The Department of the Treasury's Community Development Financial Institutions (CDFI) Fund on Thursday opened its application round for the new Equitable Recovery Program (ERP). The program will provide about $1.73 billion in awards to [...]
Questioning whether the credit card late payment fees levied by credit unions and banks are reasonable, the Consumer Financial Protection Bureau (CFPB) announced Wednesday it is seeking comment on whether the charges are exorbitant. “I [...]
The Consumer Financial Protection Bureau (CFPB) will “dramatically” increase its use of regulatory guidance—a device that in the past has been sharply criticized by financial services trade groups and congressional Republicans. “The CFPB is [...]
Attempting to foster “relationship banking,” the Consumer Financial Protection Bureau is seeking comments on how responsive the largest credit unions and banks are to complaints from their members and customers. “We want to hear from [...]
A pilot program to survey credit unions about their examinations has been a success, National Credit Union Administration Ombudsman Shameka Sutton told the agency board Thursday. And Sutton said that the results of the survey [...]
The House on Wednesday passed legislation that would, among other things, allow all federal credit unions to expand their fields of membership to serve underserved areas. Voting 215-207, the House passed H.R. 2543—legislation [...]
The House Financial Services Committee on Tuesday will mark up legislation that would place limits on credit union and bank overdraft programs and expand the disclosures that consumers must receive about the programs. “Beginning in [...]
On January 25, 2022, the National Credit Union Administration (NCUA) approved Bragg Mutual Federal Credit Union (FCU)’s addition of two underserved areas comprising a total of 301 census tracts to its field of membership ([...]
A group of Republican senators is accusing Biden Administration financial regulators of promoting radical environmental policies that could restrict credit to farmers and ranchers. “Many of your administration’s appointees have sought to promote unrealistic [...]
The Consumer Financial Protection Bureau (CFPB) is purposely trying to inflame the public by claiming legitimate fees charged by credit unions and banks are “junk fees,” the two national credit union trade groups told the [...]
Legislation that would allow credit unions to expand their field of membership (FOM) into underserved areas is unnecessary and would create a major loophole for those institutions to increase their business lending, a group of [...]
The Defense Department has hired a contractor to conduct a study about credit union and bank access to military bases, according to three credit union trade groups. And those groups—the Defense Credit Union Council, [...]
The Federal Reserve says many Americans do not have enough savings to meet an unexpected expense of $400. Where can those people go when they need money quickly? A storefront check-cashing service. A payday lender. [...]
The Community Development Financial Institutions (CDFI) Fund on Wednesday announced it has awarded $26 million to 158 Federal Deposit Insurance Corp. (FDIC)-insured banks as part of its FY21 round of the Bank Enterprise Award ([...]
