OCC: Report Discusses Risks Facing National Banks and Federal Savings Associations
WASHINGTON — The Office of the Comptroller of the Currency (OCC) reported strategic, credit, operational, and compliance risks remain top concerns in its Semiannual Risk Perspective for Fall 2016, released today. Highlights from the report include: Strategic risk remains high as banks consider business model changes and face challenges in growing revenue. Strategic planning remains important…
CFPB: Four Tips to Help Older Student Loan Borrowers Navigate Common Problems with their Student Loans
Today, we released a report that shows that older Americans now carry an unprecedented amount of student loan debt into retirement. The report shows that over the last decade, the number of older student loan borrowers has quadrupled in the United States. The amount that these borrowers owe has also dramatically increased. Between 2005 and 2015, consumers…
CFPB: Student Loan Servicing Problems Can Jeopardize Long-Term Financial Security for Older Borrowers
Growing Concerns as Number of Older Student Loan Borrowers Quadruples, Amount of Debt Per Senior Borrower Doubles in Last Decade WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a report that examines complaints from older student loan borrowers about servicing practices that can jeopardize their long-term financial security. In the last decade, the…
HUD: HUD, DOE and Nonprofit Partners Launch Book-Rich Environments Initiative
WASHINGTON – In an effort to promote literacy and boost educational outcomes for kids in public housing across the country, the U.S. Departments of Housing and Urban Development (HUD) and Education (ED) are joining forces with the Campaign for Grade-Level Reading (GLR), the National Book Foundation (NBF) and the Urban Libraries Council (ULC) to launch…
ABA: Registration Open for ABA Foundation’s 2017 Financial Education Initiatives
ABA Foundation calls for banker volunteers to increase financial capability in local communities WASHINGTON — The American Bankers Association Foundation is calling for banker volunteers to register for Teach Children to Save and other 2017 financial education initiatives. Celebrating its 20th anniversary, the Teach Children to Save program is a national campaign that encourages banker volunteers to visit schools…
CFPB: Understanding Why Offers For “Your” Credit Score Are Not All The Same
Today, TransUnion and Equifax have agreed to change practices that the Bureau found misled consumers about the value of the credit scores they marketed and sold. In their advertising, TransUnion and Equifax misrepresented that the credit scores they marketed and provided to consumers were the same scores that lenders typically use to make credit decisions…
CFPB: TransUnion and Equinox Ordered to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products
Credit Reporting Companies Misstated the Cost and Usefulness of the Credit Scores and Products They Sold, Lured Consumers into Costly Recurring Payments WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to…