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Washington D.C. Introduces Legislation Attacking Fintech-Bank Partnership Lending by Opting Out of DIDMCA and Codifying a “True Lender” Test

Troutman Sanders

Sections 521-523 of DIDMCA empower state banks, insured state and federal savings associations, and state credit unions to charge the interest allowed by the state where they are located, regardless of where the borrower is located and regardless of conflicting state law (i.e., export” their home state’s interest-rate authority).

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Lenders Take Note: Federal Banking Agencies Issue Long-Awaited Community Reinvestment Act Final Rule

Troutman Sanders

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

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How to Build Credit With No Credit History

Credit Corp

Quick answer: You can try joining a credit union, signing up for a starter credit card, getting a credit card through your current bank, applying for a secured credit card, becoming an authorized user on another person’s account or taking out a credit builder loan.

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Personal Loans Statistics

Credit Corp

This is despite the fact that many lenders have made it more difficult to qualify for a loan. But online retailers and app-based companies have taken off to fill the new consumer need. While online lending has become increasingly popular, more people are going to banks than any other type of lender–regardless of gender or age.

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Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover

True Accord

The Consumer Financial Protection Bureau (CFPB) has had its hands full overseeing actors across sectors–from regional and large banks to auto and online lenders to mortgage and credit agencies–in an ongoing effort to protect consumers in an ever-growing landscape of financial product offerings. trillion in Q3 2023, showing a 4.7%

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Report: 2022 Trends for Financial Services

Fico Collections

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. This year has taught us a lot about facing adversity and handling the unexpected.

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Tips for Improving Your Credit: The Types of Accounts in Your Credit Report

Credit Corp

This means that consumers with the strongest credit scores tend to have a mix of accounts. If your goal is to build or maintain great credit, you’ll want to get and keep different types of credit accounts. One reason that lenders look at credit mix is to make sure that you can be responsible with multiple types of credit.