OCC: Comments Requested on Proposed Rules to Update Activities and Operations and Digitial Activities
The Office of the Comptroller of the Currency (OCC) today released two issuances for public comment. The OCC published a Notice of Proposed Rulemaking (NPR) for public comment to update its rules for national bank and federal savings association activities and operations. The agency also released an Advance Notice of Proposed Rulemaking (ANPR) seeking comment…
CFPB: Consumer Actions for Relief from Credit Card Issuers During the Pandemic
The Consumer Financial Protection Bureau (Bureau) today took action to help consumers receive relief during the pandemic more quickly from their credit card issuer. Regulation Z requires that creditors provide written disclosures to consumers for account-opening and temporary rate or fee reduction. During the pandemic, consumers may seek to open a new account or request…
OCC: Warning About Effects of COVID-19 “Lockdown” on Banking System
Acting Comptroller of the Currency Brian P. Brooks today expressed concerns about the effects of regional and local responses to COVID-19 on the federal banking system. In letters to the National League of Cities, the U.S. Conference of Mayors, and the National Association of Governors, the Acting Comptroller of the Currency urged mayors and governors…
CFPB: Consumer Complaint Bulletin Issued for Complaints Received during COVID-19 Pandemic
The Consumer Financial Protection Bureau (Bureau) today issued a report analyzing the complaints received during the COVID-19 pandemic. The bulletin shows that mortgage and credit card complaints top the list of complaints the Bureau has received that mention coronavirus or related terms. In April and May, the Bureau received historically higher complaints, however, complaints mentioning COVID-related…
Federal Agencies Share Joint Principles for Offering Responsible Small-Dollar Loans
The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers’ short-term credit needs. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize the important role that responsibly offered…
CFPB: New Guidance Outlines Responsibilities of Financial Firms During Pandemic
The Consumer Financial Protection Bureau (Bureau) today released a statement and FAQs outlining the responsibility of certain financial firms during the pandemic. In the statement, the Bureau outlines the billing error responsibilities of credit card issuers and other open-end non-home secured creditors during the COVID-19 pandemic. Additionally, the Bureau encourages financial firms to continue to…
ABA: Report Shows More Consumers Paid Credit Card Balances in Full Amid Rising Card Use in Fourth Quarter 2019
Even as credit card use increased in the fourth quarter of 2019, a record share of consumers paid off their bill in full each month, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Seasonally adjusted monthly purchase volumes rose compared to the previous quarter, particularly among super-prime (+4.0%) and prime (+2.9%) accounts,…
CFPB: Report Shows Substantial Decline in Credit Applications in March 2020
A Consumer Financial Protection Bureau (Bureau) report examining the effects of the COVID-19 pandemic found that consumer credit applications declined substantially in March. Applications are measured by the number of credit pulls or “hard inquiries” that lenders perform when a consumer applies for new credit. The report found that between the first and last week…
FDIC: Insured Bank Deposits Are Safe; Beware of Potential Scams Using the FDIC’s Name
In light of recent developments related to the coronavirus, the Federal Deposit Insurance Corporation (FDIC) is reminding Americans that FDIC-insured banks remain the safest place to keep their money. The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. Since 1933, no depositor has…
Federal Reserve: Primary Dealer Credit Facility Established to Support the Credit Needs of Households and Businesses
To support the credit needs of American households and businesses, the Federal Reserve Board on Tuesday announced that it will establish a Primary Dealer Credit Facility, or PDCF. The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF will offer overnight and…