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...
Fintech Study Predicts Bank Branches Will Be Extinct By 2034
Fintech Study Predicts Bank Branches Will Be Extinct By 2034 A recent study by fintech company Self Financial (Self) predicted that bank branches could be extinct by 2034 if the current footprint reduction trends persist. The study measures branch numbers between 2000...
New Poll Finds Direct Payments Are Most Popular Part of COVID Relief Package
New Poll Finds Direct Payments Are Most Popular Part of COVID Relief Package A recent Morning Consult/Politico poll shows that stimulus checks had the highest level of support from the $1.9 billion COVID relief bill that President Biden signed into law earlier this...
Senate Indian Affairs Chairman Releases COVID-19 Relief Guide to Help Native Communities Access Federal Resources
Senate Indian Affairs Chairman Releases COVID-19 Relief Guide to Help Native Communities Access Federal Resources U.S. Senator Brian Schatz (D-Hawai’i), chairman of the Senate Committee on Indian Affairs, recently released a Frequently Asked Questions (FAQ) document...
House Financial Services Committee Ranking Member Introduces Protecting Consumer Access to Credit Act
House Financial Services Committee Ranking Member Introduces Protecting Consumer Access to Credit Act Earlier this month, Representative Patrick McHenry (R-N.C.), who serves as Ranking Member of the House Financial Services Committee (HFSC), once again introduced the...
CFPB Rescinds Policy Statement Regarding Prohibition on Abusive Acts or Practices
CFPB Rescinds Policy Statement Regarding Prohibition on Abusive Acts or Practices Last week, the Consumer Financial Protection Bureau (CFPB) rescinded its “Statement of Policy Regarding Prohibition on Abusive Acts or Practices,” originally issued in January 2020. The...
New FDIC CIO Sees Fintech as Path to Expand Banking
New FDIC CIO Sees Fintech as Path to Expand Banking The Federal Deposit Insurance Corp. (FDIC) recently named Sultan Meghji as its first chief innovation officer. Meghji co-founded the fintech company Neocova in 2016, and is now tasked with heading the FDIC’s efforts...
Senate Indian Affairs Committee Holds Hearing on Native Priorities for 117th Congress
Senate Indian Affairs Committee Holds Hearing on Native Priorities for 117th Congress Recently, the United States Senate Committee on Indian Affairs held its first hearing of the 117th Congress, titled “A call to action: Native communities’ priorities in focus for the... 