OCC: “Operation Choke Point” Lawsuit Dismissed
The Office of the Comptroller of the Currency (OCC) today released the following statement regarding the dismissal of the long-running lawsuit alleging regulatory pressure to close payday lender bank accounts: The OCC is pleased by the plaintiffs’ decision to dismiss the OCC from their long-running lawsuit (Advance America et al. v. Federal Deposit Insurance Corporation…
ABA: Report Shows Credit Card Market Expanded in Fourth Quarter 2018
Credit card use continued to expand in the fourth quarter of 2018, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Compared to the previous quarter, purchase volumes increased for super-prime (+2.7 percent) and prime accounts (+1.4 percent), but declined modestly for subprime accounts (-0.9 percent). On an annual basis, purchase volumes…
ABA: Bankers Celebrate 22 Years of Teach Children to Save
April 12 marks Teach Children to Save Day, volunteers to reach estimated 330,700 students More than 9,850 bankers will host financial education events across the country in celebration of Teach Children to Save Day this year. Since 1997, the ABA Foundation’s financial education initiatives have reached 10.5 million young people with the help of more than 260,000…
ABA: Reports Shows Consumer Delinquencies Mixed in Fourth Quarter 2018
Consumer credit delinquencies were mixed in last year’s fourth quarter, with delinquencies falling for the composite index of closed-end loans and rising in other open-end loan categories, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies fell in six of the 11 categories tracked by ABA while five categories rose….
FDIC: “Fintech and the Future of Banking Conference” Scheduled for April 24th in Arlington, VA
The Federal Deposit Insurance Corporation (FDIC) and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host the Fintech and the Future of Banking conference on Wednesday, April 24, 2019. FDIC Chairman Jelena McWilliams and Treasury Secretary Steven Mnuchin will open the conference with a conversation about the role of financial technology and innovation…
ABA: 6 Tips for Spring Cleaning Your Finances
With the arrival of spring, the American Bankers Association is encouraging consumers to add a very important item to their spring cleaning to-do list: organizing their finances. To help, ABA has highlighted six tips for rearranging your financial house. “Spring is the season of renewal, which means it’s time to sweep away your winter bills and…
FDIC: New Resources Unveiled for Consumers During National Consumer Protection Week 2019
In observance of National Consumer Protection Week (NCPW), March 3–9, the Federal Deposit Insurance Corporation (FDIC) today unveiled new resources to help consumers understand their rights and make well-informed decisions about money. The FDIC has added a new, online Information and Support Center to the agency’s existing educational resources. Consumers can use the Center to…
FDIC: Consumers Encouraged to Set Financial Goals and Learn More about Options for Saving
The Federal Deposit Insurance Corporation (FDIC) encourages consumers to use America Saves Week as an opportunity to evaluate their short- and long-term financial goals and learn more about how banks can help achieve them. “During America Saves Week, the FDIC encourages consumers to expand their financial knowledge, set clear savings goals and strong savings habits,…
ABA: 7 Ways to Make Your Tax Refund Count
As many Americans receive their refunds this year, the American Bankers Association has highlighted seven tips to help them use the money wisely. “Prioritizing your tax refund to create an emergency fund and pay off debts first will help position you for financial comfort the rest of the year,” said Corey Carlisle, executive director of…
OCC: Comptroller of the Currency Supports CFPB Proposed Rule on Short-Term Small-Dollar Lending
Comptroller of the Currency Joseph Otting today issued the following statement supporting Director Kathy Kraninger and the Consumer Financial Protection Bureau’s proposed rule rescinding requirements that lenders make certain underwriting determinations before issuing short-term small-dollar loans. On February 6, 2019, the Consumer Financial Protection Bureau took an important and courageous step that will allow banks…