Aug 25, 2021 | Financial Literacy, News
Average FICO Score Continues to Rise; Hits 716 in April 2021 FICO recently announced that the average FICO credit score hit 716 in April 2021, which is eight points higher than one year ago and five points higher than the average score reported in October 2020. The...
Aug 20, 2021 | FinTech, News
Legislation Introduced to Include Fintech Lenders in SBA Loan Program Earlier this month, Senators Tim Scott (R-S.C.) and John Hickenlooper (D-Colo.) introduced legislation—the Expanding Access to Credit for Small Business Act—that would permit fintechs to...
Aug 18, 2021 | Banks & Credit Unions, News
NYDFS Superintendent to Resign August 24 New York State Department of Financial Services (NYDFS) Superintendent Linda Lacewell announced earlier this month her intent to resign, effective August 24. Her resignation comes after a report tied her to the sexual...
Aug 16, 2021 | Congressional Legislation, News
Senate-Passed Infrastructure Bill Includes More Than $11 Billion for Indian Country Last week, the U.S. Senate passed the Infrastructure Investment and Jobs Act, broad legislation to rebuild America’s infrastructure as well as fund climate resilience and broadband...
Aug 13, 2021 | Federal Regulation, News, Tribal Sovereignty
Senate Confirms Bryan Todd Newland to be Assistant Secretary for Indian Affairs Last week, the U.S. Senate confirmed Bryan Todd Newland of Michigan as the Assistant Secretary-Indian Affairs at the Department of the Interior. Newland will advise Interior Secretary Deb...
Aug 11, 2021 | Federal Regulation, FinTech, News
Warren Urges Yellen to Crack Down on Cryptocurrency In a recent letter, Senator Elizabeth Warren (D-Mass.) urged Treasury Secretary Janet Yellen to work through the Financial Stability Oversight Council, which she chairs, to develop a regulatory strategy on...
Aug 9, 2021 | Banks & Credit Unions, Federal Regulation, News
OCC Reviewing Banks’ Overdraft Policies Acting Comptroller Michael Hsu recently announced that the Office of the Comptroller of the Currency (OCC) is reviewing bank overdraft policies— an announcement that came during testimony in front of the Senate Banking...
Aug 6, 2021 | Banks & Credit Unions, Federal Regulation, News
Applications for Auto Loans, Mortgages, and Credit Cards Back to Pre-Pandemic Levels, According to CFPB Issue Brief Last week, the Consumer Financial Protection Bureau (CFPB) published an issue brief finding that consumer applications for auto loans, mortgages, and...
Aug 4, 2021 | Banks & Credit Unions, FinTech, News
Banks, Lenders Moving Away from FICO for Loan Determinations Large banks and lenders are moving away from using FICO credit scores for consumer credit decisions like auto loans and mortgages. FICO has provided scores for nearly 200 million U.S. consumers, but...
