CFPB: Using alternative data to evaluate creditworthiness
Without credit, it is nearly impossible to buy a home or start a business. People face barriers to accessing credit or have to pay more for credit for several reasons. Some people have negative items, such as a record of late payments, on their credit report. Other people have trouble documenting their income. Still others…
CFPB: Bureau Explores Impact of Alternative Data on Credit Access for Consumers Who Are Credit Invisible
CFPB Seeks Public Feedback on Benefits, Risks of Using Unconventional Sources to Extend Affordable Credit to Consumers Lacking Credit History WASHINGTON, D.C. – The Consumer Financial Protection Bureau today launched an inquiry into ways to expand access to credit for consumers who are credit invisible or who lack enough credit history to obtain a credit score….
ABA: Foundation Launches Social Media Contest for Lights, Camera, Save! Finalists
Cast your vote for ‘Savers’ Choice’ by Feb. 8 WASHINGTON — The American Bankers Association Foundation is hosting a social media contest to allow viewers nationwide to vote for their favorite Lights, Camera, Save! video entry. Lights, Camera, Save! is an annual video contest that encourages teen participants to produce a short film that communicates…
FDIC: Answers to Common Questions on How to Avoid Financial Mistakes and Protect Your Money
Each year, thousands of consumers contact the FDIC with questions about financial services and products such as mortgages, checking accounts and credit cards. The Winter 2017 FDIC Consumer News focuses on common concerns we hear from consumers and offers tips for solving and avoiding problems. Some topics include: What to do if a credit card bill shows…
CFPB: Easy-to-Remember Guidelines Help People Reduce Credit Card Debt
Take a short guideline like “don’t swipe the small stuff” and make it your own. You might just find that you’re better able to control your own credit card debt. Have you ever looked at your credit card bill and wondered where all those charges came from? Or found yourself swiping your credit card for…
CFPB: Understand the Overdraft “Opt-In” Choice
If you have a checking account, you might have to deal with an overdraft fee. An overdraft occurs when you don’t have enough money in your account to cover a transaction, and the bank or credit union pays for it anyway. Transactions include ATM withdrawals and debit card purchases as well as checks and ACH…
Federal Reserve: Payments Study Highlights Strong Trends in Card Use
Kansas City, Missouri, December 22, 2016 — From 2012 to 2015, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core noncash payments in the United States, according to a Federal Reserve study of U.S. non-cash payments released today. Automated…
CFPB: Consumer Credit Trends Tool Unveiled to Help Forecast Potential Consumer Risks
Web-based Tool Will Deliver Regular Updates on Consumer Lending Markets WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today unveiled Consumer Credit Trends, a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks. The beta version of the tool covers the mortgage, credit card, auto loan, and student…
CFPB: Who Are the Credit Invisible?
In 2015, we published a report finding that 26 million Americans are “credit invisible.” This figure indicates that one in every ten adults does not have any credit history with one of the three nationwide credit reporting companies. The report also found that Black consumers, Hispanic consumers, and consumers in low-income neighborhoods are more likely to have…
OCC: OCC to Consider FinTech Charter Applications, Seek Comment
WASHINGTON — Comptroller of the Currency Thomas J. Curry today announced that the Office of the Comptroller of the Currency (OCC) would move forward with considering applications from financial technology (fintech) companies to become special purpose national banks. During remarks at the Georgetown University Law Center, the Comptroller described several reasons for considering special purpose…