CFPB | Wednesday, October 11, 2023

"CFPB recently analyzed the non-sufficient fund (NSF) fee practices of a number of banks and credit unions. NSF fees are charges that some financial institutions impose when they decline to make a payment from a consumer's account, like a check or electronic authorization, after determining the account lacks sufficient funds. NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds."

S&P Capital IQ | Tuesday, October 10, 2023

"The changing economic environment is opening a window of opportunity for banks and credit unions to put their artificial intelligence models for loan underwriting through a credit cycle.

The digital banking evolution in the past decade has significantly enriched data around consumer profiles and behaviors. It has incubated a group of financial technology vendors to develop AI underwriting models for banks and credit unions. Since most of them were established in a benign environment, early adopters are now looking to validate their AI models in the current dynamics with the downside risks leading to credit deterioration being high."

FDIC | Tuesday, October 10, 2023

"To increase the public's awareness of deposit insurance and how it can protect people's money in the event of a bank's failure, the FDIC developed a national consumer campaign, 'Know Your Risk. Protect Your Money.' The campaign reaches people who may have lower confidence in the U.S. banking system or who are unbanked, as well as those who use mobile payment systems, alternative banking services and financial products that may appear to be FDIC-insured but are not."

ABA | Tuesday, October 10, 2023

"Members attending the American Bankers Association's annual convention in Nashville, Tenn., have elected new ABA officers and directors to serve on ABA's board for the 2023-2024 association year. The new officers are:

  • CHAIR: Julieann M. Thurlow, president and CEO, Reading Cooperative Bank, Reading, Mass.;
  • CHAIR-ELECT: John C. Asbury, chief executive officer, Atlantic Union Bancshares Corp., Richmond, Va.;
  • VICE CHAIR: Kenneth Kelly, chairman and CEO, First Independence Bank, Detroit; and
  • TREASURER: Carissa Rodeheaver, chairman, president and CEO, First United Bank & Trust, Oakland, Md."

Congratulations, Kenneth!

CFPB | Thursday, October 5, 2023

"Today, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council."

CDBA would like to recognize the achievement of the following member:

  • Victor M. Ramirez, SVP, CRA and Fair & Responsible Banking, Beneficial State Bank (Oakland, CA) was appointed to the CFPB Community Bank Advisory Council

Congratulations, Victor!

Federal Reserve Board | Wednesday, October 4, 2023

Federal Reserve Governor Bowman:

"Today I will begin by discussing some of the research around community banks and the role they play in the U.S. banking system. I will then discuss how this research can inform policy, including by helping us be more sensitive to the unintended consequences of reform, and discuss how this perspective can be applied to the evaluation of bank mergers and acquisitions. Finally, I will mention a few additional areas where I think research could be valuable as an input to the rulemaking process."

NOVOGRADAC | Tuesday, October 3, 2023

A brief history of the early days of the New Markets Tax Credit:

"In early 2003, Bob Rapoza got a call from the Treasury Department.
The first round of new markets tax credit (NMTC) allocations–$2.5 billion worth–would soon be announced by the Community Development Financial Institutions (CDFI) Fund and Rapoza was head of the fledgling New Markets Tax Credit Coalition (NMTCC)."

Marketplace | Friday, September 29, 2023

"The number of pending home sales fell more than 7% between July and August, according to the National Association of Realtors. That drop was bigger than analysts had expected and the NAR says it was largely due to rising mortgage rates.
'While plenty of people want mortgages right now, rising rates restrict what they can afford,' said Dominik Mjartan, CEO of Optus Bank in South Carolina."

CFPB | Wednesday, September 27, 2023

"Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall affordability declined significantly, with borrowers spending more of their income on mortgage payments and lenders more often denying applications for insufficient income."

CFPB | Thursday, September 21, 2023

"WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans' credit reports. The CFPB outlined proposals under consideration that would help families financially recover from medical crises, stop debt collectors from coercing people into paying bills they may not even owe, and ensure that creditors are not relying on data that is often plagued with inaccuracies and mistakes."