Banking & Regulation Archives - Page 4 of 18

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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…

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Parent PLUS borrowers have 32 days to consolidate — after June 30, they permanently lose every income-driven repayment plan and new loans jump to 9.07%

Warren Cohen6 days ago6 days ago014 mins

The federal government is about to permanently shut Parent PLUS borrowers out of every income-driven repayment plan. After June 30, 2026, parents who hold PLUS loans will have no path to monthly payments based on what they earn, no route to balance forgiveness after 25 years, and no workaround through consolidation. The One Big Beautiful…

The FDIC’s new “debanking” rule takes effect in 11 days — after June 9, banks can no longer close your account because of your political views

David Keller6 days ago6 days ago015 mins

As of May 29, 2026, a joint final rule from the Office of the Comptroller of the Currency, the FDIC, and the National Credit Union Administration is 11 days from taking effect. When the FDIC released a batch of internal documents in early 2025, the letters inside confirmed what gun dealers, crypto firms, and religious…

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Federal law gives you 10 business days to move money out of an account a bank decides to close — but the bank isn’t required to tell you why it closed it unless an adverse credit mark triggered the decision

David Keller6 days ago6 days ago014 mins

Your debit card stops working on a Tuesday. By Friday, a letter arrives: your bank is closing your account. You have 10 business days to withdraw your funds. The letter offers no explanation. When you call, the representative reads from a script that restates what the letter already said. No reason. No appeal. No next…

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The OCC’s new bank fee rule takes effect in 32 days — your state can no longer cap the swipe fees banks charge on tips, sales taxes, or tipped service charges

David Keller6 days ago6 days ago014 mins

On June 30, 2026, a federal preemption order will strip Illinois of the power to stop nationally chartered banks from collecting swipe fees on credit card tips and sales taxes. The state’s Interchange Fee Prohibition Act was supposed to take effect one day later, on July 1. That single-day gap is not a coincidence. The…

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

Both FDIC and NCUA cap deposit insurance at $250,000 per person per bank — and naming a second owner on a joint account doubles the coverage to $500,000 with no extra paperwork

David Keller6 days ago6 days ago012 mins

A married couple keeps $400,000 in a savings account at a single bank, titled in one spouse’s name only. If that bank fails tomorrow, federal deposit insurance covers $250,000. The remaining $150,000 is exposed. Had both spouses been listed as co-owners on the same account, the entire $400,000 would have been insured. No second bank,…

Man hand holding credit card with smartphone in coffee cafe.

The OCC’s new bank fee rule takes effect in 34 days — your state can no longer cap the swipe fees banks charge on tips and sales taxes

Warren Cohen7 days ago1 week ago015 mins

Leave a 20% tip on a restaurant tab paid by credit card, and your server is not the only one collecting. The bank that issued your card takes a small cut of the entire transaction through what the industry calls an interchange or “swipe” fee. That fee is calculated on the full amount: the meal,…

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The average personal loan now charges about 12.5% APR — less than half the 22% credit card average, saving the typical $7,200 borrower roughly $1,000 a year in interest

Warren Cohen7 days ago1 week ago014 mins

A borrower carrying $7,200 on a credit card at 22 percent APR will pay roughly $132 a month in interest alone before a single dollar touches the principal. Move that same balance to a 24-month personal loan at 12.5 percent, and the monthly interest drops to about $75. That difference, compounded over a year of…

Group of diverse university students in a bright lecture hall, studying language education.

Student loan borrowers have 35 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

David Keller1 week ago1 week ago013 mins

The clock is ticking for roughly 8 million federal student loan borrowers still tied to the SAVE repayment plan. Starting July 1, 2026, loan servicers will begin mailing transition notices that give each borrower 90 days to pick a new repayment plan. Anyone who doesn’t respond will be automatically placed into Standard Repayment or a…

Male hand holding a cellphone to check his credit score to apply for a loan to the bank

The average American now carries 4.2 credit cards with a combined $7,200 balance — but closing the oldest account cuts credit scores by 30 points by shortening account history

Warren Cohen1 week ago1 week ago014 mins

Last spring, a borrower in Dallas called her credit card issuer to cancel a Visa she hadn’t swiped in three years. She had no balance on it, no annual fee, and no reason to keep the plastic. Six weeks later, when she applied for a mortgage, her FICO score had dropped from 741 to 709….

Category: Banking & Regulation

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

Parent PLUS borrowers have 32 days to consolidate — after June 30, they permanently lose every income-driven repayment plan and new loans jump to 9.07%

The FDIC’s new “debanking” rule takes effect in 11 days — after June 9, banks can no longer close your account because of your political views

Federal law gives you 10 business days to move money out of an account a bank decides to close — but the bank isn’t required to tell you why it closed it unless an adverse credit mark triggered the decision

The OCC’s new bank fee rule takes effect in 32 days — your state can no longer cap the swipe fees banks charge on tips, sales taxes, or tipped service charges

Both FDIC and NCUA cap deposit insurance at $250,000 per person per bank — and naming a second owner on a joint account doubles the coverage to $500,000 with no extra paperwork

The OCC’s new bank fee rule takes effect in 34 days — your state can no longer cap the swipe fees banks charge on tips and sales taxes

The average personal loan now charges about 12.5% APR — less than half the 22% credit card average, saving the typical $7,200 borrower roughly $1,000 a year in interest

Student loan borrowers have 35 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

The average American now carries 4.2 credit cards with a combined $7,200 balance — but closing the oldest account cuts credit scores by 30 points by shortening account history

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