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.
Browsing: Small-dollar credit
The ABA Foundation’s 2020 George Bailey Distinguished Service Award co-winners put the spotlight on the industry’s financial inclusion efforts.
The Consumer Financial Protection Bureau today issued a long-awaited final rule removing the prescriptive underwriting provisions from its 2017 small-dollar lending rule.
To help financial service providers assist struggling borrowers during the coronavirus pandemic, the Consumer Financial Protection Bureau toady issued two no-action letter templates that are intended to help institutions make their own NAL applications for certain consumer financial products and services, as allowed under the CFPB’s innovation policy.
To encourage banks and other depository institutions to engage in responsible small-dollar lending, federal financial regulators today issued long-awaited joint guidance for offering these types of loans to consumers and small businesses.
The federal financial regulators today issued a joint statement urging financial institutions to offer “responsible small-dollar loans to both consumers and small businesses.”
The Consumer Financial Protection Bureau will move in April to finalize amendments to its small-dollar lending rule, CFPB Director Kathy Kraninger told lawmakers during a House Financial Services Committee hearing today.
The FDIC is actively looking for ways to enable banks to offer small-dollar loans, FDIC Chairman Jelena McWilliams said today at a Cato Institute event, drawing an important link between the availability of these products and financial inclusion.
The Consumer Financial Protection Bureau yesterday issued a final rule extending the compliance date for the mandatory underwriting provisions of its final rule governing short-term, small-dollar loans, from August 19, 2019, to November 19, 2020.
After Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Bernie Sanders (I-Vt.) today unveiled a bill that—among other things—would cap consumer loan annual percentage rates at 15% nationwide, the American Bankers Association forcefully pushed back with quotes in several media reports.