OCC: Inaugural Listening Session and Innovation Office Hours Announced for Chicago
The Office of the Comptroller of the Currency (OCC) today announced the date and location for its upcoming Innovation Office Hours and inaugural Listening Session. Office Hours are one-on-one meetings with OCC officials to discuss financial technology, new products or services, partnering with a bank or fintech company, or other matters related to financial innovation….
ABA Report Shows Credit Card Market Continued to Expand in Third Quarter
The credit card market continued to expand in the third quarter of 2017 as monthly purchase volumes edged up across risk tiers, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. On an annual basis, purchase volumes rose 3.3 percent for prime accounts and 4.3 percent for super-prime accounts, but fell 3.9…
OCC: Supporting Earned Income Tax Credit Awareness Day
The Office of the Comptroller of the Currency wants more eligible working families to benefit from the Earned Income Tax Credit (EITC) and is promoting EITC Awareness Day on January 26, 2018. “EITC Awareness Day is an important opportunity to educate the American public, and in particular, workers with and low and moderate incomes, about…
CFPB: Changes Finalized to Prepaid Account Rules
Changes Provide More Flexibility and Extend Effective Date to April 2019 The Consumer Financial Protection Bureau (Bureau) announced today that it has finalized updates to its 2016 prepaid rule. The Bureau’s 2016 prepaid rule put in place requirements for treatment of funds on lost or stolen cards, error resolution and investigation, upfront fee disclosures, access…
CFPB: Put Your Tax Refund to Work During America Saves Week
Each year during America Saves Week (February 26 to March 3), many people make an extra effort to save money. Started in 2007, America Saves Week is an annual opportunity for people to assess their saving status. The timing couldn’t be better—America Saves Week 2018 takes place during tax season, when 75 percent of tax…
CFPB: New Report Released on the State of the Credit Card Market
The Bureau of Consumer Financial Protection (Bureau) today released its biennial report on the state of the credit card market. The report found that the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased over the past several years. The report found also…
FDIC: Resource Guide Highlights Collaborative Opportunities with Minority Depository Institutions
The Federal Deposit Insurance Corporation (FDIC) today issued a resource guide that underscores ways insured depository institutions, including community banks, can partner with minority depository institutions (MDIs) to the benefit of all institutions involved, as well as the communities they serve. The resource guide also notes that banks may realize business and regulatory benefits from…
CFPB: Tax Season Is Right Around the Corner; Tips for Planning Out Your Refund and Savings
You only file your personal tax return once a year. Depending on your situation, filing can be easy or complicated. Many people prepare and file their own returns, but the majority of consumers still seek help from a professional tax preparer. If you think you will need help preparing and filing your tax return in…
FDIC: FDIC Consumer News Offers Tips on Dealing with Debt
Whether you have a little bit of debt or a lot, managing it wisely and ultimately paying off what you owe can be crucial to your financial well-being. The Fall 2017 FDIC Consumer News suggests ways to handle different kinds of debt, including: What to do if you’re struggling to pay your loans, credit cards…
FHFA: Maximum Conforming Loan Limits Announced for 2018
The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. Baseline limit The Housing and Economic…