Oct 4, 2021 | Banks & Credit Unions, News
Mastercard Building Bank-Driven Buy Now Pay Later Platform In a press release last week, Mastercard announced that it is building a bank-driven Buy Now Pay Later (BNPL) platform called “Mastercard Installments” that will allow borrowers to apply for loans through...
Oct 1, 2021 | Federal Regulation, News
Senate Confirms Rohit Chopra to Lead CFPB By a vote of 50-48 yesterday evening, Rohit Chopra was confirmed by the U.S. Senate to serve as Director of the Consumer Financial Protection Bureau (CFPB) for a five-year term. Chopra’s nomination was announced in January...
Sep 29, 2021 | Federal Regulation, News
CFPB Issues Report Analyzing Consumer Complaints Throughout Credit Life Cycle Last week, the Consumer Financial Protection Bureau (CFPB) released its “Consumer complaints throughout the credit life cycle, by demographic characteristics” report, which analyzes consumer...
Sep 27, 2021 | Banks & Credit Unions, Federal Regulation, News
Biden Nominates Professor Saule Omarova as Comptroller of the Currency President Joe Biden has nominated law professor Saule Omarova, who currently teaches at Cornell University, to run the Office of the Comptroller of the Currency (OCC). If confirmed by the Senate,...
Sep 24, 2021 | FinTech, News
Capital One CEO Announces Plans to Test Buy Now Pay Later Product Capital One recently announced that it will test a Buy Now, Pay Later (BNPL) product later this year, which will include point-of-sale loans for customers at a specific set of merchants with which it...
Sep 22, 2021 | Banks & Credit Unions, News
Bank of America Introduces Program to Help Customers Avoid Overdrafts Bank of America Corp. recently introduced a new program, titled Balance Connect, which will automatically move customers’ money to avoid overdraft fees. Customers can link their checking account...
Sep 20, 2021 | Financial Literacy, News
Survey: 40% of Americans Have Less Than $300 in Savings According to a recent GOBankingRates survey, 40 percent of Americans have less than $300 in savings, reflecting the effects of the COVID-19 pandemic on Americans’ financial health. This data is significantly less...
Sep 17, 2021 | Financial Literacy, News
Experian’s 12th State of Credit Report Shows Rise in Credit Scores Despite Pandemic Challenges Experian recently released its 12th annual State of Credit report, finding that despite the COVID-19 pandemic, the average credit score rose to 695, the highest it has been...
Sep 15, 2021 | Congressional Legislation, News
Yellen Warns of Financial Stability Implications if Congress Fails to Raise Debt Ceiling Treasury Secretary Janet Yellen recently sounded alarm bells for U.S. financial regulators, warning that if the nation’s debt ceiling isn’t addressed, there could be “financial...
Sep 13, 2021 | Federal Regulation, News
NY Gov. Hochul Nominates Adrienne Harris to Lead NYDFS Shortly after taking office following former Governor Andrew Cuomo’s resignation in the wake of a sexual harassment scandal, New York Governor Kathy Hochul announced the nomination of Adrienne Harris to lead the...
