June 23: CFPB Updates This Week
Wednesday, June 28, 2023, 11:00 AM – 12:00 PM
EST
Bureau staff will provide information to help financial institutions determine whether they are covered financial institutions for purposes of the small business lending rule. This will include how to determine if transactions are covered credit transactions and whether businesses are small businesses.
PUBLISHED CFPB Releases Reports on Banking Access and Consumer Finance in Southern States
The Consumer Financial Protection Bureau (CFPB) issued two new reports on the financial opportunities and challenges facing Southern communities. The Southern U.S. is home to diverse populations, including many rural areas. Many areas of the Southern region are considered “banking deserts” because of the absence of sufficient bank or credit union options for local communities. The first report, “Consumer Finances in Rural Areas of the Southern Region,” compares consumer financial experiences and outcomes in rural communities in Southern states with other regions. A second report, “Banking and Credit Access in the Southern Region of the U.S.,” dives deeper into banking access and credit access, particularly mortgage lending, in both rural and non-rural areas in the region. Read more
CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps
The Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families. The report highlights the growth of digital payment app usage in the servicemember community, the unique risks to servicemembers from these services, and the potential abuse from bad actors. Some servicemembers have also indicated in their complaints about incurring serious financial harm from scams and fraud when using these services, and their complaints suggest digital payment app providers often fail to provide timely and substantive resolutions. Read more