Jan 21, 2025 | Congressional Legislation, News
Scott Outlines Priorities for Senate Banking Committee Last week, U.S. Senator Tim Scott (R-S.C.), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, laid out his oversight and legislative priorities for the 119th Congress. Scott, the first Black...
Jan 15, 2025 | Federal Regulation, FinTech, News
With Less than a Week Before Administration Changes, CFPB Issues New Fintech Sandbox Policy Less than a week before the Trump administration is set to retake the White House, the Consumer Financial Protection Bureau (CFPB) issued new procedures for banks and fintechs...
Jan 9, 2025 | Federal Regulation, News
New CFPB Rule Bans Medical Debt on Credit Reports As the Biden Administration’s days continue to wane, the Consumer Financial Protection Bureau (CFPB) recently finalized a rule that will remove roughly $49 billion in medical debt from the credit reports of nearly 15...
Jan 7, 2025 | Financial Literacy, News
Credit Card Defaults Hit Highest Level Since 2010 The Financial Times is reporting that card lenders wrote off $46 billion in seriously delinquent loans in the first nine months of 2024—a 50 percent increase from 2023 and the highest level since 2010. The write-offs...
Jan 2, 2025 | Federal Regulation, News
NY Dept of Financial Services Aims to Increase Financial Regulatory Activities as Many Expect Rollbacks Once Trump Returns to Office The New York Department of Financial Services (NYDFS) plans to place more scrutiny on banks, insurers, and cryptocurrency companies as...
Dec 23, 2024 | Financial Literacy, News
44% of Americans Believe Finances Will Improve Next Year, Survey Finds Bankrate’s most recent Financial Outlook Survey found that 44 percent of Americans think their finances will improve in 2025, compared to 37 percent from the 2023 survey who said they believed...
Dec 19, 2024 | Banks & Credit Unions, Federal Regulation, News
CFPB Rule Limits Overdraft Fees to $5 The Consumer Financial Protection Bureau (CFPB) recently announced a new rule set to go into effect in October 2025 to regulate overdraft programs. Under the new regulations, large financial institutions must choose one of three...
Dec 18, 2024 | Congressional Legislation, News
Rep. French Hill Chosen to Chair House Financial Services Committee Representative French Hill (R-Ark.) has been selected by the Republican Steering Committee to serve as Chairman of the House Financial Services Committee (HFSC), with the impending retirement of the...
Dec 12, 2024 | Federal Regulation, News
CFPB Proposes Rule Taking Aim at Data Brokers Last week, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would restrict data brokers’ access to consumer data and the ability to sell that information. Data brokers collect and sell consumer-level...
Dec 10, 2024 | Federal Regulation, Litigation, News
Federal Judge Upholds Order Blocking CFPB’s Cap on Credit Card Late Fees Earlier this month, federal Judge Mark Pittman of Fort Worth decided to uphold an injunction he issued in May blocking the Consumer Financial Protection Bureau’s (CFPB) $8 cap on credit...
