Jun 7, 2021 | Banks & Credit Unions, News
Overdraft Revenue Fell Nearly 10 Percent in 2020 Overdraft revenue fell by nearly 10 percent in 2020—the first time in six years—largely attributed to pandemic-related resources that helped Americans save money and pay off debt. Financial firms brought in roughly...
Jun 4, 2021 | Banks & Credit Unions, News
Square Appears to be Preparing to Offer Checking and Savings Accounts Square Inc., the company that made a name for itself with a new method for small businesses to accept credit card payments, now appears to be privately preparing to offer checking and savings...
Jun 2, 2021 | Banks & Credit Unions, News
Banks Look for Credit Card Revenue to Rebound Post-Pandemic As restrictions from the COVID-19 pandemic let up and stimulus checks stop arriving to Americans, big U.S. banks are expecting credit card balances to start increasing again. Lenders like Capital One,...
May 31, 2021 | Banks & Credit Unions, Federal Regulation, News
OCC Report Details Risks and Effects of Pandemic on Federal Banking System The Office of the Comptroller of the Currency (OCC) recently released its “Semiannual Risk Perspective for Spring 2021” which highlights the main issues surrounding the effects of the COVID-19...
May 28, 2021 | Congressional Legislation, News
Brown to Introduce Legislation Capping Interest Rates at 36% Earlier this week, chairman of the Senate Banking Committee Sherrod Brown (D-Ohio) told Reuters that he is prioritizing legislation that would place a national 36 percent APR cap on loans. This announcement...
May 26, 2021 | Congressional Legislation, News
House Financial Services Ranking Member Patrick McHenry: Use Technology to Serve Unbanked and Underbanked Americans The House Financial Services Committee recently held a virtual hearing entitled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness,...
May 24, 2021 | Banks & Credit Unions, News
Banks Planning to Issue Credit Cards to People Without Credit Scores Major U.S. banks like JPMorgan, Wells Fargo, and U.S. Bancorp are planning to start sharing data on customers’ accounts in an effort to provide credit to Americans without credit scores. This...
May 21, 2021 | Banks & Credit Unions, Financial Literacy, News
Credit Card Balances Still Declining Americans are paying down their credit card debt at the fastest rates in years, so large issuers are spending more on marketing and loosening their standards for underwriting. Card balances at Discover Financial Services, Capital...
May 19, 2021 | Federal Regulation, News
Acting OCC Head Says Priorities are Climate, Technology, and Regulations Michael J. Hsu, who earlier this month was named Acting Comptroller of the Currency, stated last week that the Office of the Comptroller of the Currency (OCC) will focus on issues surrounding...
May 17, 2021 | Congressional Legislation, Federal Regulation, News
Senate Votes to Repeal True Lender Rule Last week, the U.S. Senate voted 52-47 in support of a resolution that would repeal the Office of the Comptroller of the Currency’s (OCC) “true lender” rule governing partnerships between banks and third-party lenders. These...
