Community Banks see Big Tech as Top Threat to Business Models, Report Finds
According to a survey by Promontory International Network, about 26 percent of community bankers consider big technology companies like Google and Amazon to be the main threat to their business. Tech giants rated more than double the 11 percent of community bankers...
CFPB Issues Report on Income-Driven Student Loan Repayment Plans
With student loans becoming the biggest non-mortgage type of debt in the United States, the federal government has created income-driven repayment (IDR) plans to curb student loan debt stress. Recently, the Consumer Financial Protection Bureau (CFPB) released a Data...
U.S. Average Adult Scores 52 Out of 100 in Latest CFPB Financial Well-Being Report
Earlier this month, the Consumer Financial Protection Bureau released a report examining the financial well-being of adults in the United States. An individual (18 and older) has a higher financial well-being score when they have a sense of control over their general...
OCC and FDIC Issue Proposed Rules to Undo Madden v. Midland Decision
In recent days, both the Office of the Comptroller of the Currency (OCC) and the FDIC announced that they were proposing rules to clarify the “Valid When Made” doctrine. According to an OCC Press Release, the rule would “clarify that when a national bank or savings...
Google May Be Next Big Tech Company to Offer Expanded Financial Products
A few months ago, Apple made big waves in the financial services sector when it launched Apple Card, a product it bills as “A new kind of credit card. Created by Apple, not a bank.” Facebook, too, has looked to get into finance with the launch of Libra, a digital...
House Financial Services Task Force Holds Hearing on Role of Big Data in Financial Services
Last week, in a hearing convened by the House Financial Services Committee’s Task Force on Financial Technology, members of the committee discussed the increased use of big data—the immense amount of consumer information collected by institutions and businesses—in the...
Study Finds Only 29 Percent of Americans Report Being ‘Financially Strong’
Despite a strong, growing economy, the second annual U.S. Financial Health Pulse Trends report, issued by the Financial Health Network, revealed that the majority of Americans—roughly seven in ten adults—do not claim to be financially healthy. The report covers four...
House Financial Services Committee Passes Eight Bills, Covering Debt Collection, Small Business Lending, and Veterans’ Housing
Last week, the House Financial Services Committee passed eight bills out of the full committee, six of which related to debt collectors while the other two concerned small business loans and veterans housing. According to a press release issued by Committee Chairwoman...
