by Ken Chase | Oct 28, 2023 | Banks, News
U.S. regulators have approved a proposal they say will modernize fair lending rules with changes to the 1977 Community Reinvestment Act (CRA). The new rules are part of a broader effort to eliminate “redlining” discrimination. The new rules were approved by three...
by Ken Chase | Oct 21, 2023 | Banks, News
When the Federal Reserve Board meets on October 25, debit card swipe fees are expected to be one key discussion topic. The Fed’s website notes that board members will be discussing the fee cap at that meeting. However, no details about planned changes have been...
by Ken Chase | Oct 20, 2023 | Banks, News
Bank of America and Goldman Sachs reported third quarter profits this week, with vastly different results. BofA, the nation’s second largest bank, reported a 10% increase in profits over the same period in 2022. Meanwhile, Goldman saw profits drop by roughly 33%...
by Ken Chase | Oct 19, 2023 | Business, News
Despite ongoing concerns about a slowing U.S. economy, consumer spending continues to show signs of strength. Indeed, a report released by the Commerce Department showed retail sales rose by 0.7% from August to September. Moreover, those sales were an increase of 3.8%...
by Ken Chase | Oct 13, 2023 | Banks, News
The Consumer Financial Protection Bureau signaled this week that it’s intent on eliminating bank junk fees for consumers. The regulatory body confirmed that commitment with the release of a new Supervisory Highlights report and a separate advisory opinion. The...
by Ken Chase | Oct 5, 2023 | Financial, News
On Tuesday, October 3, the U.S. Supreme Court will hear plaintiff arguments in a case involving the constitutionality of CFPB funding. The case was brought by trade groups that represent the payday lending sector. The industry is one of many sectors that the Consumer...
