Compliance in 2019: What to Expect and Where to Focus
From HMDA to CRA and from fair lending to anti-money laundering, 2019 promises to be a busy year in the world of compliance.
Browsing: Small-dollar credit
CFPB Proposes to Eliminate Small-Dollar Lending Rule’s Ability-to-Repay Test
The Consumer Financial Protection Bureau today proposed to remove the prescriptive underwriting provisions from the small-dollar lending rule it issued in October 2017.
ABA Urges FDIC to Rescind Guidance on Deposit Advance Services
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.
FDIC Seeks Information on Small-Dollar Loans
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.
CFPB to Extend Compliance Date, Revisit Small-Dollar Loan Rule
The Consumer Financial Protection Bureau expects to delay the compliance date and revisit certain provisions of its small-dollar lending rule.
FDIC: Share of ‘Unbanked’ Continues Downward Trend
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
Treasury Recommends Pro-Innovation Updates to Fintech Regulation
The Treasury Department today issued a long-awaited report recommending changes to laws and regulations affecting nonbank financial providers and the broader fintech environment.
Encourage Small-Dollar Bank Lending, House Republicans Tell FDIC, Fed
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.
Otting: OCC Working on Interagency Consensus on CRA Reform Plans
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.
OCC Announces Policy Shift on Small-Dollar Lending
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.