News Archives
Aug. 24: CFPB Recent Updates
Published AUG 21, 2024 CFPB Issues Filing Instructions and Other Resources for Nonbank Registration The CFPB issued a Filing Instructions Guide related to Nonbank Registration. The Filing Instructions Guide provides technical...
CISA, FBI, and NSA, with the support of International Partners Release Best Practices for Event Logging and Threat Detection
The Australian Signals Directorate’s Australian Cyber Security Centre (ASD’s ACSC), CISA, FBI, NSA, and international partners are releasing Best Practices for Event Logging and Threat Detection. This guide will assist...
Podcast: Should Medical Debt Be Included in Creditworthiness Measures?
The CFPB and state regulators and legislators have medical debt in their crosshairs. In this episode, we’re joined by Chris Eastman, CEO of the Pendrick Group, a Cerberus portfolio company...
Aug. 16 CFPB Recent Updates
CFPB Issues Advisory Opinion, Report, and Consumer Advisory on Contracts for Deed The Advisory Opinion affirms that, generally, contracts for deed are credit that is offered by a creditor under...
Ensuring Fair Access to Credit in the Gig Economy Era
In a time when multiple income streams complicate income verification, AI tools can help CUs practice fair lending. In recent years, auto dealers and credit union lenders have faced growing...
New Subscription Laws Help Put Money Back Into Consumers’ Pockets
Subscription services offer convenience to consumers and steady revenue for companies. However, difficult cancellation processes have led to consumer frustration and unintended expenses. In response, new regulations are being introduced...
CFPB To Distribute Over $8 Million To Consumers Harmed by All American Check Cashing, Inc.
In July, 43,647 consumers harmed by All American Check Cashing, Inc., will begin receiving refund checks in the mail. The CFPB took action against the check cashing and payday loan...
CBA, Bank Policy Institute Call on CFPB to Rescind Buy-Now-Pay-Later Rule
The Consumer Bankers Association (CBA) and Bank Policy Institute are calling on the Consumer Financial Protection Bureau (CFPB) to rescind a rule that would regulate buy-now-pay-later providers. Buy-now-pay-later, or BNPL,...
Federal Reserve Board Requests Comment on a Proposed Rule That Would Establish Data Standards for Certain Information Collections
The Federal Reserve Board on Friday requested comment on a proposed rule that would establish data standards for certain information collections submitted to financial regulatory agencies. In addition to the...
Why Financial Inclusion Is the Key to a Thriving Digital Economy
Globally there are 1.4 billion unbanked people who lack access to financial resources, exposing a significant gap in financial inclusion in developing economies. Fintech can foster economic growth and reduce...
$10 Million Allocated to Support CU Business Lending in Ukraine
WOCCU launches USAID-funded GROW Project to expand access to financing over four years. On Monday, the World Council of Credit Unions (WOCCU), in partnership with the U.S. Agency for International...
FinCEN Issues Notice to Financial Institution Customers on Beneficial Ownership Information Requirements
SUMMARY: FinCEN has issued a notice to customers of financial institutions regarding reporting beneficial ownership information. The Beneficial Ownership Information (BOI) reporting rule took effect January 1, 2024, and requires...