CFPB: New Report Released on Financial Challenges Facing Rural Communities
Many rural communities are “banking deserts” Today the Consumer Financial Protection Bureau (CFPB) issued a report on the challenges faced by Americans in rural communities. The report highlights that many of these communities lack access to physical bank branches, are more likely to seek credit from nonbanks, and are heavily affected by medical bills. The…
ABA: Comment Letter Issued to CFPB on Request for Information on Fees Charged by Financial Service Providers
In a detailed comment letter filed today, the American Bankers Association and all 51 state bankers associations directly challenge the basic premise behind the Consumer Financial Protection Bureau’s Request for Information on fees charged by financial service providers in the U.S. The letter reads in part: “The CFPB has long pledged to be a ‘data-driven’ agency that…
ABA: Credit Market Conditions Expected to Weaken Amid High Inflation
The six-month outlook for consumer and business credit markets softened this quarter, according to the American Bankers Association’s latest Credit Conditions Index released today. Bank economists expect the credit environment to normalize following a period of unusually strong credit availability and quality, which were underpinned by robust consumer savings amid federal stimulus payments and low…
CFPB: New Report Finds Credit Card Companies Charged $12 Billion in Late Fee Penalties in 2020
The Consumer Financial Protection Bureau (CFPB) issued a report today showing that credit card issuers charged $12 billion in late fees in 2020. Late fee penalties are charged in addition to interest when a cardholder does not make the minimum payment by the due date. “Many credit card issuers have made late fee penalties a…
CFPB: Supervisory Guidance Updated to Target Unfair Discrimination in Consumer Finance
Discrimination or improper exclusion can trigger liability under ban on unfair acts and practices Today the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. In the course of examining banks’ and other companies’…
The White House: Fact Sheet Released on President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets
Outlines First Whole-of-Government Strategy to Protect Consumers, Financial Stability, National Security, and Address Climate Risks Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans – approximately 40 million people…
ABA: New Consumer Polling Data on Major Bank Policy Issues Unveiled at 2022 ABA Washington Summit
U.S. consumers are happy with their bank, value overdraft protection and support cannabis banking, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey found that 9 in 10 Americans with a bank account (89%) say they are “very satisfied” or “satisfied” with their primary bank and…
CFPB: New Way Launched for the Public to Petition Agency for Action
Reforms Will Help the Public to Exercise their Constitutional Rights The Consumer Financial Protection Bureau (CFPB) today made it easier for the public to meaningfully engage with the agency and request regulatory changes. Starting today, members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will be posted on public dockets…
FDIC: #GetBanked Campaign Expanded to Los Angeles, Dallas and Detroit
Public awareness push to promote financial inclusion among the unbanked As part of its ongoing work to expand financial inclusion to unbanked individuals and families, the Federal Deposit Insurance Corporation (FDIC) today announced it will expand its #GetBanked public awareness campaign into the Los Angeles, Dallas, and Detroit metropolitan areas. The FDIC’s #GetBanked campaign is focused on…
CFPB: New Report Reviews Financial Issues Facing People and Families in Contact with the Criminal Justice System
Report Finds Products and Services Rife with Burdensome Fees and Lack of Choice The Consumer Financial Protection Bureau (CFPB) today published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, “Justice-Involved Individuals and the Consumer Financial Marketplace,” describes an ecosystem rife with burdensome fees and…