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...
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,...
