CFPB: Rule Issued to Ban Companies from Using Arbitration Clauses
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day in court. Many consumer financial products like credit cards and bank accounts have arbitration clauses in their contracts that prevent consumers from joining together to sue their…
ABA: Mortgage Borrowers Want Both Technology and In-Person Services
Survey also found down payment, student debt preventing home purchases WASHINGTON — A majority of Americans (60 percent) agree that while they use online resources for research, they prefer to apply for a mortgage in person, according to a new survey from the American Bankers Association. Seventeen percent said they would prefer to apply for…
CFPB: Comment on Proposed Changes to Prepaid Rules
Proposal Would Adjust Error Resolution Requirements and Provide More Flexibility for Credit Cards Linked to Digital Wallets WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) announced today that it is seeking comment on proposed updates to its prepaid rule. The CFPB issued the prepaid rule in 2016, requiring financial institutions to limit consumers’ losses when…
CFPB: More than Just Fun – Summer Money Matters for Young Workers
Each summer, millions of young people get their first job. With every first job comes a first paycheck, and that first paycheck is an opportunity for young workers to develop their own financial skills. This important milestone is often when young people first take control of their finances, make choices about various financial products, and…
CFPB: Helping People Plan of Retirement
With help, consumers can better visualize outcomes, plan their decision-making, and make the best decisions about their retirement finances. By Irene Skricki In a recent study, we tested ways to help people better visualize the results of their retirement choices and plan ahead for significant decisions. When people approach retirement age, they have to make…
CFPB: It’s Not Too Late to Spring Clean Your Finances
Spring cleaning isn’t just for decluttering your home. You can take advantage of the changing seasons to clean up your finances and make sure you know where you stand. These steps can help you clean up your financial life as you work towards your goals. Here’s a few ways to get started spring cleaning your…
Census Bureau: Wealth and Asset Ownership Data Tables Released
The U.S. Census Bureau released today the 2013 Wealth and Asset Ownership Detailed Tables highlighting household net worth from the Survey of Income and Program Participation. These tables highlight annual household net worth estimates at the national level and are broken down by selected characteristics, such as race, household structure and poverty status. The Survey…
CFPB: Office of Servicemember Affairs Guides Military through Financial Hurdles
We’re releasing our fifth annual servicemember report, The Office of Servicemember Affairs: charting our course through the military lifecycle. Servicemembers matter. We created this report to highlight some of the most common financial struggles servicemembers face during their military careers. These struggles are well documented in the over 74,000 complaints we have handled from the military…
ABA: Call for Entries for the Foundation’s Community Commitment Awards
Deadline for entries is June 30 WASHINGTON — The American Bankers Association Foundation is requesting submissions for its annual Community Commitment Awards to recognize banks’ essential involvement in their communities. The awards will honor innovative, high impact bank programs that improve the quality of life for the customers and communities they serve. The entry period…
Federal Reserve: Where Do Banks Fit in the FinTech Stack?
Speech Governor Lael Brainard At the Northwestern Kellogg Public-Private Interface Conference on “New Developments in Consumer Finance: Research & Practice” We can learn a lot from the evolution of smartphones as we try to envisage where the fintech ecosystem–and banks’ role within it–might be heading in the future. Smartphones have ushered in an age when…