Jan 8, 2021 | Banks & Credit Unions, News
Trade Groups Push to Prioritize Financial Services Workers in COVID Vaccinations In a letter sent to the Centers for Disease Control and Prevention (CDC) earlier this week, the National Association of Federally-Insured Credit Unions (NAFCU) called for credit union and...
Dec 24, 2020 | Banks & Credit Unions, FinTech, News
FDIC Approves ILC Rule, Clearing Way for Corporations to Become Lenders Earlier this month, the Federal Deposit Insurance Corp. (FDIC) approved a final rule allowing major non-bank businesses to seek banking charters and begin lending to consumers as so-called...
Dec 14, 2020 | Banks & Credit Unions, News
Growth in Consumer Credit Use Slows as Balances Continue to Decline Recent data released by the Federal Reserve show that as the COVID-19 pandemic has continued its trend of limited consumer purchases and declining credit card balances, U.S. consumer credit growth has...
Nov 23, 2020 | Banks & Credit Unions, News
As Consumers Pay Down Credit Card Debt, Bank Margins Suffer The Financial Times reported earlier this month that bank card loans declined significantly since the onset of the COVID-19 pandemic as consumers in the United States make progress in paying down their credit...
Nov 18, 2020 | Banks & Credit Unions, Federal Regulation, News
CFPB Grants Bank of America Protection for Small Dollar Loans The Consumer Financial Protection Bureau (CFPB) recently sent Bank of America a “no-action letter” clearing the bank to offer its previously announced small-dollar loan program without the threat of...
Nov 13, 2020 | Banks & Credit Unions, Congressional Legislation
Reps. Tlaib and Ocasio-Cortez Introduce Bill to Create National Public Banking System Last month, Representatives Alexandria Ocasio-Cortez (D-N.Y.) and Rashida Tlaib (D-Mich.), both of whom serve on the House Financial Services Committee, introduced legislation...