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...
May 15, 2020 | Congressional Legislation, News
Udall Pushes to Increase Funding for Indian Health Facilities in Next COVID-19 Relief Package Last week, United States Senator Tom Udall (D-N.M.), who serves as vice chairman of the Senate Committee on Indian Affairs, was joined by 12 of his colleagues in sending a...
May 13, 2020 | Congressional Legislation, Federal Regulation, News
Senate Democrats Urge CFPB to Start Over on Payday Rule United States Senator Sherrod Brown (D-Ohio) was recently joined by 11 of his Senate colleagues in sending a letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger, pressing her and the...
May 11, 2020 | Banks & Credit Unions, Federal Regulation, News
CFPB Releases Final Remittance Rule, Expanding Temporary Protections and Making Them Permanent Earlier today, the Consumer Financial Protection Bureau (CFPB) issued a final rule regarding remittance transfers, also known as international money transfers, which places...
May 8, 2020 | Congressional Legislation, News
Treasury and Interior Secretaries Announce Distribution of Coronavirus Relief Funds to Tribes United States Secretary of the Treasury Steven T. Mnuchin and Secretary of the Interior David L. Bernhardt recently announced that they had agreed upon a path forward to...
May 6, 2020 | Congressional Legislation, News
Senators Ask SBA Inspector General to Investigate Reports that PPP Lenders Prioritized Larger Clients Over Small Businesses in Urgent Need United States Senators Sherrod Brown (D-Ohio), Chuck Schumer (D-N.Y.), and Ben Cardin (D-Md.) recently sent a letter to Small...
May 4, 2020 | Federal Regulation, News
CFPB Report Shows Substantial Decline in Credit Applications in March According to a report issued last week by the Consumer Financial Protection Bureau (CFPB), consumer credit applications considerably declined in March, likely as a result of the COVID-19 pandemic....
May 1, 2020 | Congressional Legislation, News
Senators Brown and Booker Push Banks to Suspend Overdraft Fees United States Senators Sherrod Brown (D-Ohio) and Cory Booker (D-N.J.) recently wrote a letter to 15 bank CEOs, urging them to temporarily ban burdensome overdraft fees for customers during the COVID-19...
