The Biden Administration’s student loan forgiveness program could have a beneficial ripple effect on people having trouble making payments on other debts, such as auto loans, the CFPB said in a new research brief. “[...]
Taking the next step in overhauling the Treasury Department’s CDFI program, the CDFI Fund announced Friday that comments on a proposed revised application will be accepted until Dec. 5. “The revised certification policies and [...]
Accusing the largest banks of using high interest rates to help their investors, Sen. Jack Reed, D-R.I., wants to know why bankers are increasing interest rates on loans, but not on savings accounts. “Soaring [...]
The ten-year cost of the federal credit union tax exemption has grown by $9.4 billion since December, the Treasury Department said in an update on the cost of tax expenditures. One source within the [...]
Citing just-released research showing minority credit union members were more likely to be denied mortgages, NCUA Chairman Todd Harper on Wednesday renewed his call for additional staff and resources for fair lending examinations. “The NCUA [...]
Credit unions responding to the NCUA’s Credit Union Diversity Self-Assessment increased minority representation in their workforce in 2021, the agency revealed Tuesday. Those credit unions that provided the NCUA with workforce data in 2021 [...]
Some people might say that the Community Development Financial Institutions program is in a state of transition. Others might call it turmoil. Or even confusion. The Treasury Department is overhauling the entire program—from application [...]
As the midterm election approaches, why would a banks-sponsored super Political Action Committee single out a little-known freshman House member from Iowa for its support? Specifically, why has Friends of Traditional Banking urged bankers to [...]
The number of Americans who were “unbanked” in 2021 fell to a record low—partially because they needed to do something with the pandemic-related assistance they received, the FDIC said in a report issued last [...]
There is absolutely nothing unique or unconstitutional about the way the CFPB is funded, the agency told a federal court this week. In documents filed in the U.S. District Court for the Northern District [...]
President Biden announced on Wednesday a government-wide crackdown on “junk fees,” including new efforts by the CFPB to eliminate bank charges that catch consumers by surprise. “These so called ‘junk fees’ are not just an [...]
Having employed “mystery shoppers” in an investigation, the National Community Reinvestment Coalition reported Tuesday that racial bias continues to plague the home appraisal industry. Using inter-racial couples in the Baltimore, MD area, the NCRC hired [...]
A bipartisan group of 20 House members wants to know why the CDFI Certification process takes so long and additionally why the CDFI Fund is planning an overhaul of the process. In a letter to [...]
House Republicans say they have a solution to the conundrum caused Wednesday by the U.S. Court of Appeals for the Fifth Circuit when it found that the CFPB was unconstitutionally funded. In fact, the [...]
A federal appeals court on Wednesday dropped a bombshell on the financial services industry, ruling that the CFPB’s funding structure is unconstitutional and, as a result, the agency’s payday loan rule was voided. [...]
