FDIC: Phase II of Youth Savings Pilot Program Announced

The Federal Deposit Insurance Corporation (FDIC) is seeking applications from institutions for its Youth Savings Pilot, a program designed to foster financial education through the opening of safe, low-cost savings accounts by school-age children. Nine financial institutions are currently partnering with schools across the country as part of the initial […]

CDFI Fund: Change of CDFI Certification Requirements for CDFI Bond Guarantee Program Participants Announced

Today, the Community Development Financial Institutions Fund (CDFI Fund) published in the Federal Register a revision of the regulations that govern Community Development Financial Institution (CDFI) certification as it relates to the CDFI Bond Guarantee Program. The CDFI Fund is seeking comments on the revision, which creates a means for […]

CFPB: Nationwide Effort to Advance Financial Education in Schools Launched

CFPB Publishes Resource Guide for Policymakers WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau announced that it is launching a nationwide effort to advance financial education in schools. The Bureau is publishing “Advancing K-12 Financial Education: A Guide for Policymakers,” a resource guide which contains strategies for furthering the development […]

CFPB: Considering Proposal to End Payday Debt Traps

Proposal Would Cover Payday Loans, Vehicle Title Loans, and Certain High-Cost Installment and Open-End Loans WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would end payday debt traps by requiring lenders to take steps to make sure consumers can repay their loans. […]

ABA: CFPB Prepaid Rules Could Harm Underbanked Customers

In a news release, the American Bankers Association commented on the CFPB’s proposed rulemaking regarding prepaid cards: “The CFPB’s proposed rules for prepaid products include some onerous provisions that could create insurmountable compliance barriers for banks offering the cards, ABA said in a comment letter. This would be particularly harmful […]