Senators Introduce Bill to Prevent CARES Act Payments from Garnishment
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...
House Financial Services Committee To Hold Seven Virtual Hearings in June
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...
Otting Steps Down as Head of OCC
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...
Financial Regulators Issue Guidance for Offering Responsible Small-Dollar Loans
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,...
House Passes HEROES Act as Next COVID-19 Relief Bill
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...
CFPB Outlines Billing Error Responsibilities of Financial Firms During Pandemic
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...
Report Finds Average Credit Card Spending Falls 40 Percent
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... Udall Pushes to Increase Funding for Indian Health Facilities in Next COVID-19 Relief Package
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...
