Overdraft Revenue Fell Nearly 10 Percent in 2020
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...
Square Appears to be Preparing to Offer Checking and Savings Accounts
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...
Banks Look for Credit Card Revenue to Rebound Post-Pandemic
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,... OCC Report Details Risks and Effects of Pandemic on Federal Banking System
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...
Brown to Introduce Legislation Capping Interest Rates at 36%
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...
House Financial Services Ranking Member Patrick McHenry: Use Technology to Serve Unbanked and Underbanked Americans
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,...
Banks Planning to Issue Credit Cards to People Without Credit Scores
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...
Credit Card Balances Still Declining
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... 