Credit Unions Exploring Buy Now, Pay Later Installment Products
Credit Unions Exploring Buy Now, Pay Later Installment Products Buy now/pay later (BNPL) installment products have become more popular throughout the COVID pandemic, with credit unions increasingly participating in offering the product. Typical BNPL products allow...
Regulators Urge Banks to Assess Risk in Fintech Relationships
Regulators Urge Banks to Assess Risk in Fintech Relationships Recently, the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) issued new guidance for community banks to better assess risk as they...
Amazon, Affirm Team Up to Offer Buy Now, Pay Later
Amazon, Affirm Team Up to Offer Buy Now, Pay Later Since the onset of the global pandemic around March of last year, buy now/pay later (BNPL) financing has rapidly become a popular alternative to credit card borrowing. This trend continued last week when Amazon...
Seven Million Americans May Lose Unemployment Aid After Labor Day
Seven Million Americans May Lose Unemployment Aid After Labor Day For many Americans, next week represents a looming monetary cliff with the potential to significantly impact their financial situations, as more than seven million Americans are set to lose their...
NY Enacts Law Tackling Overdraft Fees
NY Enacts Law Tackling Overdraft Fees As one of his final acts in office, now-former Democratic Governor of New York Andrew Cuomo signed a bill earlier this month targeting bank overdraft fees. The legislation will go into effect January 1, 2022, and will prohibit New...
Wells Fargo Reverses Plan to End Personal Credit Lines
Wells Fargo Reverses Plan to End Personal Credit Lines Wells Fargo is reversing its decision to end personal lines of credit, a plan the bank released last month that did not fare well among consumers who use the credit product. The decision also drew criticism from...
Average FICO Score Continues to Rise; Hits 716 in April 2021
Average FICO Score Continues to Rise; Hits 716 in April 2021 FICO recently announced that the average FICO credit score hit 716 in April 2021, which is eight points higher than one year ago and five points higher than the average score reported in October 2020. The... Retail Sales Down in July, According to Department of Commerce Report
Retail Sales Down in July, According to Department of Commerce Report The Commerce Department recently reported that spending at U.S. retailers fell 1.1 percent in July, amidst the rise of COVID-19 cases linked to the Delta variant as well as a decrease in purchases... 