Consumers Charged Nearly $3 Billion in Fees Annually from Predatory Lenders According to Study
In a study released June 2023 by the Center for Responsible Lenders, analysts found that borrowers are charged nearly $3 billion annually for single-payment, payday installment, and car-title loans, reports Esteban Camargo.
CFPB’s Credit Card Late Fee Proposal Continues to Draw Criticism from CUNA
In a letter to the CFPB, the Credit Union National Association details its reasons for opposing the Bureau’s proposed reduction of maximum allowable credit card late fees to $8, reports Esteban Camargo.
House Financial Services Committee to Consider CFPB Reform Legislation Ahead of Supreme Court Review
Continuing the never-ending debate on the Consumer Financial Protection Bureau, the House Financial Services Committee has announced that it will consider new legislation that would completely overhaul the organization’s structure ahead of the Supreme Court’s review of the case, reports Emily Claus.
CFPB Declared Constitutional By 2nd Circuit Court of Appeals Ahead of Supreme Court Review
Following the 5th Circuit Court’s ruling declaring the CFPB’s structure and funding unconstitutional and the Supreme Court’s agreement to review the case, the 2nd Circuit Court has now ruled the organization to be constitutional, reports Emily Claus.
Supreme Court Agrees to Review Ruling Declaring CFPB Structure Unconstitutional
In light of the Supreme Court’s decision to review the ruling declaring the Consumer Financial Protection Bureau unconstitutional, Emily Claus reports on the history of the CFPB and its controversial structure, funding, and Payday Rule.
Overdraft Fee Income Down, Other Checking Account Fees Steady, Reports CFPB
In a report issued by the Consumer Financial Protection Bureau (CFPB) last week, the agency announced that banks’ reported overdraft fee income “was 43% lower in the third quarter of 2022 than in the third quarter of 2019 before the COVID-19 pandemic onset – suggesting $5.1 billion less in fees on an annualized basis,” reports CUSO Magazine’s Esteban Camargo.
Reaction to CFPB Credit Card Fee Plan Wildly Divided
Following the CFPB’s proposed rule limiting credit card late fees to a maximum of $8, reactions from the financial sector have been largely opposed, reports David Baumann of CUCollaborate.
Payday Lenders Oppose Quick Supreme Court Review of CFPB Ruling
David Baumann of CUCollaborate reports on whether the U.S. Supreme Court should rush a decision about whether to consider a federal appeals court ruling that found the funding mechanism for the CFPB unconstitutional.
Congress Returns With Major CU Proposals Unresolved
Congress returns to Capitol Hill this week with a long list of unresolved issues that could have a direct impact on credit unions—ranging from marijuana banking to credit card interchange policies, reports David Baumann of CUCollaborate.
CFPB: Students Being Roped Into CU/Bank Accounts Marketed by Colleges
CUCollaborate’s David Baumann reports some colleges and universities are roping students into opening credit union or bank accounts that have unreasonable fees and penalties, the CFPB said, in a report released late last week.
