CFPB: Effective Date Extension Finalized for Prepaid Accounts Rule
Today, we released a final rule delaying the general effective date of our rule governing prepaid accounts by six months. The rule will now take effect on April 1, 2018. We have also decided to revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process. We expect…
OCC: One-on-One Industry Meetings Announced as Part of Office of Innovation Office Hours
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system. “The OCC supports responsible innovation that enhances the safety and…
FDIC: FIL-13-2017 | FDIC Releases Report on Its Youth Savings Pilot and Launches New Network to Support Youth Savings Collaborations
Printable Format: FIL-13-2017 – PDF (PDF Help) Summary: The FDIC released a report on its Youth Savings Pilot program, which identifies promising approaches to combining financial education with the opening of safe, low-cost savings accounts for school-aged children. The report from the FDIC’s two-year Youth Savings Pilot is based on the experiences of 21 diverse…
FDIC: Report Released on FDIC Youth Savings Pilot Program
The Federal Deposit Insurance Corporation (FDIC) today released a report on its Youth Savings Pilot program at a meeting of its Community Banking Advisory Committee. The pilot program identifies promising approaches to combining financial education with the opening of safe, low-cost savings accounts for school-aged children. Financial education and school-based savings programs introduce young people…
CPFB: Extension Proposed to Prepaid Account Rule’s Effective Date
Today, we released a proposal to delay the effective date of our rule governing prepaid accounts by six months. The CFPB’s prepaid accounts rule will provide strong consumer protections and we want the rule to become effective as soon as possible. However, through our efforts to support industry implementation, we have learned that some industry participants believe they will…
CFPB: Check Out New List to See if Your Credit Card Offers you Free Access to One of Your Credit Scores
Take a first step toward learning more about your credit history by checking your credit scores and credit reports. Today we released a list of several companies that told us they offer existing credit card customers free access to one of their credit scores. Until recently, consumers couldn’t easily access their credit scores and often had to…
CFPB: Using alternative data to evaluate creditworthiness
Without credit, it is nearly impossible to buy a home or start a business. People face barriers to accessing credit or have to pay more for credit for several reasons. Some people have negative items, such as a record of late payments, on their credit report. Other people have trouble documenting their income. Still others…
CFPB: Bureau Explores Impact of Alternative Data on Credit Access for Consumers Who Are Credit Invisible
CFPB Seeks Public Feedback on Benefits, Risks of Using Unconventional Sources to Extend Affordable Credit to Consumers Lacking Credit History WASHINGTON, D.C. – The Consumer Financial Protection Bureau today launched an inquiry into ways to expand access to credit for consumers who are credit invisible or who lack enough credit history to obtain a credit score….
ABA: Foundation Launches Social Media Contest for Lights, Camera, Save! Finalists
Cast your vote for ‘Savers’ Choice’ by Feb. 8 WASHINGTON — The American Bankers Association Foundation is hosting a social media contest to allow viewers nationwide to vote for their favorite Lights, Camera, Save! video entry. Lights, Camera, Save! is an annual video contest that encourages teen participants to produce a short film that communicates…