Apr 15, 2022 | Congressional Legislation, Federal Regulation, News
Brown Asks Fed and OCC to Review Bank Mergers Senator Sherrod Brown (D-Ohio), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, recently sent a letter to Federal Reserve Chair Jay Powell and Acting Comptroller of the Currency Michael Hsu,...
Apr 13, 2022 | FinTech, News
21 Attorneys General Say CFPB Should Regulate Buy Now, Pay Later Last month, the Consumer Financial Protection Bureau (CFPB) closed its request for comments on the Buy Now, Pay Later (BNPL) inquiry it launched on December 16. Among the comments received, 21 state...
Apr 11, 2022 | Federal Regulation, News
Chopra Plans Crackdown on Repeat Offenders In a recent speech at the University of Pennsylvania Law School, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced plans to rein in repeat industry offenders by potentially forcing the divestiture of...
Apr 8, 2022 | Congressional Legislation, News
House Financial Services Committee Holds Hearing on Overdraft Fees Last week, the House Financial Services (HFSC) Subcommittee on Consumer Protection and Financial Institutions held a hybrid hearing entitled, “The End of Overdraft Fees? Examining the Movement to...
Apr 6, 2022 | Federal Regulation, Financial Literacy, News
CFPB Releases 2021 Annual Report; Credit Reporting Receives the Most Complaints While Personal Loans Near Bottom of List Last week, the Consumer Financial Protection Bureau (CFPB) released its 2021 Consumer Response Annual Report which analyzes complaints submitted by...
Apr 4, 2022 | Congressional Legislation, Financial Literacy, News
Credit Reporting Firms Announce Removal of Most Medical Debt from Credit Reports The largest credit reporting firms, Experian, Equifax, and TransUnion, recently announced they would erase billions of dollars of medical debt from consumers’ credit reports, which...
Apr 1, 2022 | Congressional Legislation, News
Democratic Senators Push Banks to Lower or Eliminate Overdraft Fees as House Financial Services Committee Holds Hearing on Them Last week, Senators Raphael Warnock (D-Ga.), chair of the Banking Subcommittee on Financial Institutions and Consumer Protection, and...
Mar 30, 2022 | Federal Regulation, Financial Literacy, News
CFPB’s Making Ends Meet Survey Finds 24% of Consumers Have No Savings Set Aside for Emergencies and 39% Have Less than a Month of Income Saved Last week, the Consumer Financial Protection Bureau (CFPB) released insights from its Making Ends Meet Survey and...
Mar 28, 2022 | FinTech, News
Survey: 72% of Consumers Manage Lending Accounts Online A recent PYMNTS collaboration with Mastercard company Finicity, titled “Account Opening and Loan Servicing in the Digital Environment,” found that 61 percent of consumers have loan accounts with outstanding...
Mar 25, 2022 | Federal Regulation, News
CFPB Announces Crackdown on Discrimination in Consumer Finance The Consumer Financial Protection Bureau (CFPB) recently announced changes to its supervisory operations, expanding its authority to crack down on discrimination associated with all financial products....
