The Consumer Financial Protection Bureau (CFPB) came under fire on Capitol Hill Thursday (March 7) from critics who charged that caps on credit card late fees, and other actions, would hurt innovation and banks’ customers in the long run. At the hearing, titled “Politicized Financial...
The debate over medical payment products — and, by extension, consumer choice — is sharpening between banks, innovators and regulators. To that end, the Bank Policy Institute (BPI) and Consumer Bankers Association (CBA) sent a letter Monday (Sept. 11) to the Consumer Financial Protection Bureau...
The Consumer Bankers Association and Bank Policy Institute, in a co-signed letter, have called on Congress to automatically forgive Paycheck Protection Program (PPP) loans under $150,000. Although that would cover around 85 percent of the loans, it would only cover about 26 percent of PPP loan...
Bank of America has reportedly become the first large bank to be able to take digital applications for the $350 billion small business loan program that is part of the government’s coronavirus relief package. The financial institution’s portal went online at approximately 9 a.m. Eastern...
March 07, 2024
The Consumer Financial Protection Bureau (CFPB) came under fire on Capitol Hill Thursday (March 7) from critics who charged that caps on credit card late fees, and other actions, would hurt innovation and banks’ customers in the long run. At the hearing, titled “Politicized Financial Regulation and its Impact on Consumer Credit and Community Development,” […]
March 26, 2024
The Consumer Financial Protection Bureau (CFPB) will reportedly take a closer look at credit card reward programs. This move follows an increase in the number of complaints the agency has received from consumers, CFPB Director Rohit Chopra said Tuesday (March 26), Reuters reported. Speaking with reporters on the sidelines of a Consumer Bankers Association event, Chopra said that credit card issuers too […]
June 03, 2020
The Consumer Bankers Association and Bank Policy Institute, in a co-signed letter, have called on Congress to automatically forgive Paycheck Protection Program (PPP) loans under $150,000. Although that would cover around...
April 03, 2020
Bank of America has reportedly become the first large bank to be able to take digital applications for the $350 billion small business loan program that is part of the...
June 07, 2019
The Bureau of Consumer Financial Protection (CFPB) has delayed the Aug. 19, 2019 compliance date for the mandatory underwriting provisions for its short-term, small-dollar (payday) rule, according to various reports....
