CFPB: Student Loan “Payback Playbook” Unveiled
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) unveiled the student loan Payback Playbook, a set of prototype disclosures that outline a path to affordable payments for borrowers trying to avoid student debt distress. The Payback Playbook provides borrowers with personalized information about their repayment options from loan servicers so they can secure a…
ABA: Bankers Celebrate 20 Years Teaching Children to Save on April 29
Estimated 450,000 children will be reached in 2016 through Teach Children to Save WASHINGTON — More than 13,000 bankers will host financial education events across the country this week in celebration of the 20th annual Teach Children to Save Day on April 29. Since 1997, Teach Children to Save and the ABA Foundation’s financial education initiatives have…
CFPB: Half of Online Payday Borrowers Rack Up an Average of $185 in Bank Penalties
Repeat Debit Attempts Add Steep, Hidden Cost for Borrowers Yet Typically Fail to Recover Payments WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a report that found that attempts by online lenders to debit payments from a consumer’s checking account add a steep, hidden cost to online payday loans. Half of online borrowers…
FDIC: National Financial Capability Month and Free Educational Tools
The Federal Deposit Insurance Corporation (FDIC) marked National Financial Capability Month this April by highlighting educational opportunities for both adults and young people to build their financial knowledge and skills to achieve brighter financial futures. The FDIC’s Money Smart program includes a comprehensive financial education curriculum designed to help low- and moderate-income individuals outside the…
OCC: National Financial Capability Month Recognized in Capitol Hill Event
WASHINGTON — The Office of the Comptroller of the Currency (OCC) recognized National Financial Capability Month by participating in the annual Financial Literacy Day on Capitol Hill event today. OCC staff distributed financial capability materials at the event, including the agency’s Financial Literacy Update and the OCC’s Consumer Advisories. Staff also highlighted the OCC’s HelpWithMyBank.gov Web site, which provides…
ABA: Teen Named Grand Prize Winner Of National Video Contest
WASHINGTON—In recognition of America Saves Week, the American Bankers Association Foundation announced today the three national winners for its 2015-2016 Lights, Camera, Save! video contest. The winning videos were revealed through a live broadcast on the association’s YouTube channel. The judging panel, which consisted of personal finance and communications experts, awarded Nathan Mitchell of Waco, Texas the grand prize for his…
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 22 – 27, 2016: 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…
FDIC: Consumers Encouraged To Develop A Plan To Save Toward Their Goals
The Federal Deposit Insurance Corporation (FDIC) encourages consumers to use America Saves Week as a time to begin or continue saving toward financial goals. FDIC Chairman Martin J. Gruenberg said: “Making regular savings deposits – even small ones – into a federally insured financial institution is a safe way to work toward your financial goals. During America Saves…