The central bank's proposal to overhaul the Community Reinvestment Act differs markedly from the OCC's regulation in testing, data collection and other areas.
The Federal Reserve and the Treasury Department released a set of FAQ's aimed to clearing up misconceptions about the Main Street Lending program and encouraging more bank participation.
The Federal Reserve Board will discuss an advance notice of proposed rulemaking on the Community Reinvestment Act at an open meeting. The central bank had previously declined to support an OCC rule overhauling the 1977 law.
The pandemic and economic downturn upended most institutions' advertising plans for the year, and many credit unions have had to adjust not only their messaging but also the loan products they are promoting.
A new report from the National Credit Union Administration shows how hard the industry was hit during the second quarter as businesses closed and consumer spending dropped.
New analysis from S&P found that only two of the of the top 20 credit unions that participated in the Paycheck Protection Program loans had assets of less than $1 billion.
The increased use of technology, along with holistic data points, can eradicate racial and gender disparity for fintech lenders in small business, says Become’s Eden Amirav.
