A group of three Democratic lawmakers — Reps. Gregory Meeks (D-N.Y.), Joyce Beatty (D-Ohio) and Dwight Evans (D-Pa.) — yesterday introduced H.R. 3741, a bill that would codify and enhance the Minority Bank Deposit Program, which encourages minority- and women-owned banks and credit unions serving low-income communities to become depositaries and financial agents. The program was created by the Treasury Department in 1969 to help facilitate access to reliable and stable funding sources for these institutions to better serve their local communities.
CFPB withdraws proposed ban on certain contract language for financial products
The CFPB has withdrawn a proposed rule to prohibit contractual provisions in agreements for consumer financial products or services that waive “substantive” consumer legal rights and protections.