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Card Fees Back in Washington’s Crosshairs

Two recent developments are sending a message to credit card issuers that the regulatory and political winds are not blowing in their favor. Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), on June 22 issued an advance notice of proposed rulemaking to assess if late fees charged by credit card issuers are “reasonable and proportional,” as required by the Credit Card Accountability Responsibility and Disclosure...

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BNPL: Why Banks and Credit Unions Need to Pay Attention

Financial institutions of all sizes are under pressure to find new revenue sources and solidify their status as customers' trusted financial advisors. One would think FIs would race to participate in a lending category projected to grow significantly in coming years – and one where 70% of consumers indicated in a recent survey that they'd prefer access through their bank. That isn’t necessarily the case. Surprisingly, a study by IntraFi Network...

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How to Navigate the Shifting Winds with Overdraft Fees

Several high-profile banks, including Capital One, Citigroup, Wells Fargo, and Bank of America, have announced plans to either eliminate or dramatically reduce overdraft (OD) and nonsufficient funds (NSF) fees. It could be argued that these banks made this leap before regulators, including the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), required them to do so. In 2019, the CFPB...