Mar 16, 2022 | Federal Regulation, News
Raskin Withdraws Fed Nomination After Manchin Announces Opposition Lisa Bloom Raskin, nominated by President Biden to serve on the Federal Reserve Board of Governors and as its Vice Chair of Supervision, has withdrawn her nomination after Senator Joe Manchin (D-W.V.)...
Mar 14, 2022 | Financial Literacy, FinTech, News
Survey Finds Buy Now Pay Later Users More Likely to Overdraft A recent analysis of Morning Consult data found substantial overlap between consumers who overdraft their accounts and those who use “buy now, pay later” (BNPL) products. In January, 15 percent of all...
Mar 11, 2022 | Federal Regulation, News
Federal Reserve Nominees in Limbo as Republicans Boycott Vote Several of President Biden’s nominees to various agencies, including the Federal Reserve Board of Governors and Federal Housing Finance Agency, are being held up after Republicans on the Senate Banking...
Mar 9, 2022 | Federal Regulation, Financial Literacy, News
CFPB Estimates $88 Billion in Medical Bills on Credit Reports Last week, the Consumer Financial Protection Bureau (CFPB) released a report estimating that 43 million people had medical bills on their credit reports, with the total outstanding amount at $88 billion....
Mar 7, 2022 | Banks & Credit Unions, News
Citi Announces Plans to Discontinue Overdraft Fees Citigroup recently became the latest bank to announce plans to eliminate overdraft fees, overdraft protection fees, and returned item fees by this summer, making it the only top five U.S. bank in assets to entirely...
Mar 4, 2022 | Financial Literacy, News
Spending and Saving Both on the Rise, According to Bank of America CEO Brian Moynihan, Bank of America CEO, recently revealed that American consumers are both spending more money and saving more money, noting that spending on the bank’s cards has increased as much as...
Feb 28, 2022 | Financial Literacy, News
Survey Finds 70% of Millennials and Bridge Millennials Living Paycheck to Paycheck A recent survey by PYMNTS and LendingClub found that while a portion of all generations are currently living paycheck to paycheck, the share of consumers who live that way is highest in...
Feb 25, 2022 | FinTech, News
New Mexico Legislature Passes 36% APR Cap Bill Last week, lawmakers in the New Mexico state legislature passed a bill reducing the state’s maximum allowable annual interest rates from 175 percent to 36 percent, ending a years-long debate between the state House and...
Feb 23, 2022 | Federal Regulation, News
CFPB Launches New Way for Public to Directly Submit Rulemaking Petitions Last week, the Consumer Financial Protection Bureau (CFPB) launched a new process that will allow the public to submit petitions for rulemaking directly to the agency, with submitted petitions...
