Feb 4, 2022 | Financial Literacy, News
Only 44 % Of Americans Could Cover Unplanned $1,000 Expense From Savings, Survey Finds A recent Bankrate survey found that just 44 percent of Americans could cover an unexpected $1,000 expense from savings, like a car repair or emergency room bill. This is the highest...
Feb 2, 2022 | Federal Regulation, News
CFPB Scrutinizing Credit Card Industry Interest and Fees The Consumer Financial Protection Bureau (CFPB) last month took aim at credit card issuers and announced that it was looking at whether credit card companies are participating in unfair or anti-competitive...
Jan 31, 2022 | Banks & Credit Unions, Financial Literacy, News
18% of Consumers Reported Overdrafting Account in December, Rising from 14% in August Recent polling data from Morning Consult found that nearly one in five consumers with a credit union or bank account—18 percent—reported overdrafting the account in December, up from...
Jan 28, 2022 | Banks & Credit Unions, News
Wells Fargo, Small Banks Launch Short-Term Loan Products Wells Fargo recently announced plans to offer a short-term credit product that it expects to be in the marketplace by the end of this year. The loans will provide amounts up to $500 at a flat rate that has not...
Jan 26, 2022 | Financial Literacy, News
Experian Report: Nearly 1 in 5 American Adults Do Not Have Conventional Credit Score New research released by Experian and Oliver Wyman found that 106 million American consumers cannot secure credit at mainstream rates because they have a subprime credit score, are...
Jan 24, 2022 | Federal Regulation, News
Biden Nominates Three to Fed Board of Governors Recently, President Biden announced nominations of three top officials to the Federal Reserve Board of Governors: former Treasury Department Deputy Secretary Sarah Bloom Raskin for Fed chair of supervision, and Michigan...
Jan 21, 2022 | Congressional Legislation, News
Banking Chairman Brown and Democratic Colleagues Push CFPB to Improve Lending for Women-owned, Minority-owned, and Small Businesses U.S. Senator Sherrod Brown (D-Ohio), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and several of his...
Jan 19, 2022 | Banks & Credit Unions, News
Bank of America Cutting Overdraft Fees to $10, Eliminating NSF Fees As banks across the country examine their overdraft policies under criticism from consumer advocates, with several eliminating overdraft fees altogether, Bank of America recently announced that it is...
Jan 17, 2022 | Financial Literacy, News
Survey Finds 40% of Credit Card Debtors Don’t Know Their Interest Rate A recent consumer survey commissioned by Bankrate found that 40 percent of credit card debtors don’t know the interest rate on their primary card with a balance. Bankrate measured the average...
Jan 14, 2022 | Federal Regulation, News
CFPB Report Claims Credit Bureaus Deficient in Responding to Consumer Complaints A recent analysis by the Consumer Financial Protection Bureau (CFPB) found that the three major credit reporting agencies—Equifax, Experian, and TransUnion—reported relief in response to...
