CDFI Fund Now Accepting Applications for Small-Dollar Lending Program Funds
The Community Development Financial Institutions Fund today opened its funding round for fiscal year 2022 funding for its small-dollar loan program.
Browsing: Small-dollar credit
ABA, trade groups call for increase in CDFI Fund’s FY23 budget
ABA and four other trade groups today urged House and Senate appropriations leaders to continue bipartisan support for the CDFI Fund
Hsu Repeats Overdraft Warning in American Banker Op-Ed
Acting Comptroller of the Currency Michael Hsu today reiterated the controversial warning he first issued to banks earlier this month at ABA’s Washington Summit: “you don’t want to be the last bank with a traditional overdraft program.”
ABA, Trade Groups Urge Continued Bipartisan Support for CDFI Funding
The American Bankers Association and four other trade groups today urged House and Senate appropriations leaders to continue bipartisan support of at least $360 million in funding for the Community Development Financial Institutions Fund in fiscal year 2022, with $42 million allocated for the Bank Enterprise Award Program.
ABA Supports Strengthening CDFI Fund’s Small Dollar Loan Program
In a comment letter submitted on Friday, the American Bankers Association expressed support for strengthening the Community Development Financial Institutions Fund’s Small Dollar Loan Program, which provides grants to eligible recipients—either a CDFI or a partnership between a CDFI and another depository institution—for loan loss reserves and technical assistance, to support small dollar loan programs.
Fifth Circuit Extends Stay of Compliance Date of 2017 Payday Rule
A federal appellate court last week extended the compliance date of the CFPB’s 2017 payday…
Court Denies Payday Lenders’ Challenge to CFPB Small-Dollar Rule, Sets Compliance Date
A federal district court on Tuesday denied payday lenders’ challenge to the CFPB’s 2017 small-dollar lending rule.
Financial Trades: 36% Fee and Rate Cap Could Constrain Credit
A coalition of financial trade groups including ABA today urged Senate Banking Committee members to reject any legislative proposal that would impose a national fee and interest rate cap of 36%, noting that such a cap would create barriers to credit access for consumers.
CFPB Task Force Releases Report on Improving Consumer Protection in Financial Marketplace
The Consumer Financial Protection Bureau’s Task Force on Federal Consumer Financial law today issued an…
Podcast: Believing in What Banking Can Do
After a long career as a commercial banker in St. Louis, more than a decade ago Alex Fennoy joined Midwest BankCentre. He helped transform the community bank into one that has won awards—including a 2019 ABA Foundation Community Commitment Award—for its responsiveness to local needs.