PNC Certified for New Account Aimed at Underbanked
PNC Certified for New Account Aimed at Underbanked Last month, PNC Financial Services Group became certified from the Cities for Financial Empowerment (CFE) Fund for a second bank account that limits fees, allowing underbanked consumers to maintain access to banking...
FDIC Launches Campaign Aimed at Persuading Unbanked to Get Accounts
FDIC Launches Campaign Aimed at Persuading Unbanked to Get Accounts The Federal Deposit Insurance Corporation (FDIC) recently launched a public awareness campaign highlighting the benefits of opening a bank account. The goal of the pilot campaign is to support...
CFPB Rescinds Seven Policy Statements Issued Last Year
CFPB Rescinds Seven Policy Statements Issued Last Year Last week, the Consumer Financial Protection Bureau (CFPB) announced its rescinding of seven policy statements issued in 2020 that provided temporary flexibility to financial institutions in markets such as...
Five Bank Regulators Seek Input on How Financial Institutions Use AI
Five Bank Regulators Seek Input on How Financial Institutions Use AI Last week, five federal financial regulatory agencies—the Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit...
Waters Releases April Hearing Schedule for House Financial Services Committee
Waters Releases April Hearing Schedule for House Financial Services Committee According to Congresswoman Maxine Waters (D-Calif.), Chairwoman of the House Committee on Financial Services (HFSC), the committee is currently slated to hold seven hearings over the month...
Congressional Democrats Introduce Resolution Undoing OCC’s True Lender Rule
Congressional Democrats Introduce Resolution Undoing OCC’s True Lender Rule Last week, U.S. Senators Chris Van Hollen (D-Md.), Sherrod Brown (D-Ohio), and Representative Chuy Garcia (D-Ill.) introduced a resolution aimed at undoing the Office of the Comptroller of the...
CFPB Issues 2020 Annual Complaint Report
CFPB Issues 2020 Annual Complaint Report Last week, the Consumer Financial Protection Bureau (CFPB) issued its Consumer Response Annual Report for 2020 to provide insight on issues consumers reported to the Bureau throughout the year. The Bureau saw the pandemic’s...
Illinois Caps Consumer Loan APRs at 36 Percent
Illinois Caps Consumer Loan APRs at 36 Percent Last week, Illinois Governor J.B. Pritzker signed a bill capping annual interest rates on all consumer loans at 36 percent. The Governor’s office said that auto title loans in the state currently carry an average annual...
