The rapid demise of NSF fees
Last year at this time, all but two of the 20 largest commercial banks in the nation charged fees to consumers whose accounts did not have enough money in them to pay for certain purchases.
When to Use Survey and Administrative Data for Financial Health Measurement: Lessons from the Financial Health Pulse
Combining survey and administrative data can offer more nuanced insights for financial institutions on customer needs and potential solutions.
Many Low-Wage US Breadwinners Find Themselves Financially Vulnerable
A new report offers a first-ever glimpse into the financial health of workers in low-wage jobs revealing that many struggle with savings, insurance coverage, and paying for basic living expenses.
Credit card debt is up 13% from last year, New York Fed reports
The amount of debt people are carrying on credit cards is growing fast. In the second quarter of this year, from April to June, balances were 13% higher than they were a year earlier, according to new data from the Federal Reserve Bank of New York.
Rising household debt has more Americans struggling: NY Fed
Household debt continues to rise, proof that more families are struggling to make ends meet, fintech industry executives believe.
CFPB should write a data sharing rule that can evolve with the market
The Consumer Financial Protection Bureau's recent Regulatory Agenda indicates that the bureau plans to commence a rulemaking in November to implement the data sharing provision in Section 1033 of the Dodd-Frank Act. For that rulemaking to enable consumers to enjoy the benefits of more open data, the CFPB should heed Director Rohit Chopra's recent call to eschew "highly complicated rules that have long been a staple of consumer financial regulation" and instead develop a principles-based approach that addresses the most significant pain points in the data ecosystem today and will allow the market to evolve over time.
What Women Need From the Banking Industry
Women are a critical customer segment for every bank or credit union, yet their specific needs are often overlooked by the banking industry. Two reports — from Bank of America and the Financial Health Network — illustrate what banks and credit unions can do better to meet women's financial needs.
Low-wage employees report high levels of financial stress—and it’s impacting their productivity at work
Financial stress is real for Rita Blalock, 56. In fact, it’s nearly constant companion these days.
New Financial Health Data Finds that Despite a Majority of Workers in Low-wage Jobs Deemed Family Breadwinners, Only 13% are Considered Financially Healthy
New report offers first-ever glimpse into the financial health of workers in low-wage jobs revealing that many struggle with savings, insurance coverage, and paying for basic living expenses
Three trillion reasons to improve women’s financial health
It’s no secret that men and women have a financial gender gap. A new report from the Financial Health Network reveals that governments and businesses have almost three trillion reasons to close it.
These Banks Have Eliminated or Reduced Overdraft Fees
If your bank still charges a fee for not having enough money in your account, you can switch to another bank that has gotten rid of them.
‘I had to give up my career, in a sense’: With a potential recession looming, many women are financially vulnerable
Nearly three in 10 women said they were financially worse off than before the pandemic, according to a new survey.