Aug 10, 2022 | Financial Literacy, News
Equifax Sent Lenders Inaccurate Credit Scores on Millions of Consumers For three weeks earlier this year, Equifax Inc. sent inaccurate consumer credit scores to lenders resulting in denied applications and higher interest rates for millions of borrowers. Blaming the...
Aug 8, 2022 | Congressional Legislation, News
Senate Indian Affairs Chairman Praises Senate-Passed Inflation Reduction Act’s Funding for Native Communities Yesterday, the U.S. Senate passed its Inflation Reduction Act, legislation the Democratic majority put forward to combat climate change, lower health care...
Aug 5, 2022 | Financial Literacy, News
Credit Card Debt For Gen Z Consumers Increasing Almost Three Times As Fast As Other Generations Recent data released by credit score company VantageScore found that consumers aged 25 and under (Generation Z) saw their credit card balances increase by 30 percent in the...
Aug 3, 2022 | Congressional Legislation, News
Senate Democrats Reintroduce Fair Access to Financial Services Act Last week, a group of Democratic Senators led by Banking Committee Chairman Sherrod Brown (D-Ohio) reintroduced the Fair Access to Financial Services Act, legislation that prohibits banks from...
Aug 1, 2022 | Federal Regulation, News
House Republicans: CFPB May Be Colluding with States In a letter sent to Consumer Financial Protection Bureau Director Rohit Chopra last week, three Republicans who sit on the House Financial Services Committee allege that the CFPB’s director may be colluding with...
Jul 29, 2022 | Financial Literacy, News
Consumer Confidence Slips for Third Straight Month The Conference Board’s consumer confidence index, a survey that tracks consumer buying intentions and attitudes, found that consumer confidence fell for the third month in a row, dropping from 98.4 percent in June to...
Jul 27, 2022 | Congressional Legislation, News
Congressional Democrats Renew Push to Pass Overdraft Fee Legislation Last month, sources told American Banker that the House Financial Services Committee had set aside the Overdraft Protection Act, a bill introduced by Rep. Carolyn Maloney (D-N.Y) to introduce a...
Jul 25, 2022 | Federal Regulation, News
Michigan Rate Cap Initiative Fails to Make Ballot Last week, Michigan’s Board of Canvassers declined to certify a proposal to cap interest rates on certain loans that campaign organizers hoped to put on the Michigan ballot in November. While the group organizing the...
Jul 22, 2022 | Federal Regulation, News
CFPB Creates Oversight Office to Deal with Congressional Probes A recent internal memo authored by Deputy CFPB Director Zixta Q. Martinez revealed that the Consumer Financial Protection Bureau (CFPB) is creating a new Office of Oversight to manage an expected increase...
Jul 20, 2022 | Federal Regulation, News
N.Y. Department of Financial Services Announces New Guidance on Overdraft and NSF Fees The New York State Department of Financial Services (NYDFS) recently issued new guidance prohibiting unfair and deceptive overdraft and nonsufficient funds (NSF) fees. “Access to...
