Anchorage, Alaska – In celebration of their 70th anniversary, Alaska USA Federal Credit Union has donated $70,000 to the United Way. The credit union partnered with United Way to solicit donations from employees through several fundraising events.
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
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.
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.