Dec 7, 2022 | FinTech, News
More Consumers Turning to Buy Now Pay Later for Holiday Shopping A recent report by software and market-research company Adobe Analytics found that the number of buy now, pay later (BNPL) purchases rose 68 percent during the week of Black Friday (November 21 through...
Dec 5, 2022 | Federal Regulation, News
Senate Banking Committee Holds Nomination Hearing for Gruenberg to Lead FDIC The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a nomination hearing last week for Martin Gruenberg to be chairman of the Federal Deposit Insurance Corp. (FDIC)....
Dec 2, 2022 | Financial Literacy, News
More Than Half of Adults Have Delayed a Major Financial Milestone Due to State of Economy A recent Bankrate.com survey found that 53 percent of American adults have delayed a major financial milestone because of the state of the economy, including milestones like...
Nov 30, 2022 | Banks & Credit Unions, News
Wells Fargo Launches Small Dollar Loan, Offering Customers $250 or $500 for Flat Fee Wells Fargo recently launched a new financial product, called Flex Loan, which is marketed as a small dollar loan to help customers meet short-term cash needs. The loan is available...
Nov 28, 2022 | Congressional Legislation, News
McHenry Outlines Plans for House Financial Services Committee in Next Congress Rep. Patrick McHenry (R-N.C.), who is expected to Chair the House Financial Services Committee beginning in January 2023 with Republicans taking the majority in November’s elections,...
Nov 25, 2022 | Federal Regulation, News
Treasury Recommends Bank Regulators Finalize Bank-Fintech Relationship Guidance The U.S. Treasury Department said in a report issued last week that more oversight of the fintech sector and bank-fintech relationships is necessary to protect consumers and maintain...
Nov 23, 2022 | Federal Regulation, Litigation, News
CFPB Asks SCOTUS to Uphold Constitutionality of Funding Last week, the Consumer Financial Protection Bureau (CFPB) filed a petition asking the U.S. Supreme Court to undo a ruling by the Fifth Circuit Court of Appeals that determined the Bureau’s funding structure was...
Nov 21, 2022 | Banks & Credit Unions, News
Banks Tightening Underwriting Standards, Making it More Difficult for Consumers and Businesses to Access Credit The Federal Reserve recently released a survey of banks’ senior loan officers which found that lenders made it more difficult for consumers and businesses...
Nov 18, 2022 | Federal Regulation, News
White House Announces Intent to Nominate Gruenberg as FDIC Chair On Monday, President Joe Biden announced his intent to nominate Martin Gruenberg to be chairman of the Federal Deposit Insurance Corp. (FDIC). Gruenberg has been acting chairman of the agency since...
Nov 16, 2022 | Federal Regulation, News
Arizona Voters Approve New Limits on Consumer Debt Collection In last week’s elections, Arizona voters approved Proposition 209, a measure that will lower interest rates on medical debt and raise borrower protections from debt collectors. Although the measure had...
