Nov 3, 2021 | Federal Regulation, News
Chopra Names Eric Halperin and Lorelei Salas to Lead CFPB Enforcement and Supervision Divisions Consumer Financial Protection Bureau Director Rohit Chopra recently announced the appointment of Lorelei Salas and Eric Halperin, two former Obama administration officials,...
Nov 1, 2021 | Banks & Credit Unions, News
Bank Overdraft Fees Hit Record Highs During Pandemic A recent survey from Bankrate found that Non-Sufficient Funds (NSF, commonly known as overdraft) fees rose to their highest amount ever last year as Americans struggled to make ends meet during COVID-19. The average...
Oct 29, 2021 | Federal Regulation, News
CFPB Director Chopra Testifies Before Congress Rohit Chopra, President Biden’s newly installed Director of the Consumer Financial Protection Bureau (CFPB), testified this week on consecutive days before the House Financial Services and Senate Banking Committees in his...
Oct 27, 2021 | Federal Regulation, News
Tester Expresses Concerns about OCC Nominee, Potentially Endangering Confirmation Last week, U.S. Senator Jon Tester (D-Mont.), who serves on the Senate Banking Committee, voiced concerns about Saule Omarova, President Biden’s nominee to lead the Office of the...
Oct 25, 2021 | Federal Regulation, News
Appeals Court Delays Implementation of Payday Lending Rule Earlier this month, the U.S. Court of Appeals for the Fifth Circuit approved a delay in the implementation of the Consumer Financial Protection Bureau (CFPB)’s payday lending rule. The court determined that...
Oct 22, 2021 | Federal Regulation, News
Consumer Advocates Urge CFPB to Rein in Pay Advance Companies Dozens of consumer advocacy groups and academics—96 in total—are pushing the Consumer Financial Protection Bureau (CFPB) to regulate pay advance companies, arguing that earned wage access (EWA) products...
Oct 20, 2021 | Federal Regulation, News
Federal Reserve Governor Lael Brainard Calls for Better Access to Credit for Native Americans Earlier this month, Federal Reserve Governor Lael Brainard announced at a “Fed Listens” event that U.S. financial regulators will continue their efforts to improve Native...
Oct 18, 2021 | Banks & Credit Unions, News
US Postal Service Pilots Paycheck Cashing Service The U.S. Postal Service (USPS) recently started piloting a paycheck-cashing service in select markets that financial experts say could potentially change the way low-wage and financially underserved Americans access...
Oct 15, 2021 | Federal Regulation, News
Rohit Chopra Sworn in as CFPB Director, Announces Key Senior Positions After receiving Senate confirmation on September 30, Rohit Chopra was sworn in as Director of the Consumer Financial Protection Bureau (CFPB) on Tuesday. The CFPB’s former Acting Director, Dave...
Oct 13, 2021 | Banks & Credit Unions, News
Average Used Vehicle Loan Amount Reaches Record High in Q2 2021 The average used vehicle loan amount hit a record high in the second quarter of 2021, reaching $23,365 (up from $21,357 in Q2 2020). The rise in prices comes as the global semiconductor shortage is...
