Articles
IBM Cuts Credit Unions Deal For Blockchain Services In $1.7 Trillion Industry
IBM and Denver-based credit union service organization CULedger, have struck a collaboration deal by which new blockchain-based services will be pioneered to help credit unions provide their members with greater efficiencies and an enhanced user experience. CULedger focuses on delivering “innovative applications” to credit unions via its cross-border global distributed ledger platform.
Consumer Financial Protection Bureau Announces 18th Edition of Supervisory Highlights
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) today released its 18th edition of Supervisory Highlights. The report covers Bureau supervision activities generally completed between June 2018 and November 2018, and includes examination findings in the areas of automobile loan servicing, deposits, mortgage servicing, and remittances.
Bill expanding payday lending sees opposition in Indiana House
INDIANAPOLIS (WTHR) – A payday lending bill is getting a lot of opposition at the Indiana Statehouse. The State Senate already passed the bill that would expand payday lending interest rates to as high as 192 percent and eliminate the 72 percent cap currently in place. Several civic groups and representatives of military agencies spoke out against the bill Monday, including Steven Bramer. Bramer is a Purple Heart recipient from Hammond who admitted he’s now caught up in the vicious cycle of trying to pay back a payday loan.
CFPB does not seek lifting of stay of compliance date for payday loan rule’s payment provisions in new status report filed in trade groups’ lawsuit
The CFPB and the two industry trade groups that filed a lawsuit in a Texas federal district court challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) filed a new status report with the court on March 8 to follow up on their March 1 status report.
Remarks by Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation at the Institute of International Bankers Annual Washington Conference; Washington, D.C.
Thank you for the invitation to speak here this afternoon. The list of topics and speakers at today’s event is rather impressive, and I welcome the opportunity to engage and share my views. To say that the financial system is interconnected on a global scale would be an understatement. The largest U.S. banks operate in well over a hundred countries, while many foreign banks operate in the United States, often through regulated, FDIC-insured depository institutions. These foreign banking organizations provide financial services across a range of business lines and products in the U.S., from consumer lending to small business lending to financing infrastructure projects. While this extensive cross-border activity presents certain challenges, especially when it comes to potential resolutions, it also provides meaningful benefits to U.S. consumers and businesses and to the broader U.S. economy. Our regulatory framework should be responsive to this reality.
Trio of New York Bills Would Extinguish Debt, Require Licensing and Impose Additional Requirements in Collection Litigation
A trio of bills currently pending in the New York State Senate would extinguish debt, require licensing and impose additional requirements in collection litigation. New York Senate Bill 691 and Senate Bill 2239 would completely extinguish the right to collect debt arising from a consumer credit transaction upon expiration of the statute of limitations.
Consumers bankers call on CFPB, Education Department to improve student loan disclosures
The Consumer Bankers Association (CBA) is asking the Consumer Financial Protection Bureau (CFPB) and the Department of Education to improve federal student loan disclosures. CBA president and CEO Richard Hunt said federal student loan disclosures do not currently offer a clear, personalized overview of key loan terms specific to each borrower. These specific disclosures are common for all private consumer loans, including bank-offered student loans.
Could personal loans from fintech firms give credit cards a run for their money?
Startups have spent the past decade trying to reinvent everything from taxis (so far so good) to squeezing juice out of fruit and vegetables (facepalm). Lately, entrepreneurs have been giving consumer debt a digital makeover. Fintech upstarts have turbocharged personal loans, now the fastest growing category of consumer debt, according to Experian. This type of lending was once mainly used by riskier borrowers without access to credit cards or home-equity loans. Now, whizzy smartphone apps, using a wider range of of data inputs, can extend loans to people who might not qualify based on traditional credit scores alone.