Oct 11, 2021 | Federal Regulation, News
CFPB Report Finds Record Declines in Credit Card Debt in 2020 The Consumer Financial Protection Bureau (CFPB) recently released its fifth biennial Consumer Credit Card Market report to Congress, finding that after years of growth, credit card debt fell to $811 billion...
Oct 8, 2021 | FinTech, News
Square and TikTok Expanding Payments Via Social Media In a recent press release, payments company Square announced a new offering, teaming up with TikTok to create a product called Square x TikTok that makes it easier for TikTok’s small business users to set up online...
Oct 6, 2021 | Congressional Legislation, News
Senator Cortez Masto Introduces Bill Incentivizing Whistleblowers to Report Consumer Fraud to CFPB U.S. Senator Catherine Cortez Masto (D-Nev.) recently introduced legislation to allow the Consumer Financial Protection Bureau (CFPB) to reward whistleblowers—whose...
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...
