Oct 5, 2022 | Federal Regulation, News
CFPB to Toughen Caps on Credit Card Late Fees Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra has set a framework for the CFPB to issue a rule next year to determine if credit card late fees are set at reasonable levels, and whether they should...
Oct 3, 2022 | Financial Literacy, News
Report Finds that More Americans Carry Credit Card Debt for Longer Periods of Time A recent survey conducted by YouGov for CreditCards.com reports a 10 point rise from last year in the number of people who have been in credit card debt for 12 months or more. According...
Sep 30, 2022 | Federal Regulation, News
White House Nominates Two Republican FDIC Board Members, Plans to Nominate Permanent Leader in Coming Weeks Last week President Joe Biden nominated two Republicans to fill minority party positions on the board of the Federal Deposit Insurance Corp. (FDIC), and said he...
Sep 28, 2022 | FinTech, News
Buy Now Pay Later Delinquencies on the Rise As buy now, pay later (BNPL) services have risen in popularity, delinquencies have also increased as inflation is making it more difficult for consumers to pay off debt. BNPL products are typically used by younger borrowers...
Sep 26, 2022 | Congressional Legislation, News
Republican Ranking Members on House Oversight and Financial Services Committees Press CFPB Director to Justify His Authority In a letter sent last week by Reps. Patrick McHenry (R-N.C.) and James Comer (R-Ky.) to CFPB Director Rohit Chopra, the pair of Republican...
Sep 23, 2022 | Financial Literacy, News
Morning Consult Study Finds 3/5 of Student Loan Borrowers Won’t Be Able to Afford Repayments When Moratorium Ends in January A recent Morning Consult survey found that with the federal student loan payment moratorium ending next year, a majority of borrowers do...
Sep 21, 2022 | Federal Regulation, News
CFPB Aims to Bring Credit Card Protections to Buy Now Pay Later The Consumer Financial Protection Bureau (CFPB) is considering ways to regulate “buy now, pay later” (BNPL) companies, which have surged in popularity since the pandemic, with the Bureau saying that it...
Sep 19, 2022 | Congressional Legislation, News
Senate Banking Committee Holds Hearing on New Consumer Financial Products Last week, the Senate Committee on Banking, Housing, and Urban Affairs convened a hearing to examine “New Consumer Financial Products and the Impacts to Workers.” It proved to be another hearing...
Sep 16, 2022 | Financial Literacy, News
Credit Card Interest Rates Hit 26-Year High Last week, the average interest on variable-rate credit cards reached 18.03 percent, the highest rate seen since January 1996, according to recent Bankrate data. Since June 25, rates charged to cardholders have increased by...
Sep 14, 2022 | Financial Literacy, News
Majority of Americans Say Inflation is Causing Financial Hardship A recent Gallup poll found that a majority of Americans are facing moderate or severe financial hardship due to inflation-driven price increases. 56 percent of respondents said they are experiencing...
