Feb 12, 2020 | Federal Regulation, News
CFPB Clarifies “Abusiveness” Standard in New Policy Statement The Consumer Financial Protection Bureau (CFPB) recently issued a statement clearing up how the Bureau plans to tackle the Dodd-Frank Act’s “abusiveness” standard as it undertakes its supervision and...
Feb 11, 2020 | FinTech, News
Kabbage to Begin Offering Short-Term Loans for Small Businesses Kabbage, the online lending company that provides lines of credit to small businesses, recently announced that it will start offering short-term loans with a repayment period of only three days....
Feb 10, 2020 | Federal Regulation, News
CFPB Director Kraninger Appears Before House Financial Services Committee Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger recently appeared before the House Financial Services Committee (HFSC), testifying at a hearing entitled “Protecting...
Feb 6, 2020 | Congressional Legislation, News
House Financial Services Committee Convenes Hearing on Banks’ Partnerships with Non-Banks Yesterday, the House Financial Services Committee convened a hearing entitled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and...
Feb 5, 2020 | Banks & Credit Unions, Federal Regulation, News
CFPB Report on Small Business Lending and the Great Recession Outlines Decline in Access to Credit and Uneven Recovery The Consumer Financial Protection Bureau (CFPB) recently released a data point showing how small business lending has developed before, during, and...
Feb 4, 2020 | Financial Literacy, FinTech, News
FICO Announces Changes That Could Lower Consumers’ Credit Scores Fair Isaac Corp., which created the FICO credit score used by many lenders in credit decisions, recently announced a series of changes to its scoring model which the Wall Street Journal reports could...
Feb 3, 2020 | Congressional Legislation, News
House Financial Services Committee To Hold Eight Hearings in February During the month of February, the U.S. House Financial Services Committee will hold eight hearings on an array of topics, including bank partnerships with non-banks, public housing, the Consumer...
Jan 30, 2020 | Congressional Legislation, News
House Passes H.R. 3621, Legislation to Overhaul Credit Reporting System Yesterday, the House of Representatives passed H.R. 3621, the Comprehensive CREDIT Act, which was introduced by Rep. Ayanna Pressley (D-Mass.) to make changes to the credit reporting system....
Jan 29, 2020 | Banks & Credit Unions, Federal Regulation, News
OCC Commissioner Says Guidance on Small-Dollar Loans for Banks Coming Soon Joseph Otting, Comptroller of the Currency, told reporters at a press roundtable last week that bank regulators like the OCC hope to make small dollar loans a simpler alternative to payday...
Jan 28, 2020 | Congressional Legislation, News
HFSC Seeks Information on Role of Alternative Data in Expanding Credit Access Last week, the House Financial Services Committee (HFSC) sent a letter to the Government Accountability Office requesting information about the benefits and disadvantages of using...
