Industry News

FDIC: Phase II of Youth Savings Pilot Program Announced

The Federal Deposit Insurance Corporation (FDIC) is seeking applications from institutions for its Youth Savings Pilot, a program designed to foster financial education through the opening of safe, low-cost savings accounts by school-age children. Nine financial institutions are currently partnering with schools across the country as part of the initial phase of the FDIC’s Youth…

Federal Reserve: Accepting Statements of Interest for the Community Advisory Council

The Federal Reserve Board on Monday announced that it is accepting Statements of Interest from individuals who wish to be considered for membership on the Community Advisory Council (CAC). The formation of the CAC was announced in January. The council will advise the Board on issues affecting consumers and communities and will complement two of the Board’s…

CDFI Fund: Application Period for FY 2015 CDFI Bond Guarantee Program Open

Up to $750 Million in Bond Guarantee Authority Available The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2015 application period for the CDFI Bond Guarantee Program. Application materials are available on the CDFI Fund’s website in anticipation of the publication of the Notice of…

CFPB: Nationwide Effort to Advance Financial Education in Schools Launched

CFPB Publishes Resource Guide for Policymakers WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau announced that it is launching a nationwide effort to advance financial education in schools. The Bureau is publishing “Advancing K-12 Financial Education: A Guide for Policymakers,” a resource guide which contains strategies for furthering the development and implementation of financial education…

Federal Reserve: Survey Provides Information on Mobile Financial Services

The use of mobile phones to access bank accounts, credit cards, or other financial accounts continued to increase among adults in the United States last year, according to a Federal Reserve Board report, Consumers and Mobile Financial Services 2015 (PDF). The report is the Board’s fourth looking at how consumers access banking services using mobile phones (“mobile…

ABA: CFPB Prepaid Rules Could Harm Underbanked Customers

In a news release, the American Bankers Association commented on the CFPB’s proposed rulemaking regarding prepaid cards: “The CFPB’s proposed rules for prepaid products include some onerous provisions that could create insurmountable compliance barriers for banks offering the cards, ABA said in a comment letter. This would be particularly harmful for “underbanked” individuals, many of…

OCC: Deputy Comptroller of Community Affairs Discusses Community Development

NEW YORK — Deputy Comptroller for Community Affairs Barry Wides today discussed how the Public Welfare Investment authority and the Community Reinvestment Act foster community and economic development, during remarks before the Association for Neighborhood and Housing Development, Inc. Related Links Remarks (PDF) Deputy Comptroller for Community Affairs Barry Wides

OCC: Comptroller of the Currency Thomas Curry Discusses Financial Literacy

WASHINGTON — Comptroller of the Currency Thomas Curry discussed the importance of financial literacy and encouraging healthy savings habits early in life during remarks at the Financial Literacy and Education Commission. Related Links Remarks (PDF) Comptroller of the Currency Thomas Curry About the Financial Literacy and Education Commission

CDFI Fund: Two Independent Reports on the CDFI Program Released

WASHINGTON — The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) today issued two independent reports that provide the first-ever comparative analysis and evaluation of the effectiveness of Community Development Financial Institutions (CDFIs) as compared to mainstream lenders. The findings confirm that CDFIs are resilient and a reliable resource for capital in areas…

OCC: Supporting America Saves Week

WASHINGTON — Comptroller of the Currency Thomas J. Curry today issued the following statement in recognition of America Saves Week, February 23 – 28, 2015: The Office of the Comptroller of the Currency is pleased to support America Saves Week, which encourages individuals and families to prepare for the future and build personal wealth. National…