Jan 3, 2022 | Financial Literacy, News
Equifax Adding BNPL Plans to Credit Reports This year, Equifax Inc. will start recording Buy Now, Pay Later (BNPL) installment plans on credit reports to give lenders a more complete picture of consumers’ financial commitments. In recent years, Buy Now, Pay Later...
Dec 31, 2021 | Federal Regulation, News
OCC Outlines Climate Risk Standards for Big Banks Earlier this month, the Office of the Comptroller of the Currency (OCC) requested public feedback on draft supervisory principles designed to support the identification and assessment of climate-related financial risks...
Dec 29, 2021 | Federal Regulation, News
CFPB Opens Inquiry Into BNPL The Consumer Financial Protection Bureau (CFPB) recently issued a series of orders to assess the risks and benefits of “buy now, pay later” (BNPL) credit to five major companies offering the service: Affirm, Afterpay, Klarna, PayPal, and...
Dec 27, 2021 | Congressional Legislation, Federal Regulation, News
Waters Presses Regulators to Impose Moratorium on Bank M&A Over $100 Billion Congresswoman Maxine Waters (D-Calif.), Chairwoman of the House Financial Services Committee, recently sent a letter to the Federal Reserve, Federal Deposit Insurance Corporation (FDIC),...
Dec 23, 2021 | Federal Regulation, News
CFPB Announces Rulemaking Agenda Through October 2022 Earlier this month, the Consumer Financial Protection Bureau (CFPB) published its Fall 2021 Rulemaking Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions. It lists...
Dec 22, 2021 | Banks & Credit Unions, News
Credit Card Applications Reach New Pandemic High According to data from the Federal Reserve Bank of New York, as of October 2021 nearly 27 percent of U.S. consumers applied for a credit card in the past 12 months, the highest level since 2019 and much higher than the...
Dec 20, 2021 | Federal Regulation, News
Chopra Invites State AGs to Team Up At a recent meeting of the National Association of Attorneys General, CFPB Director Rohit Chopra urged state Attorneys General (AGs) to collaborate with the CFPB on enforcement actions or to bring their own under federal law. “State...
Dec 17, 2021 | FinTech, News
Fintechs Are Among Fastest Growing Brands in 2021 A quarter of the spots on Morning Consult’s 2021 Fastest Growing Brands list were held by fintechs, a testament to consumers’ increased digital adoption throughout the COVID-19 pandemic and the investment environment...
Dec 15, 2021 | Banks & Credit Unions, News
Capital One Becomes Latest Bank to Eliminate Overdraft Fees Capital One Financial has announced it will be the latest bank getting rid of overdraft and non-sufficient funds (NSF) fees for all customers, joining a growing list of other financial institutions to do so....
Dec 13, 2021 | Federal Regulation, News
New Rules Allow Debt Collectors to Pursue Debtors Via Email, Text Messages, and Social Media Last month, new debt collection rules went into effect to expand the ways that collectors can go after debtors, including through social media, email, and text messages. The...
