Jun 8, 2020 | Banks & Credit Unions, News
Banks Collected $11 Billion in Overdraft Fees in 2019 Banks last year collected $11.68 billion from customer accounts in overdraft fees, according to new research released last week by the Center for Responsible Lending (CRL), an advocacy group focused on financial...
Jun 5, 2020 | Banks & Credit Unions, Federal Regulation, News
Acting OCC Head Calls for Ending Coronavirus-Related Shutdowns to Boost Economy Brian Brooks, who became acting Comptroller of the Currency after former Comptroller Joseph Otting stepped down last week, has called for states to end the shutdown orders that were put in...
Jun 3, 2020 | Congressional Legislation, News
Democratic Senators Press Treasury on Tribal Concerns on Coronavirus Relief Funds Last week, Senator Tom Udall (D-N.M.), vice chairman of the Senate Committee on Indian Affairs, was joined by 11 of his Democratic colleagues in the Senate in sending a letter to...
Jun 1, 2020 | Congressional Legislation, News
Senators Introduce Bill to Prevent CARES Act Payments from Garnishment U.S. Senators Sherrod Brown (D-Ohio), Chuck Grassley (R-Iowa), Ron Wyden (D-Ore.), and Tim Scott (R-S.C.) introduced a bill last week to protect CARES Act pandemic relief payments from garnishment...
May 29, 2020 | Congressional Legislation, News
House Financial Services Committee To Hold Seven Virtual Hearings in June This afternoon, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) announced that the committee would be holding seven virtual hearings during the month of June. The majority...
May 27, 2020 | Federal Regulation
Otting Steps Down as Head of OCC Comptroller of the Currency Joseph M. Otting announced that he will resign from office at the end of this week, just over halfway through his five-year term. First Deputy and Chief Operating Officer Brian P. Brooks will become Acting...
May 25, 2020 | Federal Regulation, News
Financial Regulators Issue Guidance for Offering Responsible Small-Dollar Loans Last week, four federal financial regulatory agencies released guidance titled “Interagency Lending Principles for Offering Responsible Small-Dollar Loans,” encouraging credit unions,...
May 22, 2020 | Congressional Legislation, News
House Passes HEROES Act as Next COVID-19 Relief Bill Last week, the House of Representative passed the HEROES Act as its latest effort to provide relief in response to the COVID-19 pandemic crisis. The legislation aims to help essential workers, renters and...
May 20, 2020 | Federal Regulation, News
CFPB Outlines Billing Error Responsibilities of Financial Firms During Pandemic Last week, the Consumer Financial Protection Bureau (CFPB) released a statement and FAQs concerning the obligations of financial firms during the coronavirus pandemic. Specifically, the...
May 18, 2020 | Banks & Credit Unions, News
Report Finds Average Credit Card Spending Falls 40 Percent Last week, the JPMorgan Chase Institute released a report featuring new data on household credit card spending, finding a 40 percent decrease attributed mostly to the ongoing coronavirus pandemic. The report...
