OCC: OCC to Consider FinTech Charter Applications, Seek Comment
WASHINGTON — Comptroller of the Currency Thomas J. Curry today announced that the Office of the Comptroller of the Currency (OCC) would move forward with considering applications from financial technology (fintech) companies to become special purpose national banks. During remarks at the Georgetown University Law Center, the Comptroller described several reasons for considering special purpose…
CFPB: Some People Make Experience Refund Delays This Tax Season
Many people anticipate their tax refund to help cushion holiday expenses, pay essential bills, or build savings. Everyone can begin filing their taxes when tax season begins. However, if you’re claiming the Earned Income Tax Credit or Additional Child Tax Credit , due to a new law , you won’t receive your refund until after February 15, 2017. You can learn…
CFPB: Fall 2016 Rulemaking Calendar
An important part of the CFPB’s statutory mandate from the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is to make rules governing consumer finance markets more effective and to create new rules when warranted. Under the Regulatory Flexibility Act, federal agencies must publish regulatory agendas twice a year. As an independent regulatory…
OCC: Comptroller Discusses CRA and Affordable Housing
WASHINGTON — Comptroller of the Currency Thomas J. Curry today discussed efforts to enhance compliance supervision and the Community Reinvestment Act (CRA). Mr. Curry, speaking to a gathering of the National Association of Affordable Housing Lenders, also noted that CRA performance and compliance are critical aspects of the business of banking. Related Links Remarks (PDF) Comptroller…
Federal Reserve: College Fed Challenge Winners Announced
Rutgers University won the 13th annual national College Fed Challenge on Thursday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. The team, from New Brunswick, N.J., represented the New York Federal Reserve District and included Karn Dalal, Ali Haider Ismail, Andrew Lee,…
Federal Reserve: Changes Announced to Beige Book Beginning in 2017
The Federal Reserve on Wednesday announced changes that will begin in 2017 to its Beige Book publication. The modifications will standardize specific core topics included in each of the 12 Federal Reserve Bank District reports, provide a more consistent presentation of the national summary, and enhance the design of the publication. The national summary, along with each…
CDFI Fund: Treasury Announces $7 Billion Allocation of New Market Tax Credits
Largest single round in the history of the New Markets Tax Credit Program will spur economic, community development in nation’s distressed and low-income communities WASHINGTON–Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that 120 organizations nationwide will receive a total of $7 billion in New Markets Tax Credit…
ABA: Testifies at CFPB Field Hearing on Data Access
Concerns About Consumer Protection, Consumer Control WASHINGTON — The American Bankers Association expressed concerns about consumer protections at a Consumer Financial Protection Bureau field hearing on third party access to consumer financial data today in Salt Lake City. Robert Morgan, vice president, emerging technologies at ABA testified on behalf of the association. In his testimony, Morgan explained…
CFPB: Inquiry Launched into Challenges Consumer Face in Using and Securing Sharing Access to their Digital Financial Records
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is launching an inquiry into the challenges consumers face in accessing, using, and securely sharing their financial records. As part of the inquiry, the CFPB is asking the public for information about how much choice consumers are being given about the use of their…