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 23, 2020 | Congressional Legislation, News
Congress Passes New COVID Relief Bill After months of deliberation and negotiation, Congress approved a $900 billion economic recovery package earlier this week to help Americans mitigate economic impacts resulting from the COVID-19 pandemic. Since its passage,...
Dec 21, 2020 | Federal Regulation, News
Biden Picks Haaland for Secretary of Interior; Will Become First Native American Cabinet Official Earlier this month, President-elect Joe Biden chose representative Deb Haaland (D-N.M.) to lead the Department of the Interior. If confirmed by the Senate, Haaland would...
Dec 18, 2020 | Federal Regulation, News
Nevada Financial Regulators Move Forward With Database for Short-Term Lenders Members of Nevada’s Financial Institutions Division recently approved draft regulations clarifying details of a statewide database for short-term, high interest payday loans. The regulations...
Dec 16, 2020 | Federal Regulation, Financial Literacy, News
CFPB Quarterly Trends Report Explores Prevalence of Payment Information in Consumer Credit Reporting Last month, the Consumer Financial Protection Bureau (CFPB) released its most recent consumer credit trends report, examining the rates of actual payment information...
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...
Dec 11, 2020 | Congressional Legislation, News
Senate Indian Affairs Committee Holds Hearing on Tribal Sovereignty, Self-Determination, and Consultation Earlier this week, U.S. Senator John Hoeven (R-N.D.), Chairman of the Senate Committee on Indian Affairs, convened a hearing on “From Languages to Homelands:...
Dec 9, 2020 | Congressional Legislation, Federal Regulation, News
Waters Pushes Biden to Reverse Trump’s Financial Services Deregulation Last week, House Financial Services Committee (HFSC) Chairwoman Maxine Waters (D-Calif.) sent a letter to President-elect Joe Biden urging his administration to reverse deregulatory actions in the...
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...
