WASHINGTON – U.S. Senator Kevin Cramer (R-ND) joined Senator Elizabeth Warren (D-MA) in introducing the Failed Bank Executives Clawback Act, bipartisan legislation requiring federal regulators to claw back up to three years of compensation given to bank executives, board members, controlling shareholders, and other key decision-makers in the event of a failure or resolution.
More young Americans are late paying their car loans – approaching levels not seen since the Great Recession, according to a report from the New York Fed.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts with federal deposit insurance coverage. The CFPB also issued a consumer advisory for customers holding funds in these apps and how they can make sure their funds remain safe.
In recent years, transaction volumes on payment apps have substantially increased. For example, total person-to-person (P2P) payment dollar volume quadrupled between 2018 and 2022.1 Importantly, many U.S. consumers and businesses are not simply using these services to transfer funds.
The Justice Department announced today that ESSA Bank & Trust (ESSA) has agreed to pay over $3 million to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining majority-Black and Hispanic neighborhoods in and around Philadelphia.
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