financialliteracy

CFPB Launches Overdraft Fee Cap: A Game-Changer for Consumers but Sparks Industry Outcry

11 days ago

In a significant move towards consumer protection, the Consumer Financial Protection Bureau (CFPB) has finalized its new regulation capping bank overdraft fees. This decision has garnered both praise from consumer advocacy groups and resistance from Republican lawmakers as well as financial industry representatives.

Windfall of $105 Million: Upcoming Inheritance Boom for U.S. Heirs

18 days ago

In an astonishing development, a staggering $105 million in inheritance is poised to flow into the hands of heirs across the United States. This impending financial windfall is set to reshape the economic landscape for many families as estates settle across the country. The trend of wealth transfer is becoming increasingly pronounced, with a significant number of estates ready to be distributed in the coming years.

DC Attorney General Files Lawsuit Against Fintech Giant Earnin Over Unlawful Interest Rates

1 month ago

The financial technology company Earnin, which allows users to access their wages before their official paydays, is facing a lawsuit initiated by the Attorney General of Washington D.C. The lawsuit accuses Earnin of charging interest rates exceeding 300%, which is alleged to violate local usury laws. This legal action is part of a broader effort to scrutinize financial practices that disproportionately affect vulnerable populations.

Navy Federal Credit Union Ordered to Pay $95 Million for Illegal Overdraft Fees

2 months ago

In a recent ruling, the Navy Federal Credit Union has been mandated to pay a staggering $95 million in restitution and penalties due to its practices concerning overdraft fees that were found to be unlawful. This significant financial penalty stems from allegations that the credit union improperly charged members excessive fees for overdrafts on their accounts, which violated the terms of their agreements.

UK Government Moves Forward with Regulatory Framework for Buy Now, Pay Later Services

2 months ago

The UK government is taking decisive steps towards implementing regulations for the increasingly popular Buy Now, Pay Later (BNPL) services. This follows growing concerns over consumer debt and the financial safety of these payment options. These regulations aim to ensure that consumers are better protected from potential pitfalls associated with deferred payment schemes.

Hispanic-White Home Value Gap Shrinks to All-Time Low, According to Zillow

2 months ago

The disparity in home values between Hispanic and White homeowners has reached its lowest point on record, illustrating significant changes in the housing market. Data from Zillow reveals that the home value gap, which once posed substantial challenges for Hispanic buyers, has begun to close, showcasing both progress and ongoing issues within the realm of homeownership.

Consumer Finance Startup Stash Rejoins the Spotlight with Co-Founders as Co-CEOs

2 months ago

In a significant corporate shuffle, Stash, a consumer finance startup, has announced that its co-founders, Brandon Krieg and Ed Robinson, will resume the roles of co-CEO. This transition comes on the heels of a leadership change that saw former CEO and majority stakeholder, David Wray, step down from his position.