Banking & Regulation Archives - Page 3 of 18

Chicago, IL: CFPB Financial Education Project Launch

The CFPB just cleared the way for lenders to factor a borrower’s deportation risk into ability-to-repay determinations — tightening mortgage and credit-card approval for some non-citizens

Warren Cohen5 days ago5 days ago014 mins

Consider a borrower on an H-1B visa: six-figure salary, 780 credit score, five years of on-time payments. Until recently, federal regulators warned lenders not to treat that person differently from a U.S. citizen with the same financial profile. That warning no longer exists. In early 2026, the Consumer Financial Protection Bureau and the Department of…

Business colleagues having discussion at office

The SBA’s 7(a) variable rate now caps at 12.25% after prime held at 6.75% through spring — a $250,000 working-capital loan now costs about $30,000 a year in interest alone

David Keller5 days ago5 days ago015 mins

Borrow $250,000 through the SBA’s 7(a) program today, and you could owe roughly $30,625 in interest over the next 12 months without paying down a single dollar of principal. That is not a stress-test scenario. It is the straight math of a prime rate frozen at 6.75 percent and the maximum spread the SBA allows…

The sign for the Federal Deposit Insurance Corporation mounted on the exterior wall of a building. 550 17th Street NW, Washington, DC 20429.

The FDIC’s new “debanking” rule takes effect in 13 days — after June 9, banks can no longer close your account because of your political views

David Keller5 days ago6 days ago013 mins

In 2014, a licensed firearms dealer in Wisconsin discovered his bank account had been closed with 30 days’ notice and no meaningful explanation. He was not accused of fraud, money laundering, or any legal violation. His business simply fell into a category that federal examiners considered a “reputation risk” for the bank. Variations of that…

Parent PLUS borrowers have 31 days to consolidate — after June 30, they permanently lose every income-driven repayment plan and new loans jump to 9.07%

Warren Cohen5 days ago6 days ago016 mins

A parent who borrowed $50,000 in federal PLUS loans to help a child finish college has, as of early June 2026, roughly 31 days to make a decision that will shape their finances for the next two decades. If they consolidate that debt into a Direct Consolidation Loan before July 1, they can still qualify…

The OCC’s bank fee rule takes effect in 31 days — federal preemption overrides every state cap on interchange fees, including Illinois’s ban on tips and sales tax

David Keller5 days ago6 days ago015 mins

A server at a Chicago restaurant rings up a $100 dinner tab. The customer leaves a $25 tip on a credit card, and the bill includes $10.25 in sales tax. Under a new Illinois law taking effect July 1, 2026, the restaurant’s card-processing fee should be calculated on the $64.75 food-and-drink total alone, not the…

Trader Joe's in Saugus, Massachusetts USA

Anyone who paid with a card at Trader Joe’s between 2018 and 2025 can claim about $102 from its $7.4 million FACTA settlement — but the filing window closes June 9

David Keller5 days ago6 days ago010 mins

Anyone who paid with a card at Trader Joe’s between 2018 and 2025 can claim about $102 from its $7.4 million FACTA settlement — but the filing window closes June 9 Trader Joe’s has agreed to pay $7.4 million to settle a federal class action lawsuit that accused the grocery chain of printing credit and…

Young woman happily reviewing financial documents nodding positively satisfied successful results

The FHFA just killed the 620 FICO minimum for loans sold to Fannie Mae or Freddie Mac — lenders now choose between Classic FICO and VantageScore 4.0 with no floor

David Keller5 days ago6 days ago014 mins

A borrower with a 610 credit score walking into a mortgage lender’s office last month would have hit the same wall that has stood since the mid-2000s: Fannie Mae and Freddie Mac would not purchase a loan with a representative FICO below 620, so most lenders would not write one. As of April 22, 2026,…

Pensive leader company ceo boss thinking african businessman manager auditor checking documents

SouthState Bank will pay up to $3,500 to customers whose names, Social Security numbers, and account details were stolen in its 2024 breach — claim by June 15

David Keller6 days ago6 days ago012 mins

Customers of SouthState Bank whose Social Security numbers, names, and account details were exposed in a February 2024 data breach have until June 15 to file a claim for up to $3,500 each under the settlement in Beasley v. SouthState Bank, N.A. The deadline is weeks away, and anyone who received a notification letter from…

Students attentively taking notes in a lecture hall.

Student loan borrowers have 33 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

Warren Cohen6 days ago6 days ago015 mins

If you owe $40,000 in federal student loans and earn $35,000 a year, the SAVE repayment plan may have kept your monthly bill at $0. That number could jump to roughly $430 a month by fall if you don’t act before a hard federal deadline now just over a month away. On July 1, 2026,…

woman wearing academic cap and dress selective focus photography

The Education Department quietly paused administrative wage garnishment for 5 million defaulted student loan borrowers through July — but the Treasury offset of tax refunds stays active

Warren Cohen6 days ago6 days ago013 mins

About 5 million federal student loan borrowers are in default right now. If you are one of them, your paycheck just caught a break. Your tax refund did not. The U.S. Department of Education confirmed this spring that it has paused Administrative Wage Garnishment (AWG), the mechanism that allows the government to divert up to…

Category: Banking & Regulation

The CFPB just cleared the way for lenders to factor a borrower’s deportation risk into ability-to-repay determinations — tightening mortgage and credit-card approval for some non-citizens

The SBA’s 7(a) variable rate now caps at 12.25% after prime held at 6.75% through spring — a $250,000 working-capital loan now costs about $30,000 a year in interest alone

The FDIC’s new “debanking” rule takes effect in 13 days — after June 9, banks can no longer close your account because of your political views

Parent PLUS borrowers have 31 days to consolidate — after June 30, they permanently lose every income-driven repayment plan and new loans jump to 9.07%

The OCC’s bank fee rule takes effect in 31 days — federal preemption overrides every state cap on interchange fees, including Illinois’s ban on tips and sales tax

Anyone who paid with a card at Trader Joe’s between 2018 and 2025 can claim about $102 from its $7.4 million FACTA settlement — but the filing window closes June 9

The FHFA just killed the 620 FICO minimum for loans sold to Fannie Mae or Freddie Mac — lenders now choose between Classic FICO and VantageScore 4.0 with no floor

SouthState Bank will pay up to $3,500 to customers whose names, Social Security numbers, and account details were stolen in its 2024 breach — claim by June 15

Student loan borrowers have 33 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

The Education Department quietly paused administrative wage garnishment for 5 million defaulted student loan borrowers through July — but the Treasury offset of tax refunds stays active

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