FDIC: Report Shows Mobile Banking Can Help Underserved Consumers
Mobile banking can help underserved consumers obtain more control over their finances and increase access to mainstream banking, according to a Federal Deposit Insurance Corporation (FDIC) report released today. The report was released at a meeting of the FDIC’s Advisory Committee on Economic Inclusion (ComE-IN), which focused on Mobile Financial Services (MFS). The paper, Opportunities for…
CFPB: Protecting Credit While in the Criminal Justice System
Checking your credit report regularly and making sure the information is correct is an important part of building and maintaining healthy credit. For incarcerated individuals, monitoring personal accounts or credit reports can be a challenge. Individuals who can’t monitor their credit reports could face an increased risk of fraud or identity theft. Errors or other…
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…
CFPB: Policy Finalized to Facilitate Consumer-Friendly Innovation
Bureau Publishes Policy to Reduce Potential Regulatory Uncertainty for Innovative Products that Promise Significant Consumer Benefits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) finalized a policy to facilitate consumer access to financial products and services that promise substantial benefit to consumers. The new policy establishes a process for companies to apply for a…
CDFI Fund: “Expanding CDFI Coverage In Underserved Areas” Webinar Schedule Released
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the schedule of the first five free webinars that will be provided as part of the Capacity Building Initiative’s “Expanding CDFI Coverage in Underserved Areas” series. The webinars will be held between October 2015 and January 2016. The CDFI Fund…
CDFI Fund: U.S. Treasury Awards More Than $200 Million To Spur Economic Growth In Low-Income Areas
Washington – The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) awarded 195 Community Development Financial Institutions (CDFIs) $202 million in grants and loans today through the latest rounds of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program). This announcement caps the 20th anniversary celebration…