Consumer Financial Protection Bureau Director Richard Cordray appeared before the Senate Banking Committee today and said during the question-and-answer period that the CFPB intends to revisit the income-verification standards under the Ability-to-Repay Rule.
Delinquencies in closed-end loans and bank cards edged down in the first quarter, driven by large declines in home loan-related delinquencies, according to the ABA Consumer Credit Delinquency Bulletin that was released today.
A New York court blocked American Express from implementing its anti-steering rules preventing merchants from suggesting customers use a lower-cost card during its appeal.
Fourth-quarter credit card spending continued rising on strong employment numbers and the strength of the super-prime credit market, according to the latest edition of ABA’s Credit Card Market Monitor released today.
Four in 10 U.S. households surveyed last fall said they were somewhat or much better off financially than they had been five years prior, according to the Federal Reserve’s 2014 Survey of Household Economics and Decisionmaking released today. Just over a quarter said they were worse off than in 2009.
MasterCard today said that not enough MasterCard-issuing banks accepted the proposed $19 million settlement with Target by the May 20 deadline.
Surface benefits for consumers from the 2009 Credit CARD Act have been offset by significant negative effects, ABA told the Consumer Financial Protection Bureau yesterday.
The deadline for MasterCard-issuing banks to determine whether they will accept the network’s $19 million settlement with Target related to losses from Target’s 2013 data breach is Wednesday, May 20.
ABA played a lead role in securing higher post-data breach reimbursement levels for banks of banks of all sizes.