CFPB: Agency Takes Action to Protect Depositors from False Claims about FDIC Insurance
FDIC takes parallel action to combat misrepresentations The Consumer Financial Protection Bureau (CFPB) released an enforcement memorandum today that addresses prohibited practices on claims about Federal Deposit Insurance Corporation (FDIC) insurance. Specifically, firms cannot misuse the name or logo of the FDIC or make deceptive representations about deposit insurance. The issue has taken on renewed…
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…
ABA: Report Shows Credit Card Market Reflected Economic Recovery in Third Quarter of 2021
Credit conditions in last year’s third quarter reflected an ongoing economic recovery while credit card debt as a share of disposable income tilted slightly downward, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor released today. Monthly purchase volumes grew across risk tiers during the third quarter, while average credit lines for…
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…