Consumer Borrowing Surged in May by Most on Record
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...
CFPB Consumer Complaint Bulletin Highlights Consumer Difficulties During Pandemic
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...
Sens. Lankford, Bennet Propose Allowing $1,000 Penalty-Free 401k Withdrawal Each Year
Sens. Lankford, Bennet Propose Allowing $1,000 Penalty-Free 401k Withdrawal Each Year Senators James Lankford (R-Okla.) and Michael Bennet (D-Colo.) recently introduced the Enhancing Emergency and Retirement Savings Act of 2021, bipartisan legislation that would allow...
House Financial Services Committee Holds Hearing on Proposals to Overhaul Credit Reporting
House Financial Services Committee Holds Hearing on Proposals to Overhaul Credit Reporting The House Financial Services Committee (HFSC) recently held a hybrid hearing entitled “A Biased, Broken System: Examining Proposals to Overhaul Credit Reporting to Achieve...
Increased Consumer Activity Driving Wages Up for Restaurant and Hospitality Workers
Increased Consumer Activity Driving Wages Up for Restaurant and Hospitality Workers As the economy recovers from COVID-19 and pandemic-related restrictions are lifted, low-wage workers are increasingly finding jobs and getting pay increases. The U.S. Bureau of Labor...
Rep. Maloney Introduces Overdraft Protection Act
Rep. Maloney Introduces Overdraft Protection Act Representative Carolyn Maloney (D-N.Y.), a senior member of the House Financial Services Committee, recently reintroduced her Overdraft Protection Act, which would restrict the number of times banks can collect...
CFPB Acting Director Uejio Nominated for HUD Assistant Secretary
CFPB Acting Director Uejio Nominated for HUD Assistant Secretary Last week, President Biden nominated acting director of the Consumer Financial Protection Bureau (CFPB) Dave Uejio to serve as an assistant secretary of the Department of Housing and Urban Development...
Nonbanks Issue More Than Two-Thirds of Mortgages in 2020
Nonbanks Issue More Than Two-Thirds of Mortgages in 2020 Recent industry research from Inside Mortgage Finance showed that nonbank mortgage lenders in the U.S. issued 68.1 percent of all mortgages in 2020, up from 58.9 percent in 2019. The increase is their highest...
