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November 16 – Banks can address an additional US$380 billion market in annual revenues by targeting micro-enterprises and bringing unbanked and underbanked adults into the formal financial system, according to a new report produced jointly by Accenture (NYSE:ACN), through Accenture Development Partnerships, and CARE International UK, a leading humanitarian organization fighting global poverty.
October 21 – The Consumer Financial Protection Bureau is releasing a tool that educators can use when selecting financial education curriculum for students. The curriculum review tool will help educators identify effective and unbiased material to increase the financial capability of students. By providing relevant evaluation criteria, the tool can help educators judge the value of financial education material for their students. (more…)
September 28 – The Consumer Financial Protection Bureau has announced two separate actions against Cincinnati-based Fifth Third Bank, for discriminatory auto loan pricing and for illegal credit card practices. The joint CFPB and Department of Justice auto-lending enforcement action requires Fifth Third to change its pricing and compensation system to minimize the risks of discrimination, and to pay $18 million to harmed African-American and Hispanic borrowers. The CFPB’s action against Fifth Third’s deceptive marketing of credit card add-on products requires the bank to provide an estimated $3 million in relief to eligible harmed consumers and pay a $500,000 penalty. (more…)
September 28 – The SEC’s Office of Compliance Inspections and Examinations has issued a risk alert as it ramps up its second phase of examinations designed to bolster cybersecurity in the financial industries. The first phase kicked off in In April 2014, when OCIE published their initial announcement on the program as part of their vision for improving cyber security for the securities and financial markets.
September 22 – The Consumer Financial Protection Bureau released its latest monthly consumer complaints snapshot, which highlights mortgage complaints. According to the report, consumers continue to face problems with mortgage servicing, particularly during certain circumstances, such as when they apply for a loan modification to avoid foreclosure. (more…)