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CFPB to bring staff back to office a year after closure

WASHINGTON, May 12 (Reuters) - Leadership at the U.S. consumer finance watchdog plans to recall staff to the office more than a year after the Trump ​administration shuttered its Washington headquarters and tried to eliminate the workforce, according to ‌three people with knowledge of the matter.

The return-to-office plan for the Consumer Financial Protection Bureau has not yet been announced to staff and timing remains uncertain, the people said.

The ​agency's downtown headquarters are now partly occupied by the Office of ​Management and Budget, whose Director Russell Vought also leads the CFPB, ⁠the three sources and two others briefed on the occupancy said.

It was ​unclear whether staff would be recalled to CFPB headquarters and whether the mandate ​would include agency staff based outside Washington, three of the people said.

CFPB representatives did not immediately respond to a request for comment on Tuesday. The Trump administration in February canceled the ​lease on the CFPB's headquarters and handed the property to the General ​Services Administration, as Reuters previously reported.

Read more at REUTERS

What’s the median household income? The US was $81,600 in 2024.

The Census Bureau has a measure of household income that includes all the wages, pensions, investments, and public assistance earned by household members 15 and older. In 2024, the median US household income was $81,600. But, of course, it varied by location. (And yes, we have the data on your state!)

• The median household income increased from $80,000 in 2023 to $81,600 in 2024 (after adjusting for inflation). This was the highest median household income since at least 2010.
• In 2024, 41.2% of households made more than $100,000, 28.2% made between $50,000 and $100,000, while 30.6% made less than $50,000.
• Among states, median household incomes ranged from $104,800 in Massachusetts to $59,100 in Mississippi in 2024. Arizona was the closest to the national median at $81,500.

Read more at USA Facts

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Our #IRS Interactive Tax Assistant has answers.

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Federal Reserve Board issues Economic Well-Being of U.S. Households in 2025 report

The Federal Reserve Board on Wednesday issued its Economic Well-Being of U.S. Households in 2025 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was consistent with recent years. Survey results indicate that the labor market remained solid, despite some softening since the previous year's survey. Price increases remained the most common financial concern, though the share of U.S. adults saying it was a major concern declined slightly.

The report draws from the Board's annual Survey of Household Economics and Decisionmaking (SHED), which was fielded in October 2025. It analyzes a wide variety of topics, including financial well-being, employment, income and expenses, and housing.

"As we work to support a strong and vibrant economy, it's critical for the Federal Reserve to understand the economic experiences of families and communities," said Federal Reserve Board Governor Michael S. Barr. "The SHED provides valuable data on how households are dealing with evolving financial opportunities and challenges."

Read more at Board of Governors of the Federal Reserve System

Credit Scores, Used to Predict Repayment, Can Restrain Economic Recovery

Rigid adherence to scoring systems can reduce consumer spending when it’s most needed

Credit-scoring systems are part of the critical infrastructure of modern finance, key to deciding who can borrow and at what cost. But a stream of academic research since 2008 suggests that lenders’ devotion to rigid credit rules has stunted the economy’s rebound from the global financial crisis.

A paper by UCLA Anderson’s Mark J. Garmaise and Gabriel Natividad of the University of Piura (Peru) published in the Journal of Finance seeks to take that research a step further. The authors’ specific focus: Do lender and borrower behaviors change simply because of the “shock” effect of a sudden downgrade of a borrower’s credit rating, regardless of what specifically caused it or whether it truly signals financial trouble for the borrower?

Read more at UCLA Anderson

Payliance enables organizations to streamline

payment acceptance, minimize processing costs,

and reduce the risk of fraud.

Innovation has expanded choice in consumer finance, but it’s also exposed limits in how well regulation keeps up

Terry Gerton Consumer finance protection. That’s been a topic of interest over the last few months, certainly with the Trump administration, but even more broadly, going back quite a while, when you think about how consumer finance policy actually functions in practice, what part of this system is really under strain right now?

Todd Zywicki Well, it’s a fascinating time to be doing all this. Well, as we know, sort of the internet has exploded consumer finance. We see stable coins. We see more and more people investing in the stock market. We see all these different sorts of innovations and fintech and that sort of thing. And so we’re really at sort of a historic point with the opportunities for consumers, for innovation, for competition, and more choice. But at the same time that brings with it new threats to consumers, new products, new ways of people understanding things and that sort of thing. And so we started this new center, the Institute for Consumer Financial Choice, me along with my co-founder and co-director, Tom Miller, who’s an economist, to update the laws, to study laws, to understand what’s going on with consumers, how consumers shop for products and how to make the whole financial system work better for consumers.

Read more at the Federal News Network

Fed to launch roundtable to fight payment fraud

The Federal Reserve sees a rising threat of payment fraud and wants to collaborate with other agencies to stop it, a Fed vice chair said.

Dive Brief:

• The Federal Reserve, the Federal Communications Commission and the U.S. Treasury Department are forming a public-private roundtable to solicit feedback on how to combat payments fraud, Michelle Bowman, the Fed’s Vice Chair for Supervision, said in a speech on Tuesday.
• The roundtable will discuss financial firms’ fraud-prevention efforts, the effectiveness of their data-sharing practices and possible cross-sector or government solutions, Bowman said, speaking at a housing finance conference in Washington.
• The Federal Reserve Board has reviewed more than 250 comments received last June in response to a request for information from the Fed, the FDIC and the Office of the Comptroller of the Currency. The Fed will use those comments to shape its approach to mitigating payments fraud, Bowman said.

Read more at Banking Dive

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Cambridge Wilkinson Investment Bank Closes $300MM Senior Lender Finance Credit Facility for Institutional Specialty Real Estate Lender

NEW YORK, May 5, 2026 /PRNewswire/ -- Cambridge Wilkinson ("CW") is pleased to announce the closing of a $300 million senior lender finance credit facility for an institutional specialty real estate lender. The facility provides scalable, committed capital to support the continued growth of the company's origination platform, enabling the financing of a diversified portfolio of real estate-backed loans across its target markets. The structure was designed to align with the lender's underwriting strategy and operational model, providing flexibility to efficiently fund a growing pipeline while maintaining disciplined credit standards. Transaction terms were privately negotiated.

The financing represents a significant milestone for the platform as it continues to expand its institutional footprint and increase market share within the specialty real estate lending sector. With demand for private real estate credit solutions remaining strong, facilities of this nature provide non-dilutive capital that allows originators to scale efficiently while preserving control over underwriting and asset selection.

"We continue to see strong demand from institutional credit providers for well-structured lender finance facilities supporting real estate-focused platforms," said Rob Bolandian, Co-Founder and Global Head of Investment Banking at Cambridge Wilkinson. "We are pleased to have advised on a transaction that provides our client with substantial capital and flexibility as they continue to scale their platform and execute on their growth strategy."

Cambridge Wilkinson remains highly active in advising specialty finance and real estate lending platforms on structured credit solutions, including senior credit facilities, forward flow arrangements, and other bespoke capital structures designed to support long-term growth and institutionalization.

www.cambridgewilkinson.com

About Us:

Cambridge Wilkinson is a leading global investment bank with the speed, connections, and the confidence to get transactions done. With a focus on middle-market companies, we arrange debt and equity capital raises from $25 million to $5 billion and advise on mergers and acquisitions. In addition, we also provide flexible and scalable leverage facilities and credit facilities for private equity funds and alternative credit funds which range from $25 million to $2 billion. We bring deep experience working with specialty finance institutions, real estate entities, funds as well as businesses spanning a variety of other industries. We offer unique access to a broad network of capital sources including large family offices, credit funds, banks, non-bank credit groups, insurance companies, private equity, sovereigns, and endowments.

Securities offered through Finalis Securities LLC Member FINRA / SIPC. Cambridge Wilkinson LLC and Finalis Securities LLC are separate, unaffiliated entities.

Rob Bolandian, Co-Founder & Global Head of Investment Banking

RBolandian@cambridgewilkinson.com

Howard Chernin, Co-Founder & Chief Operating Officer

HChernin@cambridgewilkinson.com

Senate Democrats Seek Information from Consumer Reporting Agencies on Buy Now, Pay Later Reporting by Troutman Pepper Locke

On May 6, several Senate Democrats sent letters to three nationwide consumer reporting agencies (CRAs) requesting detailed information about how Buy Now, Pay Later (BNPL) loans are being handled in consumer reporting. The letters, led by Senator Elizabeth Warren (D‑MA), follow a prior set of information requests made in November 2025 to BNPL providers about whether and how they furnish BNPL data to CRAs.

The Senators note that BNPL usage has grown rapidly in recent years, including for everyday expenses and among consumers who may hold multiple BNPL loans at once. According to the letters, most BNPL providers that responded to the earlier inquiry reported that they do not automatically furnish BNPL data, citing concerns about how such data might be interpreted, how returns and disputes would be handled, and the potential impact on consumers’ credit scores. At the same time, the Senators observe that the major CRAs have publicly indicated they can receive BNPL data and are at various stages of incorporating that data into consumer reports, and that all three currently receive BNPL information from at least one provider.

Read more at JD Supra, LLC

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Digital Is Powerful—and Crowded. Direct Mail Adds a High-Impact Channel.

As consumers grow more overwhelmed by screens and ads, direct mail offers a more tangible, attention-grabbing way to connect. In a crowded marketing environment, it gives financial institutions a chance to reach the right audience in a way that feels more noticeable, more personal, and harder to ignore.

Digital overload is changing customer attention

Consumers are constantly filtering emails, digital ads, social content, and notifications. Over time, that changes how they respond.

They scroll faster. Tune out more quickly. Pay less attention to messages that feel repetitive or easy to dismiss.

That does not mean they are unreachable. It means marketers need more effective ways to stand out.

Why direct mail still works

Read more at wordcom-inc.com

Fintech Mobile Applications in America: Comprehensive Guide & Latest Trends for 2026

Comprehensive Guide to Fintech Mobile Applications in America: 2026 Edition

By 2026, the American financial world has fundamentally changed, shifting from traditional banks to a smart, seamless “intelligent financial ecosystem” that fits right in your pocket. According to the latest Fintech Sector Report 2026, over 42,500 fintech startups are now active in the U.S.—a 35% jump since 2021. Thanks to lightning-fast 5G, everyday AI assistants, and easy-to-use blockchain technology, advanced financial tools are available to anyone with a smartphone—no finance degree required.

1. How Fintech Mobile Apps Have Evolved in America

Fintech apps are no longer just wallet replacements. Apps like Cash App and PayPal have grown into "Super Apps" that let you send money, file taxes, buy insurance, and even earn high interest, all in one place. This “re-bundling of finance” makes it easy for users to skip the old headaches of moving between different banks and financial service providers.

Read more at BITGET.COM

FOR IMMEDIATE RELEASE

Online Lenders Alliance (OLA) Congratulates Kevin Warsh on Senate Confirmation to Chair Federal Reserve Board of Governors by OLA

ARLINGTON, Va. (May 13, 2026)—Today, after the United States Senate confirmed Kevin Warsh to Chair the Federal Reserve’s Board of Governors, Online Lenders Alliance Chief Executive Officer Andrew Duke issued the following statement:

“On behalf of the Online Lenders Alliance, we congratulate Kevin Warsh on his confirmation to serve as the Federal Reserve Board of Governors Chair. His previous experience as a Fed Governor during one of the most consequential periods in our nation’s economic history, combined with his deep experience in financial markets, makes him exceptionally well-suited for this critical role.

“We are encouraged that Mr. Warsh has highlighted his commitment to a strong financial system. The decisions made by the Federal Reserve directly impact American consumers’ ability to access credit, and it is critical that Fed leadership understands the importance of maintaining a competitive and innovative financial marketplace.”

Today’s vote on Warsh’s nomination to Chair the Federal Reserve Board of Governors passed the Senate by a vote of 54-45. On Tuesday, the Senate confirmed his nomination to a 14-year term as one of the Fed’s seven governors. President Trump nominated Warsh to replace Jerome Powell, whose four-year term expires on Friday.

Read more at Online Lenders Alliance (OLA)

7 in 10 Americans Find Overdraft Fees Unfair: PEW

Bank overdraft fees are back in the news. Designed in the late 1960s to help customers avoid bounced checks, overdraft—when banks allow payments (for a fee) even though customers don’t have enough in their account—has transformed over time into a major moneymaker for financial institutions. Consumers, especially those in low- and moderate-income households, now pay billions of dollars annually in fees. Guidance issued by banking regulators has prompted some banks and credit unions to improve their overdraft practices and provide more affordable small-dollar loans, offered in amounts of up to $1,000 and repaid in installments. However, many financial institutions have not made these changes, creating an uneven playing field in the market.

Overdraft was historically a courtesy service banks provided when checks were the primary method of payment. But with the advent of debit cards and other modern forms of payment, overdraft fees surged. The typical debit transaction that results in an overdraft is $24 or less, yet the fee itself can be as high as $35.

Read more at The Pew Charitable Trusts

Loved by collection agencies, debt buyers, and lenders handling diverse portfolios. cf

Why customer engagement is failing in FinTech and InsurTech today

In an era where FinTech, InsurTech, and digital banking platforms can deliver perfectly timed messages across every channel, many organisations are still struggling to get customers to engage. Despite sophisticated Customer Engagement Platforms (CEPs) from providers such as Salesforce and Twilio, communication often remains transactional. Messages arrive at the right time, yet they rarely translate into meaningful or sustained interaction.

The challenge is not a lack of technology, but a lack of value-driven engagement. For sectors like insurance, banking and healthcare, customer relationships can remain sporadic, with individuals only interacting during renewals, claims or key life events, according to dacadoo.

Traditional engagement tools are strong at orchestration but weak at behaviour change. Real engagement requires a value exchange where users gain something tangible in return for participation.

Read more at FINTECH.GLOBAL

Equifax : March 2026 U.S. National Consumer Credit Trends Report

As of March 2026, the monthly Equifax Consumer Credit Trends Report showed that total U.S. consumer debt was $18.19 trillion, up 2.8% from March 2025. Mortgage debt, including home equity loans, accounted for $13.51 trillion, a 74.3% share of total consumer debt, while non-mortgage consumer debt totaled $4.69 trillion, with 36.2% of non-mortgage consumer debt attributable to auto loans and leases, and 27.8% attributable to student loans.

Outstanding balances on auto loans and leases increased 1.7% from March 2025, to $1.70 trillion in March 2026.

Outstanding balances on U.S. bankcards decreased versus the prior month to $1.09 trillion in March 2026, up 3.9% from March 2025. Average bankcard utilization stood at 20.3%, which is a slight decrease from 20.7% in March 2025.

Read more at MarketScreener.com

E-Complish, LLC Launches: IntellAgent™, a 24/7

AI Companion for Customer Account Management & Payment Processing

‘Extremely troubling’: Expert warns against using ‘buy now, pay later’ plans for basic necessities

​It can seem like a great deal for more than a quarter of Americans living paycheck to paycheck.

​Make a purchase today, and split the cost over about four interest-free payments.

​The “buy now, pay later” payment plan is growing rapidly in popularity as consumers face higher prices and tighter budgets. Recent data shows nearly half of Americans have turned to BNPL services.

​According to LendingTree, 29% of BNPL users have used the loans for groceries. That’s up from 25% a year ago and 14% two years ago.

Read more at ABC17

Millions of Americans Are Falling Behind on Their Retirement Goals: PEW

There are proven policy solutions at the state level; now Congress can help with a national approach that helps all workers save

Robin Delucia had to reenter the workforce after initially retiring at 70 because she couldn’t live on her nest egg. And she’s not alone. Nearly a third of retirees are considering going back to work for the same reason as Robin: Their savings aren’t enough to cover their expenses. And what about Americans who are currently working and want to eventually retire? Many are struggling to save enough for the retirement they hope to have.

The numbers behind the nation’s emerging retirement nightmare tell the story: Nearly 51% of Americans worry that they will run out of money when they are no longer earning a paycheck—and 70% of retirees wish they had started saving earlier. A recent Vanguard report shows that Americans at all income levels are on track to fall short of what they need for retirement, even when Social Security is included in their retirement incomes. This is a widespread and growing problem.

Read more at The Pew Charitable Trusts

CHINA: Nation's 'Big Six' banks upgrading consumer credit business

Guided by policies aimed at expanding domestic demand and stimulating consumption, the personal credit business of China's six largest State-owned commercial banks has undergone notable structural changes.

Personal consumer loans and personal business loans at several banks have achieved double-digit growth, becoming key drivers of overall personal lending expansion, while personal mortgage loans and credit card businesses have contracted to varying degrees.

By the end of 2025, the outstanding balance of personal consumer loans at China's "Big Six" lenders totaled approximately 3.34 trillion yuan ($491.3 billion), an increase of 569.71 billion yuan from the previous year-end, up 20.56 percent year-on-year. Outstanding personal business loans reached 9.36 trillion yuan, increasing by 1.26 trillion yuan from the previous year-end, up 15.63 percent year-on-year.

Read more at ChinaDaily.com

INDIA: Privacy Comes at a Cost for Fintech Borrowers

Consumers in India welcomed an end to intrusive data mining, but it made it harder to get the loans.

Fintech firms have become a lifeline for consumers who need a loan but lack the golden tickets — a strong credit score and stable income — required by traditional lenders. 

These firms leverage technology to mine alternative data that isn’t part of traditional credit scoring to suss out whether a higher-risk borrower is actually worth the risk. Artificial intelligence has turbocharged the lenders’ ability to collect and analyze nontraditional data.

But like all things digital, there is an implicit tension in how the ability to mine alternative data intersects with privacy.

In a working paper, National University of Singapore’s Sumit Agarwal, Peiyi Jin and Xinbo Wang, Indian Institute of Management Bangalore’s Pulak Ghosh, UCLA Anderson’s Shohini Kundu and Washington University in St. Louis’ Nishant Vats and Yingze Xu find that a real-world tightening of privacy in India — one that consumers welcomed — came with a costly consequence. With less data to work with, a large fintech lender approved significantly fewer loans.

Read more at UCLA Anderson

Why the U.S. job market is so hard, especially for recent college graduates

The American job market is behaving in a way that economists are struggling to explain. The economy is growing. Unemployment is low. And yet, for millions of workers, finding a job has become harder than at almost any other point in decades.

Amanda Munro, 32, followed every rule she had been taught. She earned a graduate degree, cultivated expertise in data science and environmental policy, and began establishing a track record as a policymaker, negotiating line by line with foreign governments over rules designed to protect sharks and rays on the high seas. When she was laid off last year as part of the federal cuts imposed by the U.S. DOGE Service, she expected to find another job quickly. Instead, she ended the year sorting packages in a warehouse in Portland, Oregon, earning $19 an hour. “It feels like the rules changed,” she said.

Read more at The Washington Post

Intuit Targets Credit Invisible Americans To Broaden Credit Karma Growth

• Credit Karma, part of Intuit, is rolling out an initiative aimed at helping "credit invisible" Americans begin building a credit profile.
• The effort targets millions of consumers without traditional credit history, including many in Gen Z, and seeks to expand access to mainstream financial products.
• This move is intended to widen Credit Karma's addressable user base while directly addressing financial inclusion in the US.

For investors following Intuit (NasdaqGS:INTU), this credit access push comes as the stock trades around $393.29, with the share price down 37.5% year to date and 40.1% over the past year. Over the last month, the stock is up 12.1%, while the 3 year and 5 year returns are down 5.8% and 3.1%, respectively.

Read more at SimplyWall.st

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Millionaire taxes gain steam as states face budget crunches

Lawmakers in at least a dozen states have proposed hiking taxes on the wealthy.

While the idea of a special tax on millionaires is hotly debated across the country, Maine state Rep. Cheryl Golek characterized her state’s new tax as a modest and reasonable step toward fairness.

That’s because, she said, working- and middle-class households in Maine — including teachers, firefighters and nurses — are paying effective state income tax rates similar to or higher than those of the highest earners.

“Those who benefit the most from our economy do so because of the people, infrastructure and communities that support that success,” said Golek, a Democrat. “Asking for a small additional contribution from the wealthiest in our state is a reasonable and widely supported step toward a fairer system.”

Read more at STATELINE.ORG

Stop Chasing Fintechs and Start Owning Customer Money Flow

The 2026 Strategy Benchmark from Jack Henry captures a banking industry trying to modernize faster while defending core relationships against growing pressure from fintechs, digital wallets, and embedded finance platforms.

While margins improved in 2025 and 88% of financial institutions plan to increase technology spending over the next two years, executives remain under pressure to grow deposits, improve operational efficiency, and compete for younger accountholders who are increasingly loyal to fintech platforms rather than traditional banks.

Key insight: Across payments, lending, fraud, and digital banking, the report points to the same underlying shift: competitive advantage increasingly belongs to the institution that controls customer engagement, payment activity, and financial data.

Read more at The Financial Brand