CFPB: Who Are the Credit Invisible?
In 2015, we published a report finding that 26 million Americans are “credit invisible.” This figure indicates that one in every ten adults does not have any credit history with one of the three nationwide credit reporting companies. The report also found that Black consumers, Hispanic consumers, and consumers in low-income neighborhoods are more likely to have…
ABA: ABA Sues NCUA Over Credit Union Field of Membership Rule
WASHINGTON — The American Bankers Association has filed a lawsuit against the National Credit Union Administration after the regulator finalized a rule that would unlawfully expand fields of membership for credit unions. The lawsuit, filed today in the United States District Court for the District of Columbia, will seek to overturn the NCUA rule. The rule disregards…
OCC: First Quarter 2017 CRA Evaluation Schedule Issued
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the first quarter of 2017. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA, and suggests that comments be…
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,…