Recent Study Finds Illinois Rate Cap Reduced Access to Credit
Recent Study Finds Illinois Rate Cap Reduced Access to Credit A recent study found that the 36 percent interest rate cap on consumer loans imposed by the 2021 Illinois Predatory Loan Prevention Act (PLPA) decreased the availability of small-dollar credit and worsened...
Majority of Adults in U.S. Unable to Afford $1,000 Emergency Expense
Majority of Adults in U.S. Unable to Afford $1,000 Emergency Expense A recent Bankrate report found that 57 percent of U.S. adults could not afford a $1,000 emergency expense. When asked how they would pay for an emergency expense, only 43 percent said they would use...
Acting Comptroller Warns that “Too Big to Manage” Banks May be Broken Up
Acting Comptroller Warns that “Too Big to Manage” Banks May be Broken Up At a recent event hosted by The Brookings Institution, Acting Comptroller of the Currency Michael Hsu warned that banks whose size is too large to address internal weaknesses and adhere to...
CFPB Proposes Rule to Rein in Nonbank Arbitration Contracts
CFPB Proposes Rule to Rein in Nonbank Arbitration Contracts Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to establish a public registry of supervised nonbanks’ terms and conditions in contracts that claim to limit or...
More Than a Quarter of Checking Account Holders Paying Fees Every Month
More Than a Quarter of Checking Account Holders Paying Fees Every Month A new Bankrate study found that 27 percent of U.S. adults, or 57 million people, currently pay monthly fees for their checking accounts, such as routine service charges, ATM fees, and overdraft...
McHenry Announces House Financial Services Subcommittee Chairs, New Subcommittee on Digital Assets, Financial Technology, and Inclusion
McHenry Announces House Financial Services Subcommittee Chairs, New Subcommittee on Digital Assets, Financial Technology, and Inclusion House Financial Services Committee Chair Patrick McHenry (R-N.C.) recently announced the committee’s subcommittee chairs for the...
Yellen Agrees to Stay on as Treasury Secretary Through End of Biden’s First Term
Yellen Agrees to Stay on as Treasury Secretary Through End of Biden’s First Term Treasury Secretary Janet Yellen agreed to remain in her position through the rest of Biden’s presidential term as the White House faces growing challenges like the need to raise the... More Consumers Rolling Over Credit Card Debt from Month-to-Month
More Consumers Rolling Over Credit Card Debt from Month-to-Month A new Bankrate report released last week found that the number of adults carrying credit card debt from month to month jumped six points from last year to 35 percent. It also found that roughly 46...
