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...
Credit Card Rates Poised to Hit 40-Year High This Year
Credit Card Rates Poised to Hit 40-Year High This Year Credit card interest rates are expected to reach an average of 20.5 percent by the last week of 2023, up from 19.6 percent in the last week of 2022. This is the highest average seen in 40 years, which is painful...
CFPB Creates “Repeat Offender Unit” to Target Large Banks
CFPB Creates “Repeat Offender Unit” to Target Large Banks In a recent report about its supervisory activity, the Consumer Financial Protection Bureau (CFPB) said that it had created a “repeat offender unit” to monitor large banks that frequently violate consumer...
Big Banks Predicting Recession This Year
Big Banks Predicting Recession This Year More than two-thirds of economists at 23 big financial institutions that do business with the Federal Reserve are predicting that the U.S. will have a recession in 2023, and two others predict a recession in 2024. The...
CFPB Exploring New Rules for Credit Reporting Companies
CFPB Exploring New Rules for Credit Reporting Companies The Consumer Financial Protection Bureau (CFPB) recently released an annual report on deficiencies in how credit reporting companies respond to consumer complaints. The report includes considerations for how the...
Survey: Nearly 2 in 3 Americans Do Not Expect Personal Finances to Improve in 2023
Survey: Nearly 2 in 3 Americans Do Not Expect Personal Finances to Improve in 2023 A new Bankrate report found that only 34 percent of Americans expect their personal financial state to improve in 2023, leaving nearly two-thirds who do not expect their finances to...
Republican Senators Introduce Legislation to Reform Fed
Republican Senators Introduce Legislation to Reform Fed Last month, as one of his last acts before leaving the Senate this week, Committee on Banking, Housing, and Urban Affairs Ranking Member Sen. Pat Toomey (R-Pa.) introduced the Federal Reserve Accountability Act,...
