May 5, 2023 | Banks & Credit Unions, Federal Regulation, News
FDIC and OCC Take Aim at Certain Overdraft Practices Last month, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) warned financial institutions about overdraft practices that they consider unfair or deceptive, saying...
May 3, 2023 | Financial Literacy, News
80 Million Consumers Lack Reliable Credit Access, Report Finds A recent PYMNTS report in collaboration with Sezzle entitled “How Credit Insecurity Is Changing U.S. Consumers’ Borrowing Habits” found that 31 percent of U.S. consumers—nearly 80 million individuals—are...
May 1, 2023 | Congressional Legislation, News
House Financial Services Committee Passes CFPB Reform Bill During a House Financial Services Committee markup last week, 14 legislative proposals passed the committee, clearing them for consideration before the full House. One of these, the CFPB Transparency and...
Apr 28, 2023 | Financial Literacy, News
Morning Consult Report Finds Consumers Are Worse Off Financially Now Than Last Year Morning Consult’s State of Consumer Banking and Payments report found that consumers are worse off financially than they were last year, amidst evolving economic conditions, increased...
Apr 26, 2023 | Banks & Credit Unions, News
Four Biggest Lenders in U.S. Wrote Off $3.4B in Bad Consumer Loans in Q1 2023 The four biggest U.S. lenders—Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co.—wrote off a combined $3.4 billion in bad consumer loans during the...
Apr 24, 2023 | Federal Regulation, News
Yellen Warns of Tougher Lending Environment in Aftermath of Bank Failures Following the recent failures of Silicon Valley Bank and Signature Bank, U.S. Treasury secretary Janet Yellen warned that a tougher lending environment could affect the Federal Reserve’s...
Apr 21, 2023 | Federal Regulation, News
CFPB Reveals Massive Data Breach Last month, a former employee of the Consumer Financial Protection Bureau (CFPB) forwarded confidential information of over 250,000 consumers to a personal email account, an incident that the CFPB considered a “major” data breach. The...
Apr 19, 2023 | Financial Literacy, News
Fed Survey: Consumers’ Access to Credit Was at Toughest Level in Nearly a Decade Last Month Earlier this month, the Federal Reserve Bank of New York’s Center for Microeconomic Data released the Survey of Consumer Expectations for March 2023. The survey found...
Apr 14, 2023 | Financial Literacy, News
More Than Half of Workforce Likely to Look for New Job Within the Next Year A new report from Bankrate found that 56 percent of U.S. adults who are employed or seeking a new job are likely going to look for a new job over the next year, which is up from 51 percent who...
