Credit unions’ reliance on overdraft fees comes into focus
Americans spent 49% more on overdraft-related fees in 2023 than previously estimated, according to new research, which finds that credit unions were largely responsible for the previously uncounted revenue.
CFPB has 30 days to settle $8 credit card late fee lawsuit
The Consumer Financial Protection Bureau said it is “optimistic” that a lawsuit challenging the $8 credit card late fee rule can be resolved. The late fee rule is expected to be rescinded by the Trump administration.
OCC to explore alternative credit metrics
Acting Comptroller Rodney Hood discussed using fintech to evaluate self-employed borrowers’ creditworthiness, saying alternative credit models could promote financial inclusion.
Fed’s Barr suggests lending protections for small businesses
In a speech, the Federal Reserve governor called for policies that would impose Truth In Lending-like disclosure requirements on lenders’ products that cater to small businesses.
Trump’s plan for big changes at the SBA draws mixed reviews
The Trump administration wants the Small Business Administration to shrink its workforce by 43%. At the same time, the agency is being asked to start managing the federal government’s student loan portfolio.
Changing US economic data would boost costs for banks
Officials in the Trump administration have floated the idea of changing how the government measures economic growth. Economists say the shift would create new expenses for banks.
Banks push Congress to renew cyber threat sharing protections
Trade groups representing banks and utilities urged lawmakers to reauthorize the CISA law before it expires in September.
Neobank Chime debuts $500 instant loans for direct depositors
The fintech, which specializes in low or no fee banking and early access to paychecks, is now offering three-month installment loans.
Trump administration asks Supreme Court to allow firings
The Justice Department has asked the high court to intervene and halt reinstatements of federal employees who were fired by the Office of Personnel Management.
The Block expats behind a stablecoin startup
Former staffers at Block’s crypto unit have launched Stable Sea, a firm that tries to make processing easier.