Aug 3, 2020 | Congressional Legislation, News
Senate Passes Bill to Prevent Garnishment of Relief Payments by Private Debt Collectors Recently, the U.S. Senate passed a bipartisan bill to protect recovery payments supplied by the CARES Act from being garnished by private debt collectors. The bill was introduced...
Jul 31, 2020 | Banks & Credit Unions, Federal Regulation, News
Biden Proposes Public Credit Reporting Agency in Policy Plan In a recent plan outlining the presumptive Democratic presidential nominee’s housing policies, Joe Biden has proposed creating a public credit reporting agency within the Consumer Financial Protection...
Jul 27, 2020 | Federal Regulation, News
Dodd-Frank Act Turns Ten Last week, on the 10th anniversary of the Dodd-Frank Act being signed into law, its major supporters praised its survival despite years of opposition. The legislation’s authors, former Senator Chris Dodd (D-Conn.) and former Representative...
Jul 24, 2020 | Federal Regulation, News
OCC Issues Proposed True Lender Rule On Monday, the Office of the Comptroller of the Currency (OCC) proposed a new rule that would clarify when banks are the “true lenders” of loans when involved with third parties. In so doing, the rule would resolve key...
Jul 22, 2020 | Banks & Credit Unions, News
Banks Urged to Make Small Dollar Loans, but Remain Reluctant In recent years, regulatory agencies under the Trump Administration have pressed credit unions and banks to offer more credit options for consumers, including small dollar loans. However, banks have remained...
Jul 20, 2020 | Federal Regulation, Financial Literacy, News
CFPB Releases Results of Making Ends Meet Survey Last week, the Consumer Financial Protection Bureau (CFPB) released the first results from its Making Ends Meet survey, which is part of the CFPB’s mission to study the competitive marketplace, credit access, and...
Jul 17, 2020 | Banks & Credit Unions, News
Banks Stockpile Cash to Prepare for Wave of Coronavirus Loan Defaults Some of the largest U.S. banks, including JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo, are choosing to stow away billions of dollars to prepare for future defaults and other loan...
Jul 15, 2020 | Congressional Legislation, News
House Financial Services Committee Convenes Hearing on Protecting Workers’ Pay During Pandemic Last week, the House Financial Services Committee (HFSC) held a hearing titled “Paycheck Security: Economic Perspectives on Alternative Approaches to Protecting Workers’...
Jul 13, 2020 | Federal Regulation, News
CFPB Launches Consumer Financial Protection Week This week, the Consumer Financial Protection Bureau (CFPB) is launching its first Consumer Financial Protection Week, which will take place today through Friday. The virtual event will concentrate on issues consumers...
