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...
Mar 13, 2024 | Banks & Credit Unions, Financial Literacy, News
New Report Finds Half of Loan Applicants Have Been Denied Since Fed Rate Increases Began Two Years Ago According to a new Bankrate report, half of applicants have been turned down for a loan or financial product since the Federal Reserve began raising interest rates...
Mar 7, 2024 | Federal Regulation, News
CFPB Finalizes Rule Cutting Credit Card Late Fees to $8 Earlier this week, the Consumer Financial Protection Bureau (CFPB) finalized a rule cutting credit card late fees from an average of $32 to $8, which the Bureau says will curb fees that cost American families...
Mar 5, 2024 | Congressional Legislation, News
House Financial Services Chairman Patrick McHenry Reintroduces Financial Services Innovation Act to Establish Regulatory “Sandboxes” Last week, House Financial Services Chairman Patrick McHenry reintroduced the Financial Services Innovation Act, legislation that would...
