Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices.
Data from the National Credit Union Administration shows that despite a dip during the second quarter, the rate of industry consolidation has not changed dramatically from last year, despite the pandemic.
If Congress wants to provide better access to banking services for low-income and rural Americans, they would be wise to consider financial services partners that operate as a not-for-profit model.
Banks can capitalize on Amazon’s ambitions by teaming up to launch financial products and services aimed at coveted customer segments. But they should beware the legal and regulatory pitfalls.
Late fees on loan payments and late-arriving documents tied to forbearance and loan forgiveness are just some examples of how delays caused by cutbacks at the U.S. Postal Service could affect lenders and their customers.
If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.
The bank has agreed to pay $97 million in customer restitution and a $25 million fine to settle allegations by the Consumer Financial Protection Bureau that it deceptively charged overdraft fees for certain ATM and debit card transactions.
A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month.
The slowdown in branch traffic brought on by the coronavirus outbreak has accelerated consumers’ adoption of online banking and other tech, meaning banks have no time to waste in digitizing their customer-facing applications, says Bruce Van Saun.
Lenders initally won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.
