CFPB: Building a Bridge to Credit Symposium Scheduled for September 17th
Mark your calendar to join the Bureau of Consumer Financial Protection for a day-long symposium, Building a Bridge to Credit Visibility. This event will explore challenges many consumers face in accessing credit. Sessions also will highlight strategies and innovations to overcome barriers and expand consumer credit access. This event is open to the public, however space…
OCC: Financial Technology Companies Can Now Apply for a National Bank Charter
The Office of the Comptroller of the Currency (OCC) today announced it will begin accepting applications for national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking. “Over the past 150 years banks and the federal banking system have been the source of tremendous innovation that has improved banking services…
SBA: Celebrating 65 Years of Service to America’s Entrepreneurs
Today, the U.S. Small Business Administration (SBA) marks 65 years of serving as a voice and ally to millions of small businesses. Since its founding on July 30, 1953, SBA has connected small businesses with access to funding, mentoring, counseling, and when disaster strikes, support to recover and get back to business. “The SBA has…
FHFA: Index Shows Mortgage Rates Increased in June 2018
Nationally, interest rates on conventional purchase-money mortgages increased from May to June, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.59 percent for loans closed in late June, up 2 basis points from 4.57 percent in May. The…
ABA: Report Shows Credit Card Market Moderated in First Quarter 2018
Credit card use moderated in the first quarter of 2018, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Compared to the previous quarter, purchase volumes fell 4-6 percent across risk tiers. On a year-over-year basis, purchase volumes rose across risk tiers, led by an 8.9 percent increase for super-prime accounts and…
OCC: New Bulletin Discusses Annual Host State Loan-to-Deposit Ratios
Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued on June 15, 2018, the host state loan-to-deposit (LTD) ratios. The OCC is issuing this bulletin to inform national banks about how these ratios are used…
FHFA: Agency Announces Decision to Stop Credit Score Initiative
The Federal Housing Finance Agency (FHFA) today announced that the Agency will not make a decision in 2018 about updating the credit score model used by Fannie Mae and Freddie Mac (the Enterprises) as previously announced and, instead, is shifting its focus to implementation of Section 310 of the Economic Growth, Regulatory Relief, and Consumer…
CFPB: Veterans with Severe Disabilities May Be Eligible for Federal Student Loan Discharge Tax-Free
The Departments of Education and Veterans Affairs (VA) have teamed up to notify veterans with severe disabilities that they may be eligible to have their federal student loans discharged tax-free. The Bureau has previously highlighted for years the opportunity to obtain a disability discharge. So, we are pleased to share with you the details of…
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: Report Shows Consumer Delinquencies Rise in First Quarter 2018
The first quarter of 2018 saw installment loan and bank card delinquencies resume a slow return to normal levels after falling across the board in the previous quarter, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, rose 9 basis…