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...
May 14, 2021 | Federal Regulation, News
Biden Administration Taps Former CFPB Director Richard Cordray to Oversee Federal Student Loans The Biden administration recently appointed former director of the Consumer Financial Protection Bureau (CFPB) Richard Cordray to lead the Education Department’s Office of...
May 11, 2021 | Congressional Legislation, Federal Regulation, NAFSA News, News
NAFSA Sends Letter to Senate Leaders Expressing Support for OCC’s True Lender Rule As the U.S. Senate prepares to consider a resolution introduced by Senators Chris Van Hollen (D-Md.) and Sherrod Brown (D-Ohio) that would overturn the Office of the Comptroller of the...
May 10, 2021 | Financial Literacy, News
COVID-19 Checks Likely Drove Record Rise in Household Income In March 2021, household income rose at a record pace of 21.1 percent, the largest monthly increase since 1959. This is largely due to the federal stimulus payments amidst the COVID-19 pandemic, which...
May 7, 2021 | Federal Regulation, News
Treasury Secretary Yellen Names Michael Hsu to Be Acting OCC Head Treasury Secretary Janet Yellen has named Michael Hsu, a Federal Reserve official, to serve as the acting head of the Office of the Comptroller of the Currency (OCC). The OCC is an independent agency in...
May 5, 2021 | Financial Literacy, News
CFPB Report Details Changes in Consumer Financial Status During Early Months of Pandemic A new report in the Consumer Financial Protection Bureau’s (CFPB) Making Ends Meet survey series presents results from the Bureau’s study of COVID-19’s early impact on consumers’...
May 3, 2021 | Congressional Legislation, News
House Financial Services Committee Reauthorizes Task Forces on Financial Technology and Artificial Intelligence Congresswoman Maxine Waters (D-Calif.), Chairwoman of the House Financial Services Committee, recently announced the reauthorization of the Committee’s...
