May 14, 2024 | Federal Regulation, News
FDIC Special Review Committee Releases Scathing Independent Report on Workplace Misconduct and Culture Last week, the FDIC released the report from the independent third-party review, led by the law firm Cleary Gottlieb Steen & Hamilton LLP, into allegations of...
May 8, 2024 | Banks & Credit Unions, News
Federal Reserve Survey of Lending Officers Finds U.S. Banks Reported Stricter Credit Standards in Q1 2024 According to the Federal Reserve’s “April 2024 Senior Loan Officer Opinion Survey on Bank Lending Practices,” released on Monday, many banks tightened their...
May 2, 2024 | Federal Regulation, News
Consumers Pay More for Products With More Complex Pricing Structures, CFPB Finds In a new report, prepared as part of the Biden Administration’s junk fee initiative, the CFPB found that consumers tend to pay more for products with more complex pricing structures. The...
Apr 30, 2024 | Congressional Legislation, Federal Regulation, News
HFSC Vice-Chairman Rep. French Hill: Republicans’ Focus for Remainder of Biden Admin is Pushing Back on Regulators Speaking before a group of community bankers, Rep. French Hill (R-Ark.) said that for the rest of the Biden Administration, House Republicans’ focus will...
Apr 24, 2024 | Banks & Credit Unions, Federal Regulation, News
CFPB Report Finds Overdraft and NSF Revenue Down More Than 50 Percent in 2023 vs. Pre-Pandemic Levels According to a new report issued by the Consumer Financial Protection Bureau (CFPB), overdraft and nonsufficient funds (NSF) revenues dropped by $6.1 billion since...
Apr 18, 2024 | Congressional Legislation, News
House Financial Services Committee Sends 13 Bills to House Floor, Including EWA Framework, Nullification of CFPB Late Fee Rule Yesterday, the House Financial Services Committee reported 13 bills out of Committee, sending them to the full House for consideration. Among...
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...
