Tag: credit
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FDIC Issues Request for Information on Small-Dollar Lending Products
The Federal Deposit Insurance Corporation has recently requested comments from individuals and parties interested on issues regarding small-dollar lending and ways to improve small-dollar credit offerings that not only meet customers’ needs and are economically viable but are also underwritten and structured responsibly. Comments for the request for information (RFI) are due no later than…
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Democrats and Republicans Introduce Legislation to Nullify CFPB Rule
House Democrats and Republicans have introduced legislation to stop the recently finalized Consumer Financial Protection Bureau (CFPB) small dollar lending rule. The rule, which was issued by former CFPB Director Richard Cordray, aimed to protect consumers from the negative consequences of “payday loans” which are usually small-dollar amounts that are due in full before the…
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Is the Mortgage Industry Painting with too Broad a Brush?
Becoming a homeowner helps safeguard a person’s professional achievements and can pull them out of poverty. However, current mortgage lending trends show that a significant portion of Americans are being all but excluded from homeownership by stringent credit-assessing practices leading to mortgage rejections. The Great Recession, which saw nearly 8 million American homes fall into…
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The Future of Small Businesses
With limited employees, capital and resources, small businesses are hit the hardest by rigorous regulations, and the expense of compliance often poses sustainable growth roadblocks for the entrepreneurs who need it the most. The following months could prove especially pivotal for small business owners, as the possibility of new legislation and regulations grows. Access to…
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Helping Hand for Homebuyers with Bad Credit
A newly introduced bill could significantly alter the way Americans’ credit data is stored, reported and utilized by credit reporting agencies. Yesterday, Representative Maxine Waters, D-CA, introduced the “Comprehensive Consumer Credit Reporting Reform Act of 2016” which aims to transform the American credit reporting system in an attempt to make it “fairer, more accurate, and…