Dec 12, 2023 | Congressional Legislation, News
HFSC Chairman McHenry Announces He Will Retire At the End of This Term House Financial Services Committee (HFSC) Chairman Patrick McHenry (R-N.C.) recently announced that he will not seek re-election to the House, choosing instead to retire at the end of his current...
Dec 6, 2023 | Federal Regulation, News
CFPB’s Plan to Crack Down on Overdraft Fees Expected in December Officials from the Consumer Financial Protection Bureau (CFPB) have recently told industry executives that the agency will most likely reveal its plan to crack down on overdraft fees this month. The...
Nov 30, 2023 | Federal Regulation, News
FDIC Under Fire After Report of Sexual Harassment, Other Misconduct The Wall Street Journal recently published an explosive report highlighting the “toxic atmosphere” described by current and former employees of the Federal Deposit Insurance Corp., including 20 women...
Nov 28, 2023 | Congressional Legislation, Federal Regulation, News
Banking Trade Groups Argue Interest Rate Cap Could Impact Subprime Borrowers’ Credit Access In a recent joint letter to lawmakers, seven bank trade groups warned that the Military Lending Act, which would impose a 36 percent interest rate cap on consumer loans, could...
Nov 22, 2023 | Financial Literacy, News
American Households Increase Total Debt by $78 Billion in Q3 A new report released by WalletHub found that American households increased their total debt by $78 billion during the third quarter of this year. The average amount of total debt U.S. households owed was...
Nov 16, 2023 | Financial Literacy, News
Americans Now Owe $1.08 Trillion in Credit Card Debt, New York Fed Says A recent report on household debt issued by the Federal Reserve Bank of New York found that Americans now owe $1.08 trillion in credit card debt. Credit card balances jumped by $154 billion since...
Nov 14, 2023 | Financial Literacy, News
Nearly 7 in 10 Adults in U.S. Say They Have Experienced Financial Trauma, Experian Survey Finds New research released last month from Experian found that 68 percent of U.S. adults feel that they have suffered from, or are presently suffering from, financial trauma....
Nov 8, 2023 | Litigation, News, Online Lending, Tribal Sovereignty
Minnesota AG Sues Three Tribal Lenders Earlier this month, Minnesota Attorney General (AG) Keith Ellison filed a federal lawsuit against three Tribally-owned online lending companies, which his office says “issued thousands of loans to consumers in Minnesota that...
Nov 2, 2023 | Banks & Credit Unions, Federal Regulation, News
CFPB’s Biennial Credit Card Report Finds Consumers Paid More than $130 Billion in Interest and Fees in 2022 Recently, the Consumer Financial Protection Bureau (CFPB) released its biennial report on the consumer credit card market to Congress, which found that...
Oct 31, 2023 | FinTech, News
Average Retail Credit Card APR Reaches New Record High Bankrate’s annual Retail Cards Study found that the average APR for retail credit cards reached a record high of 28.93 percent this year, up from 26.72 percent in 2022 and 24.35 percent in 2021. The average...
