Thank you, Chair Matzie, Chair Member Marshall, Representative Pisciottano, and committee members for inviting me to speak today about the important issue of junk fees in the US economy. My name is Brian Shearer, and I serve as a Senior Advisor to the Director of the federal Consumer Financial Protection Bureau (CFPB), Rohit Chopra. I oversee the CFPB’s work on regulations, guidance, bulletins, and policy statements on a number of federal consumer financial protection laws.
As discussed here, in 2016 the Central District of California granted judgment in favor of the Consumer Financial Protection Bureau (CFPB) in its long-running challenge to CashCall, Inc.’s tribal-lending operation.
The FY 2022 OMWI annual report to Congress provides detailed information about the diversity, equity, inclusion, and accessibility (DEIA) work of the Consumer Financial Protection Bureau from Oct. 1, 2021 through Sept. 30, 2022.
Driven by interest rates that, at least for the near future, the Fed hints will continue to rise, banks have reported the market value of issued loans are currently less than their balance sheet at the end of 2022. These declining loan values could put pressure on bank liquidity, leading to a further pullback of business lending that in February had already dipped to just below 15%, a 10-month low
(Bloomberg) -- Spending on credit and debit cards rose at the smallest pace in more than two years, dragged down by slower wages, fewer tax refunds and the end of pandemic-era benefits, according to a report by Bank of America Institute.
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