Federal Agencies Issue Statement Recognizing Alternative Data’s Potential to Expand Credit Access and Benefit Consumers
Last week, five federal agencies—including the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the...
Official Says Fed is Looking to Step Up Supervision of Tech Firms Serving Banking Industry
As cybersecurity breach concerns have risen, the Federal Reserve has indicated in recent weeks that the nation’s central bank may soon boost supervision of technology firms in the banking industry. They are considering examining governance and compliance systems at...
Fed Chair Says No Plans to Create Digital Currency, But is Exploring Possibilities
According to Federal Reserve Chairman Jerome Powell, the United States at present has no plans to create a digital currency. In a letter to Rep. French Hill (R-Ark.), Powell said that such a currency would be difficult for the U.S. central bank to adopt as many...
House Financial Services Committee Tackling Depository Institution Regulation, Financial Stability, Federal Housing, and AI in December Hearings
This week, the House Financial Services Committee is convening four hearings on various issues, which will be followed up by a two-day legislative markup next week. On Tuesday, the full committee held a hearing entitled “Oversight of Prudential Regulators: Ensuring...
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...
