Fifth Third Bancorp recently published its annual report on corporate social responsibility, demonstrating the tactics used by the bank to “earn a reputation for being a good corporate citizen.” The bank focuses on several areas, including consumers, communities, businesses, employees … Read More…

The National Association of Federal Credit Unions urged financial regulators in a Monday letter to better coordinate their activities. The letter was sent in advance of Tuesday’s Senate Banking Committee hearing on the annual report of the Financial Stability Oversight … Read More…

The National Association of Federal Credit Unions said in a Friday letter to the CFPB that it would oppose measures that could unintentionally hurt credit union lending by restricting the private student loan market. “For college students in need of … Read More…

The CFPB published technical amendments and clarified definitions last week for “rural” and “underserved” under its mortgage escrow rule. The rules require credit unions to set up and maintain escrow accounts for five years after originating loans, an increase from … Read More…

The National Credit Union Administration recently expressed support for President Obama’s move to nominate former Oregon State Sen. Rick Metsger to fill a vacant seat on the three-member board. Metsger, who is currently the president of Parakletos Strategic Public Affairs, … Read More…

CFTC Commissioner Scott O’Malia spoke before Energy Risk USA’s recent conference on the commission’s “unknown unknowns,” areas of the rule implementation process that are “impossible to identify, but in hindsight…are the result of the Commission’s inconsistent rules.” O’Malia said the … Read More…

CrewCash Card, a payroll and benefits platform, launched on Thursday to allow crewmen employed by participating shipping and trading firms to receive direct deposit paychecks on a MasterCard branded prepaid debit card. “MasterCard is constantly looking for new products and … Read More…

A recent report showed that while import volume across the nation’s retail container ports is expected to increase by 3.3 percent this month, growth will likely fall flat by the end of the summer. “The weak cargo increases expected over … Read More…

CFPB Director Richard Cordray spoke to the National Association of Realtors on Tuesday on the efforts the agency has put forth to help the housing market recover from the financial crisis. “The aftermath of the financial crisis has left a … Read More…

CARD.com recently announced a new Star Trek prepaid card from CBS Consumer products set to debut in the U.S. card market. “We live in a mobile world, and the next generation of banking isn’t tied to a brick-and-mortar institution – … Read More…

President Obama said during this week’s address that the housing market is on the mend and urged lawmakers to confirm Mel Watt as the new head of the Federal Housing Finance Agency. “Today, seven years after the real estate bubble … Read More…

A stronger jobs report, rising home prices and a bullish stock market contributed to a 0.6 percent increase in April retail sales from March and a 3.9 percent year-over-year increase. “In the face of higher taxes and sequester, consumers provided … Read More…

Sen. Elizabeth Warren (D-Mass.) introduced legislation last week that would allow students to pay the same interest rate on federal loans as big banks pay to borrow, urging lawmakers to keep interest rates from doubling this summer. Student loan rates … Read More…

A recent paper from the American Enterprise Institute found that while Dodd-Frank was designed to eliminate America’s “too big to fail” problem, struggling credit unions could be put out of business, thereby exacerbating the problem. If community banks are forced … Read More…

Fred Becker, president and CEO of the National Association of Federal Credit Unions, praised the House Financial Services Committee’s efforts on providing regulatory relief last week and urged the committee to continue in its efforts. “Finding ways to cut down … Read More…

The CFPB published a report on Wednesday that reveals how student loan debt can hinder a consumer’s financial life and provides public input-based options for lawmakers to consider in order to help borrowers manage student loan debt. “College can open … Read More…

Reps. Dave Camp (R-Mich.) and Max Baucus (D-Mt.) joined together on Thursday to launch TaxReform.gov, a site aimed at collecting input from American taxpayers on tax reform. “The tax code is littered with special interest provisions that Washington has put … Read More…

James Chessen, the chief economist at the American Bankers Association, recently said a risk-based capital system established by regulators is a better way to measure and protect against bank-related risks than the leverage ratio advocated by some lawmakers. Chessen said … Read More…

The National Association of Federal Credit Union’s Office of Consumer Protection hosted on Wednesday a free webcast explaining the agency’s formal complaint process, as well as differences between fair lending exams and other exams. The webcast, which will be available … Read More…

The House Financial Services Committee recently examined nine bills that would make changes to the bipartisan JOBS Act and Title VII of Dodd-Frank, as well as require the SEC to conduct a more thorough cost-benefit analysis in its rulemakings. Eight … Read More…

The National Retail Federation recently applauded members of the U.S. Senate and their Monday decision to pass the Marketplace Fairness Act, which would require states to collect sales tax from online retailers. NRF CEO Matthew Shay praised the U.S. Senate … Read More…

The National Association of Federal Credit Unions urged the CFPB last week to revise the definitions of “rural” and “underserved” in its escrow rule to allow more credit unions to qualify for exemption from the rule. The CFPB’s escrow rule, … Read More…

AVT, Inc., an automated retail technology systems developer, recently announced its technology patent had been validated by the U.S. Patent and Trademark Office after it was marked for re-examination last fall. It is estimated that more than eight million vending … Read More…

The Independent Community Bankers of America recently expressed support for revisions to the CFPB’s remittance transfer rule designed to help smaller money transfer providers continue to offer the services. “ICBA is glad the CFPB addressed the community banking industry’s concerns … Read More…

CFPB Acting Deputy Director Steve Antonakes discussed the agency’s supervisory and enforcement authorities, saying examinations of institutions are designed to “be rigorous and heavy on data analysis, with the important goal of also being fair and reasonable.” “Our examination process … Read More…

President Obama nominated Rep. Mel Watt (D-N.C.) on Wednesday to head the Federal Housing Finance Agency, replacing current FHFA Acting Director Edward DeMarco. Watt is a longtime congressmen and has significant support from Democrats in both the House and Senate. … Read More…

The SEC voted unanimously on Wednesday to make changes to Title VII of Dodd-Frank—rules governing the extraterritorial reach of Dodd-Frank rules on security-based swap transactions. The 650-page proposal seeks to narrow the definition of “U.S. person” to include any natural … Read More…

MasterCard announced its financial results for the first quarter of the year, showing a 12 percent increase in net income and a 16 percent increase in earnings. Net revenue totaled $1.9 billion in the first quarter, an eight percent year-over-year … Read More…

The CFPB issued a final rule on international remittance transfers on Tuesday, extending the effective date of the rule to Oct. 28, thereby giving financial institutions an additional six months to comply. The final rule issued on Tuesday amends the … Read More…

CFPB Director Richard Cordray stressed on Tuesday the importance of consumer financial education in American schools. “Financial education should be as fundamental as the education we are all required to receive in American history and government,” Cordray said in remarks … Read More…

The CFPB issued a rule last week that establishes a transparent process for the allocation of funds from the agency’s Civil Penalty Fund, which is used to compensate the victims of illegal financial schemes. Dodd-Frank established the CFPB’s Civil Penalty … Read More…

Data released by the U.S. Department of Commerce revealed that despite an increase in the payroll tax, consumer spending in the first quarter increased 3.2 percent from the fourth quarter, the largest increase in two years. “No one should write … Read More…