Can an Effort to Revamp Anti-Redlining Lending Law Survive the Swamp?
"The first major overhaul of the Community Reinvestment Act since 1995 wins praise, but some advocates say it falls short on closing the racial lending...more
Banking Law Rooted in Civil Rights Era Gets a 21st Century Update "The Community Reinvestment Act basically mandates that if you open a bank in a low-income neighborhood, you can’t just take that neighborhood’s deposits and...more
6/3/2022
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Decriminalization of Marijuana ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
OCC
CFPB Focuses on Rural Banking Access -
"Rural Americans visit bank branches at nearly double the rate of urban and suburban customers, the CFPB found in its report, titled Challenges in Rural Banking Access."
Why...more
Biden Administration Extends Pause on Federal Student Loan Repayments Through August
"The repayment freeze, which has been in place since the beginning of the pandemic, had been scheduled to expire on May 1."
Why this...more
US Virginia Senate Allows State Banks to Offer Crypto Custody Services -
"Delegate Christopher T. Head introduced the bill back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody...more
Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct -
On March 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all...more
3/10/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Economic Sanctions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Russia ,
Student Loans ,
SWIFT ,
Ukraine
Buying Virtual Real Estate in the Metaverse Now has Its Own Mortgage -
"A Vancouver firm has provided one of the first lending solutions for the whole new world we need to learn about."
Why this is important: A...more
5 Banking Trends to Watch in 2022 -
"Some of the narratives Banking Dive sees taking shape for 2022 — crypto, for example — are carryovers from last year, reaching a logical conclusion or forward motion. Others, such as...more
1/27/2022
/ Banking Sector ,
Certiorari ,
Chapter 11 ,
Commercial Bankruptcy ,
Cryptocurrency ,
Environmental Social & Governance (ESG) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Fossil Fuel ,
SBA
Student Loan Forgiveness Updates: New Changes Coming in 2022 for Public Service Borrowers -
"Borrowers on track for Public Service Loan Forgiveness, a federal student loan forgiveness program for people devoted to careers...more
Welcome to our last Promissory Notes issue of 2021. As we all know, 2021 was another interesting year in the banking and finance industry, and we expect 2022 to be much the same. Our goal, as with all of our publications, is...more
Here are 5 Changes Student Loan Borrowers Could See in 2022 -
"Experts say that if student loan forgiveness is going to happen, it will likely be before the midterm elections."
Why this is important: During the last...more
Millions of Consumers have Cut Their Debts, So Why are Financial Experts Sounding Alarm -
"And with stimulus payments a thing of the past and other unusual financial stabilization programs unwinding, the alerts are going...more
11/17/2021
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Cryptocurrency ,
Financial Services Industry ,
Forbearance Agreements ,
Mortgages ,
Payment Systems ,
Stablecoins ,
Student Loans
Top IRS Official Says Marijuana Banking Reform Would Help Feds ‘Get Paid’ -
"IRS’s Cassidy Collins talked about the 'special type of collection challenge' that the agency faces when it comes to working with cannabis...more
11/3/2021
/ Biden Administration ,
Business Taxes ,
Community Banks ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Tax Liability ,
U.S. Treasury
What to Expect as Education Department Gets Ready to Resume Student Loan Payments -
"After nearly two years of pausing student loan bills, the U.S. Department of Education is trying to figure out how to start collecting...more
IRS Chief Tells Elizabeth Warren: More Transparent Bank Data Can Fight Tax Evasion -
"Rettig, a Trump administration holdover, touted a provision in the American Families Plan that would require banks to report on their...more
10/6/2021
/ Artificial Intelligence ,
Bank Secrecy Act ,
Banking Sector ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Economic Injury Disaster Loans ,
Equitable Mootness ,
Financial Institutions ,
Financial Services Industry ,
Reorganizations ,
SBA
China's Cryptocurrency Ban: What It Means for Bitcoin, Coinbase and the US -
"On Sept. 24, China's Central Bank declared all crypto-related transitions illegal, citing concerns about gambling fraud and money laundering."...more
Biden Administration Extends Student Loan Pause Until January 31, 2022 -
"The Department believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the...more
9/21/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
Interest Rates ,
Military Service Members ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Small Dollar Lenders ,
Student Loans
As Banks Push AI, Worry About Worsening Inequality Follows -
"AI and machine learning might amplify patterns of historical discrimination and financial exclusion through reliance on flawed data or mistakes in...more
Why the Overturned Eviction Moratorium May be Too Little, Too Late for Both Renters, Landlords -
"However, the ruling doesn’t mean renters in states without protections will be immediately removed from their homes — an...more
9/7/2021
/ CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Collection ,
Department of Education ,
Eviction ,
Federal Reserve ,
Financial Services Industry ,
Foreclosure ,
HELOC ,
Moratorium ,
Payday Loans ,
Startups ,
Venture Capital ,
Wage Garnishment
Biden Makes It Easier for Student Loan Borrowers to Get a Mortgage -
"The new rule supported by the Biden administration proposed that FHA lenders drop the requirement to calculate student loan payments at 1%."
Why this is...more
8/25/2021
/ Biden Administration ,
Blackberry ,
Connected Cars ,
Consumer Financial Products ,
Credit Scores ,
False Claims Act (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Student Loans ,
TCPA
Welcome to our sixth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights.
SBA to Drop Its Review of PPP Loans of $2 Million and Above -
"The effort marks an about-face for the agency...more
8/4/2021
/ Banking Sector ,
CARES Act ,
Digital Assets ,
FDIC ,
Financial Institutions ,
Foreclosure ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business
Yellen Tells Regulators to ‘Act Quickly’ on Stablecoin Rules -
"New rules would cut into profit margins earned by issuers, but in the long-run should help them attract more users."
Why this is important: The recent...more
Mobile Payment App Complaints are Surging as More Americans Go Cashless -
"Top complaints include trouble with digital wallets, scams and customer service issues."
Why this is important: Roughly four in five Americans...more
Welcome to our fifth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. We hope you are enjoying our monthly publication.
Banks to Companies: No More Deposits, Please -
"Some banks,...more
Federal Hearings Seek to Reverse Trump-Era Student Loan Rules -
"The revisions include strengthening protections for borrowers harmed by misleading practices by their college."
Why this is important: Student loan debt...more