OCC Reviewing Banks’ Overdraft Policies
OCC Reviewing Banks’ Overdraft Policies Acting Comptroller Michael Hsu recently announced that the Office of the Comptroller of the Currency (OCC) is reviewing bank overdraft policies— an announcement that came during testimony in front of the Senate Banking...
Applications for Auto Loans, Mortgages, and Credit Cards Back to Pre-Pandemic Levels, According to CFPB Issue Brief
Applications for Auto Loans, Mortgages, and Credit Cards Back to Pre-Pandemic Levels, According to CFPB Issue Brief Last week, the Consumer Financial Protection Bureau (CFPB) published an issue brief finding that consumer applications for auto loans, mortgages, and...
Banks, Lenders Moving Away from FICO for Loan Determinations
Banks, Lenders Moving Away from FICO for Loan Determinations Large banks and lenders are moving away from using FICO credit scores for consumer credit decisions like auto loans and mortgages. FICO has provided scores for nearly 200 million U.S. consumers, but...
“Buy Now, Pay Later” Firms Continue to Gain Popularity
“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....
In advance of Senate Banking Committee Hearing, NAFSA Sends Letter to Committee Leadership Opposing 36 Percent Rate Cap
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...
CFPB Marks 10th Anniversary
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...
FDIC, OCC, and Federal Reserve Seek Comment on Third-Party Relationships Guidance
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...
HFSC Ranking Member McHenry Pushes for Acting CFPB Director Uejio to Come Before Committee
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...
