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Congress Tackles Financial Reform, Major Banks Exit Climate Commitments, and the CFPB Makes a Move to Lessen Medical Debt's Impact on Credit Scores
Congress is poised to tackle significant financial reform as the 119th Congress convenes with a Republican majority. Key topics on the agenda include the Credit Card Competition Act, which seeks to allow card payments to be routed over competing networks, and the Earned Wage Access Consumer Protection Act aimed at regulating EWA providers. Meanwhile, the Consumer Financial Protection Bureau (CFPB) has announced a groundbreaking regulation that will remove $49 billion in medical debt from credit reports, which is expected to boost consumer credit scores and increase mortgage approvals. Major banks are also making headlines, with JP Morgan Chase exiting the Net Zero Banking Alliance, joining other big names in a shift towards independent support for low carbon technologies. As loan growth slows and banks reduce deposit rates, the financial landscape remains cautious entering 2025, highlighting the ongoing challenges in the lending market.
Takeaways:
- The 119th Congress aims to address financial services legislation with a Republican majority in charge.
- The CFPB's new regulation could raise credit scores by an average of 20 points for consumers.
- Major banks, including JP Morgan, are withdrawing from the Net Zero Banking Alliance amid funding concerns.
- The Credit Card Competition Act could introduce competition by allowing alternative payment networks to operate.
- JP Morgan's exit leaves only three American banks in the Net Zero Banking Alliance, highlighting industry shifts.
- Sluggish loan growth and high interest rates are making banks cautious in lending for 2025.
Companies mentioned in this episode:
- JP Morgan Chase
- Citigroup
- Bank of America
- Goldman Sachs
- Wells Fargo
- Morgan Stanley
- Amalgamated Bank
- Areti Bank
- Climate First Bank
- Experian
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By Fred E. CadenaCongress is poised to tackle significant financial reform as the 119th Congress convenes with a Republican majority. Key topics on the agenda include the Credit Card Competition Act, which seeks to allow card payments to be routed over competing networks, and the Earned Wage Access Consumer Protection Act aimed at regulating EWA providers. Meanwhile, the Consumer Financial Protection Bureau (CFPB) has announced a groundbreaking regulation that will remove $49 billion in medical debt from credit reports, which is expected to boost consumer credit scores and increase mortgage approvals. Major banks are also making headlines, with JP Morgan Chase exiting the Net Zero Banking Alliance, joining other big names in a shift towards independent support for low carbon technologies. As loan growth slows and banks reduce deposit rates, the financial landscape remains cautious entering 2025, highlighting the ongoing challenges in the lending market.
Takeaways:
- The 119th Congress aims to address financial services legislation with a Republican majority in charge.
- The CFPB's new regulation could raise credit scores by an average of 20 points for consumers.
- Major banks, including JP Morgan, are withdrawing from the Net Zero Banking Alliance amid funding concerns.
- The Credit Card Competition Act could introduce competition by allowing alternative payment networks to operate.
- JP Morgan's exit leaves only three American banks in the Net Zero Banking Alliance, highlighting industry shifts.
- Sluggish loan growth and high interest rates are making banks cautious in lending for 2025.
Companies mentioned in this episode:
- JP Morgan Chase
- Citigroup
- Bank of America
- Goldman Sachs
- Wells Fargo
- Morgan Stanley
- Amalgamated Bank
- Areti Bank
- Climate First Bank
- Experian