The Consumer Financial Protection Bureau today proposed to remove the prescriptive underwriting provisions from the small-dollar lending rule it issued in October 2017.

In a comment letter to the FDIC today, the American Bankers Association reiterated its call for the agency to rescind its 2013 guidance on direct deposit advance services. 

The FDIC is seeking public feedback on the steps it can take to encourage FDIC-supervised banks to offer small-dollar credit products to meet the needs of consumers, the agency announced today.

The Consumer Financial Protection Bureau expects to delay the compliance date and revisit certain provisions of its small-dollar lending rule.

The share of U.S. households that are unbanked continued falling in 2017, reaching 6.5 percent, according to the FDIC’s biennial survey of unbanked and underbanked households released today. Representing the lowest rate yet recorded by the FDIC survey, the drop is attributed to improvements in the socioeconomic circumstances of U.S. households. However, the survey also found that 75 percent of ...

The Treasury Department today issued a long-awaited report recommending changes to laws and regulations affecting nonbank financial providers and the broader fintech environment.

Twelve House Republicans today urged the FDIC and the Federal Reserve to follow the OCC’s lead by encouraging banks to return to the small-dollar loan market.

The OCC is hoping to issue a long-awaited advance notice of proposed rulemaking on the Community Reinvestment Act in the coming weeks, Comptroller of the Currency Joseph Otting said today, and it has been waiting in order to build consensus with other banking agencies.

Signaling a significant shift in the OCC’s approach to small-dollar lending, the agency today issued a bulletin encouraging banks to make “responsible short-term, small-dollar installment loans, typically two to 12 months in duration with equal amortizing payments” to help meet the credit needs of their customers. 

The Consumer Financial Protection Bureau yesterday updated its rulemaking agenda for the remainder of 2018.