Nov 2, 2020 | Federal Regulation, News
OCC Finalizes True Lender Rule The Office of the Comptroller of the Currency (OCC) last week finalized its “true lender” rule, which applies a basic test to determine when a bank is considered the true lender when partnering with nonbanks. This is the most recent...
Oct 30, 2020 | Congressional Legislation, News
Native American Business Incubators Act Signed Into Law Last week, the Native American Business Incubators Act was signed into law. Introduced by U.S. Senator Tom Udall (D-N.M.), vice chairman of the Senate Committee on Indian Affairs, the legislation will give...
Oct 28, 2020 | Financial Literacy, News
FICO Scores Hit Fifteen-Year Highs Earlier this month, the Wall Street Journal reported that consumer credit scores have improved in recent months, despite economic uncertainties and hardships resulting from the coronavirus pandemic. The average FICO score was 711 in...
Oct 26, 2020 | Congressional Legislation, News
Senate Democrats Introduce Bill to Ban Discrimination in Financial Services A number of U.S. Senate Democrats recently introduced the Fair Access to Financial Services Act, which would apply the Civil Rights Act’s ban on discrimination against customers to the banking...
Oct 23, 2020 | FinTech, News
Amazon Launches Payday Advance Program for Warehouse Workers Amazon recently launched a program called Anytime Pay, which provides payday advances to the company’s most financially vulnerable warehouse workers, allowing them to instantly access up to half of the...
Oct 21, 2020 | Financial Literacy, News
Fed Study Finds that Americans Used Most of Their Stimulus Checks for Saving and Paying Off Debt A recent study published by the Federal Reserve Bank of New York (Fed) found that the CARES Act’s economic relief payments in March were primarily used to boost Americans’...
Oct 19, 2020 | Banks & Credit Unions, FinTech, News
Lending Club Announces Retirement of P2P Lending Platform LendingClub, an online marketplace for borrowers to access loans funded by consumer investors in amounts as low as $25, recently announced that its peer-to-peer (P2P) lending platform will be completely shut...
Oct 16, 2020 | Banks & Credit Unions, News
Americans Continue Cutting Credit Card Balances in August, Fed Reports The Federal Reserve (Fed) reported last week that Americans cut credit card balances again in August for the sixth month in a row. Despite the predicted increase in credit card spending, revolving...
Oct 14, 2020 | FinTech, News
Venmo Launches Its First Credit Card Earlier this month, Venmo launched its own credit card, issuing it to select Venmo customers. This comes after approximately a year of the company teasing a possible credit card offering, as well as a debit card released in June...
Oct 12, 2020 | Banks & Credit Unions, News
Bank of America Announces Plans to Offer Short-Term Loans Last week, Bank of America Corp. unveiled plans to offer short-term loans to customers that have had checking accounts for more than a year. Under the new plan, customers can borrow up to $500 for a flat $5...
