CreditCards.com reports a 10 point rise from last year in the number of people who have been in credit card debt for 12 months or more. According...
Sep 30, 2022 | Federal Regulation, News
White House Nominates Two Republican FDIC Board Members, Plans to Nominate Permanent Leader in Coming Weeks Last week President Joe Biden nominated two Republicans to fill minority party positions on the board of the Federal Deposit Insurance Corp. (FDIC), and said he...
Sep 28, 2022 | FinTech, News
Buy Now Pay Later Delinquencies on the Rise As buy now, pay later (BNPL) services have risen in popularity, delinquencies have also increased as inflation is making it more difficult for consumers to pay off debt. BNPL products are typically used by younger borrowers...
Sep 26, 2022 | Congressional Legislation, News
Republican Ranking Members on House Oversight and Financial Services Committees Press CFPB Director to Justify His Authority In a letter sent last week by Reps. Patrick McHenry (R-N.C.) and James Comer (R-Ky.) to CFPB Director Rohit Chopra, the pair of Republican...
