Browsing: Small-dollar credit

Newsbytes

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.”

Community Banking

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.

Community Banking

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.

Newsbytes

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.

ABA Banking Journal Podcast

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.

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