Also: Bank of America ordered to pay $250M to consumers, CFPB, OCC; Consumer credit rises $7.2B in May

July 12, 2023

NCUA’s Hood joins NAFCU Regulatory, Legislative Committees ([link removed] )

NAFCU’s Regulatory and Legislative Committees held a joint meeting Tuesday, during which NCUA Board Member Rodney Hood joined to discuss issues and opportunities facing the industry.

Bank of America ordered to pay over $250 million ([link removed] )

The CFPB Tuesday ordered Bank of America to pay over $100 million to customers for “systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.” The announcement also noted that Bank of America will pay two separate penalties: $90 million to the CFPB and $60 million to the Office of the Comptroller of the Currency (OCC).

Consumer credit rises $7.2B in May ([link removed] )

Total consumer credit grew 1.8 percent in May at a seasonally-adjusted, annualized rate and is up 12.9 percent compared to a year ago. NAFCU Chief Economist and Vice President of Research Curt Long noted the $7.2 billion increase is “the smallest increase in the last 18 months.” In addition, while revolving credit – primarily credit cards – rose 8.2 percent, it decelerated from 13.8 percent growth in April. Non-revolving credit – primarily auto and education loans – fell 0.4 percent in May and is up 4.1 percent from a year ago.

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