Dec 7, 2020 | FinTech, News
LendUp Starts Digital Bank, Named ‘Ahead Financials’ Last week, small-dollar lender LendUp officially launched a subsidiary digital bank called Ahead Financials, offering younger customers and the emerging middle class a no-fee checking account and debit card,...
Dec 4, 2020 | Federal Regulation, News
CFPB Pauses Enforcement Changes After Staff Objections After initially announcing plans to reorganize the agency to prioritize supervision over enforcement, the Consumer Financial Protection Bureau (CFPB) recently announced that it is halting the restructuring plans...
Dec 2, 2020 | Federal Regulation, News
Biden Names Key Members of Economic Team As he prepares to take office next month, President-elect Joe Biden recently announced the first wave of his economic team’s key members, which his transition says will create an economy that gives Americans a fair chance to...
Nov 30, 2020 | FinTech, News
Pandemic Accelerates Americans’ Use of Digital Commerce The COVID-19 pandemic has drastically transformed how consumers behave in the economy, notably through the rising adoption of digital commerce technology. A recent survey from consulting firm McKinsey & Co....
Nov 27, 2020 | Federal Regulation, News
OCC Proposes Rule to Ensure Fair Access to Bank Services Earlier this month, the Office of the Comptroller of the Currency (OCC) proposed a rule to ensure national banks, federal branches, and agencies of foreign bank organizations provide fair banking services to...
Nov 25, 2020 | Federal Regulation, News
Former Fed Chair Janet Yellen Chosen to Become Treasury Secretary Under Biden Administration Economist Janet Yellen has been selected by President-elect Joe Biden to become Treasury secretary when the new administration takes office in January. She will be the first...
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 20, 2020 | Federal Regulation, News
White House Nominates Brooks to Formally Lead OCC The White House recently announced that Brian Brooks has been formally nominated to lead the Office of the Comptroller of the Currency (OCC) for a five-year term. Brooks currently serves the OCC in an acting capacity,...
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 16, 2020 | Federal Regulation, News
Biden Names Former CFPB Deputy Director Leandra English to Lead Bureau’s Review Team During Transition Last week, just days after it was determined that Joe Biden would serve as the 46th President of the United States, the President-Elect named former deputy director...
