Banks Still Hesitant To Offer Small-Dollar Loans Due to Regulatory Risk
Banks Still Hesitant To Offer Small-Dollar Loans Due to Regulatory Risk While several major retail banks in the United States—including US Bancorp, Bank of America Corp., Wells Fargo & Co., and four others—are now issuing or have announced plans to issue flat-fee,...
LendingClub CEO: Paycheck-to-Paycheck Living is Akin to the Climate Crisis
LendingClub CEO: Paycheck-to-Paycheck Living is Akin to the Climate Crisis PYMNTS recently partnered with LendingClub to produce the “New Reality Check: the Paycheck-to-Paycheck Report,” which tracks how Americans are affording the cost of living. LendingClub CEO...
CFPB to Toughen Caps on Credit Card Late Fees
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...
Report Finds that More Americans Carry Credit Card Debt for Longer Periods of Time
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...
White House Nominates Two Republican FDIC Board Members, Plans to Nominate Permanent Leader in Coming Weeks
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...
Buy Now Pay Later Delinquencies on the Rise
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...
Republican Ranking Members on House Oversight and Financial Services Committees Press CFPB Director to Justify His Authority
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...
Morning Consult Study Finds 3/5 of Student Loan Borrowers Won’t Be Able to Afford Repayments When Moratorium Ends in January
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...
