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.
Browsing: Small-dollar credit
ABA today urged the Consumer Financial Protection Bureau to extend the compliance date for all provisions of its final rule governing short-term, small-dollar loans.
From HMDA to CRA and from fair lending to anti-money laundering, 2019 promises to be a busy year in the world of compliance.
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
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.