Apr 16, 2021 | FinTech, News
CEI Report: APR Calculations Are Misleading When Applied to Short-Term Loans Last week, a new Competitive Enterprise Institute (CEI) report criticized attempts to impose caps on short-term, small-dollar loans based on a hypothetical annual percentage rate (APR) that...
Apr 14, 2021 | Banks & Credit Unions, News
PNC Certified for New Account Aimed at Underbanked Last month, PNC Financial Services Group became certified from the Cities for Financial Empowerment (CFE) Fund for a second bank account that limits fees, allowing underbanked consumers to maintain access to banking...
Apr 12, 2021 | Banks & Credit Unions, Federal Regulation, News
FDIC Launches Campaign Aimed at Persuading Unbanked to Get Accounts The Federal Deposit Insurance Corporation (FDIC) recently launched a public awareness campaign highlighting the benefits of opening a bank account. The goal of the pilot campaign is to support...
Apr 9, 2021 | Federal Regulation, News
CFPB Rescinds Seven Policy Statements Issued Last Year Last week, the Consumer Financial Protection Bureau (CFPB) announced its rescinding of seven policy statements issued in 2020 that provided temporary flexibility to financial institutions in markets such as...
Apr 7, 2021 | FinTech, News
Five Bank Regulators Seek Input on How Financial Institutions Use AI Last week, five federal financial regulatory agencies—the Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit...