CFPB: How to Save for Emergencies and the Future
If your car broke down or you had an unexpected trip to the hospital, would you be able to cover the costs? If you don’t have savings, you could wind up borrowing money at high interest rates, which means you’ll owe even more in the long run. You could end up with credit card debt…
ABA: 7 Worthwhile Ways to Use Your Tax Refund
Average U.S. taxpayer receives nearly $3,000 refund WASHINGTON – According to the Internal Revenue Service, more than 70 percent of the nation’s taxpayers received a tax refund averaging nearly $3,000 in 2017 and will get a similar amount this year. As Americans receive their refunds along with additional benefits coming from the Tax Cuts and…
CFPB: Tax Refund Tips – Understanding Refund Advance Loans and Checks
At this time of year, many people are thinking about filing their tax returns and about if and when they will receive their refunds. When filed electronically (e-file), the IRS issues most tax refunds within 21 days. It can take about six weeks to receive a tax refund for a return filed by mail. Using…
CFPB: Five-Year Strategic Plan Released
The Consumer Financial Protection Bureau (Bureau) today released its five-year Strategic Plan that establishes its mission, strategic goals, and strategic objectives. “If there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the Bureau’s statutory responsibilities, but go no further,” said Acting Director Mick…
ABA: Foundation Launches Social Media Contest for Lights, Camera, Save! Finalists
Cast your vote for ‘Savers’ Choice’ by Feb.14 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 the importance of sound…
OCC: Inaugural Listening Session and Innovation Office Hours Announced for Chicago
The Office of the Comptroller of the Currency (OCC) today announced the date and location for its upcoming Innovation Office Hours and inaugural Listening Session. Office Hours are one-on-one meetings with OCC officials to discuss financial technology, new products or services, partnering with a bank or fintech company, or other matters related to financial innovation….
ABA Report Shows Credit Card Market Continued to Expand in Third Quarter
The credit card market continued to expand in the third quarter of 2017 as monthly purchase volumes edged up across risk tiers, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. On an annual basis, purchase volumes rose 3.3 percent for prime accounts and 4.3 percent for super-prime accounts, but fell 3.9…
OCC: Supporting Earned Income Tax Credit Awareness Day
The Office of the Comptroller of the Currency wants more eligible working families to benefit from the Earned Income Tax Credit (EITC) and is promoting EITC Awareness Day on January 26, 2018. “EITC Awareness Day is an important opportunity to educate the American public, and in particular, workers with and low and moderate incomes, about…
CFPB: Changes Finalized to Prepaid Account Rules
Changes Provide More Flexibility and Extend Effective Date to April 2019 The Consumer Financial Protection Bureau (Bureau) announced today that it has finalized updates to its 2016 prepaid rule. The Bureau’s 2016 prepaid rule put in place requirements for treatment of funds on lost or stolen cards, error resolution and investigation, upfront fee disclosures, access…
FDIC: Resource Guide Highlights Collaborative Opportunities with Minority Depository Institutions
The Federal Deposit Insurance Corporation (FDIC) today issued a resource guide that underscores ways insured depository institutions, including community banks, can partner with minority depository institutions (MDIs) to the benefit of all institutions involved, as well as the communities they serve. The resource guide also notes that banks may realize business and regulatory benefits from…