Feb 4, 2020 | Financial Literacy, FinTech, News
FICO Announces Changes That Could Lower Consumers’ Credit Scores Fair Isaac Corp., which created the FICO credit score used by many lenders in credit decisions, recently announced a series of changes to its scoring model which the Wall Street Journal reports could...
Feb 3, 2020 | Congressional Legislation, News
House Financial Services Committee To Hold Eight Hearings in February During the month of February, the U.S. House Financial Services Committee will hold eight hearings on an array of topics, including bank partnerships with non-banks, public housing, the Consumer...
Jan 30, 2020 | Congressional Legislation, News
House Passes H.R. 3621, Legislation to Overhaul Credit Reporting System Yesterday, the House of Representatives passed H.R. 3621, the Comprehensive CREDIT Act, which was introduced by Rep. Ayanna Pressley (D-Mass.) to make changes to the credit reporting system....
Jan 29, 2020 | Banks & Credit Unions, Federal Regulation, News
OCC Commissioner Says Guidance on Small-Dollar Loans for Banks Coming Soon Joseph Otting, Comptroller of the Currency, told reporters at a press roundtable last week that bank regulators like the OCC hope to make small dollar loans a simpler alternative to payday...
Jan 28, 2020 | Congressional Legislation, News
HFSC Seeks Information on Role of Alternative Data in Expanding Credit Access Last week, the House Financial Services Committee (HFSC) sent a letter to the Government Accountability Office requesting information about the benefits and disadvantages of using...
Jan 27, 2020 | Federal Regulation, Litigation, News
Lawyer Chosen to Defend CFPB Before Supreme Court Backs Agency Structure With the Department of Justice and Consumer Financial Protection Bureau (CFPB) itself opting against defending the agency’s leadership structure in the upcoming challenge to its...
Jan 24, 2020 | Banks & Credit Unions, Federal Regulation, News
N.Y. Department of Financial Services Hires Leandra English as Special Policy Advisor Leandra English, who formerly served as deputy director of the Consumer Financial Protection Bureau (CFPB), has been named special policy advisor to New York Department of Financial...
Jan 23, 2020 | Federal Regulation, News
Final CFPB Payday Rule Expected in April The Consumer Financial Protection Bureau (CFPB) said that it plans to issue its long-awaited final rule in April that would roll back underwriting requirements for payday lenders by eliminating a provision from 2017 mandating...
Jan 22, 2020 | FinTech, News
New Venture Capital Fund to Target Fintechs Working with Banks Earlier today, Gene Ludwig, who served as Comptroller of the Currency under President Clinton from 2993 to 1998, and Chip Mahan, CEO of Live Oak Bancshares, announced a $545 million investment fund which...
Jan 21, 2020 | Banks & Credit Unions, News
CFPB Convenes Summit Focused on Increased Savings Earlier this month, the Consumer Financial Protection Bureau (CFPB) hosted a summit intended to discuss how to implement successful savings programs for consumers. Participants at the event included credit unions,...
