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Fed to focus on “data over date” in adjusting bond-buying

Federal Reserve Governor Jerome Powell said on Thursday that the central bank would prioritize “data over date,” adding that the Fed’s bond-buying program will be adjusted based on economic data rather than with a specific date in mind. “If the Committee's economic outlook is broadly realized, there will likely be a moderation in the... Read More...

Penn Liberty Bank’s mobile check deposit service now available to consumers

Penn Liberty Bank announced this week that its mobile check deposit service is now available for purchase for both iOS and Android mobile devices. The Deposit Ease with Mobile service allows consumers to deposit paper checks electronically using their mobile devices. Users are also able to view their accounts and transaction history, which... Read More...

Senate committee urges lawmakers to prepare for fall tax reform vote

Members of the Senate Finance Committee told fellow lawmakers in a Thursday letter to prepare for a tax reform vote this coming fall. “Our tax code is bloated and outdated,” Sens. Max Baucus (D-Mont.), the committee chairman, and Orrin Hatch (R-Utah), the committee’s ranking member, said in the letter. “The income tax was established a... Read More...

OCC report: First-lien mortgage performance improves in first quarter

A report released by the OCC on Thursday showed improvement in the performance of first-lien mortgages serviced by large national and federal savings institutions during the first quarter of the year. The report revealed that 90.2 percent of mortgages were current and performing at the end of the first quarter, an increase from 89.4 percent in... Read More...

Sens. Whitehouse, Warren introduce bill to give states ability to set interest rate caps

Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) introduced legislation on Wednesday that would provide consumer protections by enabling states to set interest rate limits on credit cards and other consumer credit products. "We need to ensure states have the ability to enforce their own rules against lenders doing business... Read More...

Witnesses testify for House subcommittee regarding HUD’s Moving to Work program

Witnesses testified before the House subcommittee on housing and insurance that the Department of Housing and Urban Development’s Moving to Work program is the best solution to help families in public housing achieve self-sufficiency. Established in 1996, Moving to Work is a program that provides public housing authorities with the ability to... Read More...

CFPB orders U.S. Bank, DFS to return $6.5 million in fees to service members

The CFPB ordered on Thursday that U.S. Bank and Dealers’ Financial Services, one of its nonbank affiliates, return approximately $6.5 million to servicemembers for the companies’ engagement in deceptive marketing and lending practices. The companies created the Military Installment Loans and Educational Services program to sell subprime... Read More...

HFSC Hensarling speaks on America’s “too big to fail” problem

Jeb Hensarling, the chairman of the House Financial Services Committee, spoke on America’s “too big to fail” problem on Wednesday, saying if “we lose our ability to fail in America…we may just lose our ability to succeed.” “One of the most important steps we can take in ending Too Big to Fail institutions is to remove the... Read More...

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