Apr 30, 2024 | Congressional Legislation, Federal Regulation, News
HFSC Vice-Chairman Rep. French Hill: Republicans’ Focus for Remainder of Biden Admin is Pushing Back on Regulators Speaking before a group of community bankers, Rep. French Hill (R-Ark.) said that for the rest of the Biden Administration, House Republicans’ focus will...
Apr 24, 2024 | Banks & Credit Unions, Federal Regulation, News
CFPB Report Finds Overdraft and NSF Revenue Down More Than 50 Percent in 2023 vs. Pre-Pandemic Levels According to a new report issued by the Consumer Financial Protection Bureau (CFPB), overdraft and nonsufficient funds (NSF) revenues dropped by $6.1 billion since...
Apr 18, 2024 | Congressional Legislation, News
House Financial Services Committee Sends 13 Bills to House Floor, Including EWA Framework, Nullification of CFPB Late Fee Rule Yesterday, the House Financial Services Committee reported 13 bills out of Committee, sending them to the full House for consideration. Among...
Apr 16, 2024 | FinTech, News
New Survey Finds More Than Half of BNPL Users Have Encountered Issues According to a Bankrate survey released last week, 56 percent of Buy Now, Pay Later (BNPL) users say they’ve encountered at least one issue while using the services, such as spending more than they...
Apr 10, 2024 | Congressional Legislation, Federal Regulation, News
Banking Committee Ranking Member Sen. Tim Scott Introduces Resolution to Overturn CFPB Late Fee Rule Earlier this week, Senate Banking Committee Ranking Member Tim Scott (R-S.C.) introduced a resolution aimed at overturning the CFPB’s recently finalized rule limiting...
Apr 4, 2024 | Financial Literacy, News
Delinquencies Rise Across All Credit Tiers, Study Finds According to the latest installment of VantageScore’s Credit Gauge, delinquencies rose in February 2024 across all credit tiers and products (auto loans, credit cards, mortgages, and personal loans). Early-stage...
Apr 2, 2024 | Federal Regulation, News
CFPB Releases Annual Report Analyzing Consumers Complaints; Credit and Credit Reporting Continues to Top List Last year, consumers submitted roughly 1,657,600 complaints to the Consumer Financial Protection Bureau (CFPB), and once again complaints about credit or...
Mar 27, 2024 | Litigation, News
Consumer Financial Services Industry Trade Groups File Lawsuit Asking Court to Strike Down Colorado DIDMCA Opt-Out Last year, the Colorado legislature passed, and Governor Jared Polis signed into law, Colorado HB23-1229, which opted the state out of Section 521 of the...
Mar 21, 2024 | Federal Regulation, Litigation, News
Trade Groups Challenge CFPB Credit Card Rule in Court, CFPB Accuses Them of “Forum Shopping” for Favorable Judge At the beginning of March, the Consumer Financial Protection Bureau (CFPB) finalized its rule cutting the typical credit card late free from $32 to $8. Two...
Mar 19, 2024 | Congressional Legislation, News
Michigan Senate Passes 36% Rate Cap on Payday Loans After Michigan’s Board of State Canvassers declined to certify a ballot initiative proposal to cap interest and fees on payday loans in 2022, the Michigan State Senate last week passed legislation that would cap...
