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...
Oct 24, 2022 | Banks & Credit Unions, News
JPMorgan and Citigroup Say Strict Capital Requirements May Limit Lending Abilities Some of the biggest U.S. banks recently said that higher capital requirements that were bolstered after the 2008 financial crisis could hurt their lending abilities and amplify a...
Oct 21, 2022 | Federal Regulation, Litigation, News
Fifth Circuit Court of Appeals Finds CFPB Funding Mechanism is Unconstitutional On Wednesday night, the Fifth Circuit Court of Appeals issued a long-awaited ruling which found that the independent funding mechanism Congress established to insulate the Bureau from...
Oct 19, 2022 | FinTech, News
BNPL Remains Absent from Most Consumers’ Credit Scores Experian, Equifax, and TransUnion have recently begun allowing buy now, pay later (BNPL) lenders to report their short-term payment plans for consumers’ credit scores, but many of the largest BNPL companies...
Oct 17, 2022 | Congressional Legislation, News
House Republicans Press Acting Comptroller on Bank-Fintech Partnerships Last week, House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) led a group of Republicans from the Committee’s Task Force on Financial Technology in a letter to acting...
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,...
