Aug 2, 2021 | Banks & Credit Unions, News
“Buy Now, Pay Later” Firms Continue to Gain Popularity Recent data from Morning Consult showed that awareness and usage of “Buy Now, Pay Later” (BNPL) services have steadily increased since the start of the coronavirus pandemic. 17 percent of U.S....
Jul 30, 2021 | Congressional Legislation, News
In advance of Senate Banking Committee Hearing, NAFSA Sends Letter to Committee Leadership Opposing 36 Percent Rate Cap Yesterday, the Senate Banking Committee convened a hearing to examine the extension of the Military Lending Act (MLA)’s 36 percent APR cap to all...
Jul 28, 2021 | Federal Regulation, News
CFPB Marks 10th Anniversary Earlier this month, the Consumer Financial Protection Bureau (CFPB) celebrated its 10th anniversary after officially launching as an agency in July 2011. Following the financial crisis of 2007-2008, members of Congress pushed for...
Jul 26, 2021 | Federal Regulation, News
FDIC, OCC, and Federal Reserve Seek Comment on Third-Party Relationships Guidance The Federal Deposit Insurance Corp. (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (OCC) recently proposed guidance...
Jul 23, 2021 | Congressional Legislation, Federal Regulation, News
HFSC Ranking Member McHenry Pushes for Acting CFPB Director Uejio to Come Before Committee Representative Patrick McHenry (R-N.C.), ranking member of the House Financial Services Committee (HFSC) wants Consumer Financial Protection Bureau (CFPB) Acting Director Dave...
Jul 21, 2021 | Federal Regulation, News
Treasury Secretary Yellen to Lead Investigation into Climate Risk to Financial System Treasury Secretary Janet Yellen recently announced that she will lead an investigation looking into the risks that climate change could have on financial stability in the U.S., as...
Jul 19, 2021 | Banks & Credit Unions, News
Wells Fargo Ending Personal Lines of Credit Earlier this month, Wells Fargo announced the discontinuation of its personal lines of credit product offerings. The revolving credit lines allowed customers to borrow anywhere from $3,000 to $100,000, and were typically...
Jul 16, 2021 | Banks & Credit Unions, News
Consumer Borrowing Surged in May by Most on Record American consumers have started borrowing more as the economy recovers from COVID-19, especially in auto loans and leases, general-purpose credit cards, and personal loans. Bloomberg economists predicted an $18...
Jul 14, 2021 | Federal Regulation, News
CFPB Consumer Complaint Bulletin Highlights Consumer Difficulties During Pandemic Earlier this month, the Consumer Financial Protection Bureau (CFPB) released a complaint bulletin highlighting difficulties consumers faced throughout the COVID-19 pandemic concerning...
