CFPB: Paul Watkins Announced as New Director for the Office of Innovation
Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney today announced he has selected Paul Watkins to lead the Bureau’s new Office of Innovation. “I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers, and commitment to innovation to the Bureau,” said Acting Director Mulvaney. “I am confident…
OCC: Minority Depository Institutions Advisory Committee Charter Renewed
The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions. “The Minority Depository Institutions Advisory Committee has a long history of offering the OCC an invaluable perspective on the business environment affecting…
ABA: Foundation Released Bank Guide for Preventing Elder Financial Abuse
Resource available in advance of World Elder Abuse Awareness Day on June 15 Seniors lose approximately $2.9 billion annually to financial abuse – and with baby boomers retiring every day, along with an estimated $12 trillion in wealth transfers expected to take place between generations, that number could continue to grow. In response, America’s banks…
OCC: New Guidance on Installment Lending – Core Principles for Short-Term, Small-Dollar Installment Lending
OCC BULLETIN 2018-14 Summary The Office of the Comptroller of the Currency (OCC) encourages banks to offer responsible short-term, small-dollar installment loans, typically two to 12 months in duration with equal amortizing payments, to help meet the credit needs of consumers. The OCC is issuing this bulletin to remind banks1 of the core lending principles for…
OCC: Comptroller Urges Banks to Meet Consumers’ Short-Term, Small-Dollar Credit Needs
Comptroller of the Currency Joseph Otting today issued the following statement regarding the release of his agency’s bulletin encouraging national banks and federal savings associations to offer responsible short-term, small-dollar installment loans. Millions of U.S. consumers borrow nearly $90 billion every year in short-term, small dollar loans typically ranging from $300 to $5,000 to make…
OCC: Publication Discusses Profitable Bank Collaborations with Minority Depository Institutions
The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Development Investments newsletter entitled “Profitable Partnerships: Collaborating With Minority Depository Institutions.” This edition of Community Development Investments discusses how executives working for minority-owned depository banks can collaborate with large and midsize banks in ways that are profitable and beneficial…
ABA: Bankers Celebrate 21st Annual Teach Children to Save on April 20th
Estimated 444,000 students will be reached in 2018 through Teach Children to Save More than 12,500 bankers will host financial education events across the country this week in celebration of Teach Children to Save Day on April 20. Since 1997, Teach Children to Save and the ABA Foundation’s financial education initiatives have reached approximately 10.3…
Federal Reserve: Application Period Open for Community Advisory Council Membership
The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council (CAC). The CAC was formed in 2015. It advises the Board on issues affecting consumers and communities and complements two of the Board’s other advisory councils whose members represent…
FDIC: Use of Technology in the Business of Banking Forum Scheduled for May 7th
The Federal Deposit Insurance Corporation (FDIC) will host a forum on the Use of Technology in the Business of Banking on Monday, May 7, 2018. Panels will focus on emerging technologies that are transforming banking operations; the impact of emerging technologies on retail banking, including new and innovative delivery channels, enhanced customer experiences, and economic…
FEMA: Agency and Federal Partners Encourage Families to Save for a Rainy Day
Over 40 percent of adults cannot cover an emergency expense of $400 FEMA, in partnership with the U.S. Department of Treasury and the Financial Literacy and Education Commission (FLEC), celebrates Financial Capability Month by reminding individuals and families that the time to prepare for the financial cost of unexpected emergencies is long before an emergency…