FDIC: Advisory Committee on Economic Inclusion to Meet This Week
The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, April 27 to discuss measures banks may consider to reach underserved populations, such as collaborations with community-based organizations; resources for affordable mortgage lending; and new research that may be used to more effectively target resources to promote broader access…
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…
OCC: Supporting America Saves Week
WASHINGTON — Comptroller of the Currency Thomas J. Curry today released the following statement in recognition of America Saves Week, February 27 – March 4, 2017: The Office of the Comptroller of the Currency supports America Saves Week to highlight the importance of building regular savings to meet future needs, achieve a level of financial…
FDIC: Consumers Encouraged to Save Automatically to Achieve Financial Goals
The Federal Deposit Insurance Corporation (FDIC) encourages consumers to commemorate America Saves Week by taking advantage of automatic savings to achieve financial goals. Over time, small automatic deposits into a retirement or savings account can add up with compounded interest, helping consumers cover unexpected expenses and build wealth. FDIC Chairman Martin J. Gruenberg said: “During…
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…