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FDIC

Advocates Call for FDIC, under New Leadership, to Stop Banks from Fronting for Predatory Lenders

With a new chairman taking the helm of the Federal Deposit Insurance Corporation (FDIC), the National Community Reinvestment Coalition (NCRC) joined with more than a dozen other organizations in calling for the FDIC to “stop permitting its supervised institutions to front for predatory lenders evading state interest rate limits.”

The FDIC Should Prevent Rakuten From Getting A Banking Charter

If the Federal Deposit Insurance Corporation (FDIC) approves Rakuten Bank America’s application for an industrial loan company (ILC) charter, it would trigger a cascading series of problems that would add risk to our banking system at a time when all federal agencies should focus on reorienting the country toward an equitable recovery and a just …

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Flawed FDIC Industrial Loan Charter final rule will undermine CRA, allow lenders to evade state consumer protections

This week, the Federal Deposit Insurance Corporation (FDIC) announced a final rule on industrial banks and industrial loan companies (ILCs), allowing nonbank parent companies to apply for and receive ILC charters, enabling these lenders to make loans across the country with narrow and insufficient community reinvestment obligations.

Federal Regulators Should Refrain From Making a True Lender Rule

In the coming weeks, we expect the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to propose a rule for the “true lender” doctrine, an act that will have a negative impact on the ability of states to protect their residents from high-cost lending.

Small business lending data is the iceberg in our economic ocean

In September 2018, the Federal Deposit Insurance Corporation (FDIC) released the results of a survey of 1,200 banks on small business lending in America. It found that small business lending is threatened by the decline of smaller banks and the reduction of bank branches in many communities. But just as revealing was what the survey didn’t find. More information that would be essential for policy and regulatory decisions remains concealed, invisible to the public.

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With rule changes looming, a coalition of national and local organizations urges bank regulators to modernize the Community Reinvestment Act

A group of 487 civil rights, fair lending, community, and consumer rights organizations today submitted to bank regulators a set of recommendations for strengthening the Community Reinvestment Act (CRA), a law designed to stop discrimination in mortgage and small business lending.