Aug 24, 2022 | Federal Regulation, News
CFPB Issues Interpretive Rule Saying Big Tech Digital Marketers Can be Held Liable for Unfair and Deceptive Practices Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule warning that digital marketing providers must comply...
Aug 22, 2022 | Financial Literacy, News
N.Y. Fed Finds that Student Loan Freeze Led to Improvements in 30 Million Consumers’ Credit Scores Economists at the Federal Reserve Bank of New York said that the freeze on student loan payments from the pandemic drastically improved credit scores of Americans...
Aug 19, 2022 | FinTech, News
BNPL Lenders Want In On Credit Reports With Buy Now, Pay Later (BNPL) products continuing to gain in popularity as a payment method for consumers, some in the BNPL industry are now exploring ways to report data about consumers’ repayment of BNPL loans to credit...
Aug 17, 2022 | Federal Regulation, News
CFPB to Crack Down on Financial Firms’ Protection of Consumer Data Last week, the Consumer Financial Protection Bureau (CFPB) published a circular outlining the responsibilities financial firms have to protect consumer data, noting that failure to do so could...
Aug 15, 2022 | Congressional Legislation, Federal Regulation, News
Senate Banking Republicans Say Fed Withheld Documents They Requested During Sarah Bloom Raskin Vetting for Fed Vice Chair of Supervision Last week, Republicans on the Senate Banking Committee, including Ranking Member Pat Toomey (R-Pa.), sent a letter to Federal...
Aug 12, 2022 | FinTech, News
BNPL Providers Building Rewards Programs to Compete Recently, with several buy now/pay later (BNPL) fintechs’ valuations having collapsed and a proposed merger falling through, many BNPL providers are launching rewards programs. Although the dollar value of rewards...
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...
