The House Financial Services Committee Subcommittee on Financial Institutions and Monetary Policy will review a discussion draft of a financial data privacy bill from U.S. Rep. Patrick McHenry, R-N.C., during a hearing Feb. 8.
Feb 3(Reuters) - A U.S. appeals court has revived a U.S. Consumer Financial Protection Bureau rule governing how providers of digital wallets disclose commonly used fees to prepaid customers.
Today, the U.S. Department of Education (Department) released new data estimating that more than 18 million students have received direct financial aid under the Higher Education Emergency Relief Fund (HEERF) since the start of 2021. Over that period, nearly 6 million community college students received direct financial aid, along with more than 450,000 students at Historically Black Colleges and Universities (HBCUs), more than 24,000 students at Tribally Controlled Colleges and Universities (TCCUs), and nearly 8 million students at Minority Serving Institutions (MSIs), such as Hispanic Serving Institutions.
Carrying thousands in credit card debt has become normal for many Americans. The average credit card balance is $5,589, according to a 2022 Experian report. Last year, total credit card debt in the US rose by $38 billion from Q2 to Q3, according to the Federal Reserve Bank of New York. With high inflation driving up the cost of everyday essentials, it's not surprising that some are turning to credit cards to finance purchases.
Rising delinquencies among subprime and near-prime borrowers reveal the strain of living paycheck to paycheck. In a spate of earnings reports these past few weeks, various lenders — banks and digital platforms among them — have spotlighted the fact that delinquencies and charge-offs are ramping back up, off pandemic lows, rapidly. And though many of these companies state that their lending portfolios’ metrics are manageable, and indeed are normalizing, the trends bear watching.
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