Natalie Lamarque

Right after I posted about our new insights brief on Medical Debt, CFPB made this announcement! If you don't want to wait a year for policy action on this problem, look at our actionable recommendations for employers and Undue Medical Debt recommendations for healthcare revenue-cycle stakeholder https://lnkd.in/exGzSQvS

10

Multistate Cooperative Credit Societies (MCCSs) play a significant role in supporting people across the nation, particularly in light of changes within the financial service industry. Here are several ways they contribute: 1. **Access to Credit**: MCCSs provide access to affordable credit for members, especially those in rural and underserved areas. This is crucial as traditional banking institutions may not reach these regions effectively. 2. **Financial Inclusion**: They enhance financial inclusion by offering banking services to individuals who might not otherwise have access to formal banking. This includes savings accounts, fixed deposits, and various loan products. 3. **Member-Centric Services**: MCCSs operate on a cooperative model where members are also owners. This ensures that services are tailored to the needs of members rather than prioritizing profits. 4. **Empowerment of Small Businesses and Farmers**: They support small businesses and farmers by providing necessary credit for operational and expansion purposes. This can include crop loans, equipment financing, and working capital. 5. **Community Development**: Profits generated by MCCSs are often reinvested in the community. This can include funding local infrastructure projects, educational programs, and health initiatives, thereby improving the overall quality of life. 6. **Adaptation to Technological Changes**: Many MCCSs are adopting digital technologies to streamline their operations and provide better services. This includes mobile banking, online account management, and digital payment options, making financial services more accessible. 7. **Financial Education**: They often engage in financial literacy programs to educate their members about sound financial practices, the benefits of savings, and responsible borrowing. 8. **Cushion Against Economic Shocks**: During economic downturns or personal financial crises, MCCSs can provide a safety net through emergency loans and other support services. By integrating these functions, Multistate Cooperative Credit Societies help bridge the gap between traditional banking services and the financial needs of diverse populations, fostering economic stability and growth. Southern Multistate Cooperative Credit and MultiPurpose Society Ltd. Web: www.southernmcs.com Career Page: www.bit.ly/southernmcs

4

💸 Form economic impact engines with fellow members that infuse new capital into your charity. Let's reset compensation and employment standards for those who work in our sector. 🌱 • Collaborate for financial stability • Drive change in employment practices • Empower your workforce https://nanoe.org (800) 257-6670 #EconomicImpact #FairCompensation

3

In June, the Consumer Financial Protection Bureau (CFPB) issued its landmark proposal to prohibit medical debt from appearing on credit reports. This would provide a huge relief for the millions of people whom this practice has severely harmed. But the CFPB needs our support to get the proposed rule over the finish line. Older people suffer severe consequences when medical bills appear on their credit reports. They may be denied access to credit to purchase a car, co-sign an educational loan, apply for rental housing, buy a home, or finance home repairs to be able to stay in their community. The rules proposed by the CFPB to prohibit medical debt on credit reports will go a long way to protecting older adults. Please help push the rules across the finish line by encouraging consumers and advocates to speak out about their experiences through public comment on the proposed rules. Debt collectors, credit bureaus, and other industries are already generating considerable opposition to the CFPB's proposal. The CFPB needs a groundswell of comments from consumers and their advocates in support of the ban. Many people have personal stories about medical debt, and they are invaluable to the CFPB, especially when they describe how consumers have struggled due to medical debt on their credit reports. In addition to telling your or your client's stories, please urge the CFPB to extend the credit reporting ban to negative information about loan products used to pay for medical debt, such as medical credit cards. Also, urge the CFPB to extend the prohibition to credit reports used for employment and tenant screening. Medical debt shouldn't harm credit records regardless of how it shows up. Comment Today to Support the CFPB's Medical Debt Proposal and Urge Further Action to Protect Consumers! See Regulations.gov below to submit your comments. Thank you. https://lnkd.in/g6yMapXu

17

1 Comment

An important reminder from RRF Foundation for Aging that the CFPB needs to hear from anyone with a story to tell about the effects that medical debt on a credit report can have on the economic security and well-being of older adults and their families. If you have not yet done so, please provide comments on this matter today!

5

Carrots and sticks: The DOJ's Pilot Program on voluntary self-disclosure is more than just a policy update. Our latest Womble Perspectives episode summarizes what's in the policy and what it means for compliance programs. Listen now: https://lnkd.in/eqhivrc8

13

1 Comment

🇺🇸 #ICYMI the latest episode of #RiskEBiz Podcast has been released. In this 30-minute episode, Dave Colonna, Director of Lender Services at ERIS, is joined by Marty Walters, Principal Consultant and Managing Member of Recovery Risk, to discuss the SEC's climate-related disclosures rule, its impact on financial institutions, and how to approach and update your organization's risk framework and reporting requirements. Listen to the full episode: https://lnkd.in/gvPf4N8 #ERISInfo #podcast #EnvironmentalRisk #riskmanagers U.S. Securities and Exchange Commission

24

Join us on June 26th at 12pm eastern for our upcoming webinar, Social Security: Will It Still Be There? With the release of the Trust Fund Annual Report in May, many are concerned about the future of retirement income and planning. Learn what the report really says vs. what people might hear or read, how to address client concerns over the sustainability of their Social Security retirement income, and explore the most significant options for Social Security reform. Equip yourself with the knowledge to handle these critical conversations by registering for the webinar! https://hubs.ly/Q02CDFcF0 #NAIFAproud #FinancialSecurity4All #Webinar #SocialSecurity #Income #Retirement

17

What is a Community Development Financial Institution (CDFI)? CDFIs are lenders dedicated to offering fair, responsible financing to communities typically underserved by mainstream finance. FCI is a Community Development Loan Fund, which is a type of CDFI. While others may shy away from perceived risks, we see potential. Unlike traditional banks, we specialize in lending to emerging developers, organizations, and businesses in under-resourced communities. CDFI lending drives small business growth, promotes homeownership, facilitates the establishment of essential community infrastructure like schools and healthcare centers, funds climate change solutions, and much more. Learn more about FCI and our lending practices: https://bit.ly/3vmkJqy

1

What governance areas should credit union board members be paying attention to? Ncontracts' Stephanie Lyon weighs in on the CFPB's proposed open banking rule, plus explore other regulatory topics to watch via CUES: https://lnkd.in/gZfBDdY3 #CreditUnions #RegulatoryCompliance #governance

13

The CDFI Fund has released a comprehensive summary report on the New Markets Tax Credit (NMTC) program, detailing $66.6 billion invested in low-income communities nationwide from FY 2003 to 2022. Learn more about how this impactful program has been transforming communities across the country - https://bit.ly/4cKZm28 #News #Housing #AffordableHousing #LIHTC

9

The CFPB’s aggressive rulemaking agenda has resulted in a number of proposed and final rules that stand to affect many #communitybanks. Our experts weigh in on the actions and explain rulemakings in the latest #IndependentBanker: https://lnkd.in/gDD8W24V

10

On June 26, we commemorate the 90th anniversary of a landmark moment in American history: President Franklin D. Roosevelt's signing of the Federal Credit Union Act of 1934. Born out of the desperation of the Great Depression, this Act revolutionized the financial landscape by establishing federal credit unions. Explore the profound legacy and future of credit unions in this CUInsight.com article.

18

1 Comment

What's Next for the CFPB After Victory at the Supreme Court? In CFPB v. CFSA, the Supreme Court held that the CFPB's funding mechanism did not violate the Appropriations Clause of the Constitution. Specifically, the Appropriations Clause only requires Congress to identify a source of public funds and authorize the expenditure of those funds for designated purposes, which the Bureau’s funding statute satisfied. Now that the CFPB has survived its second existential challenge at the Supreme Court, what is next for the Bureau, financial services companies, and consumers? This panel will discuss the Supreme Court's decision and its implications, including the Payday Lending Rule, the Bureau's rulemaking and enforcement priorities, and practical considerations for regulated entities and fintechs. Our panelists include: Jim Milano, McGlinchey Stafford PLLC, Washington, DC (moderator) Christopher L. Peterson, The University of Utah, Salt Lake City, UT Christopher Willis, Troutman Pepper Hamilton Sanders LLP, Atlanta, GA Jenny Lee, Ant International, San Francisco, CA Free for Section Members! Register at https://lnkd.in/gnsCjp6q #ABA #CFSC #webinar #supremecourt #SCOTUS #CFPB

40

1 Comment

"The surge in charitable giving reflects a broader shift toward value-driven wealth management practices. RIAs that prioritize charitable giving as a core mission not only understand the intrinsic link between financial success and social impact but also serve as catalysts for positive change in their communities." - be sure to read CEO Michael Nessim's latest article on the growing importance of charitable planning in AdvisorHub. https://lnkd.in/eRcuF3KD #financialadvisors #wealthmanagement #charitablegiving

8

1 Comment

How can fintech banks understand and meet regulatory expectations? 💡✅ Join the discussion at this fireside chat, featuring Raj Date, former Deputy Director of the CFPB. https://lnkd.in/g_RZuP7v

25

Yesterday, ID.me's JT Taylor, Senior Director of Fraud Investigations and Operations, testified as a subject matter expert before the House Ways and Means Subcommittee on Work and Welfare on reforming the unemployment insurance program. JT spoke to the scale of benefits fraud ID.me observed during the pandemic and lessons learned from our work with state workforce agencies to increase access for legitimate applicants and avert billions in losses to fraudsters. JT also offered recommendations to Congress on how to best equip states against new threats posed by the rise of generative AI. "As we tackle these challenges and work to maintain solvency of public benefits programs like UI, we owe it to the American taxpayer to implement forward-thinking strategies and robust infrastructures that ensure accessibility, security, and privacy," said JT. Currently, ID.me supports over 129 million wallets, 16 federal agencies and 40 state agencies across 30 states. ID.me's NIST 800-63-3 IAL2 / AAL2 conformant omnichannel solution has also been publicly credited by seven states for helping to avert $273 billion in potential fraud losses. To watch his full testimony, check out the hearing here: https://lnkd.in/eJjhBwrG

145

3 Comments

The Congressional Research Service in a recently released primer looks at contributions to defined contribution plans in various respects, with a special focus on contributions to private-sector DC plans. Learn More: https://ow.ly/LO0750SiiGZ #WealthManagement #RetirementPlanning #DefinedContribution

4

Frustrated with the three 🕒 major credit reporting agencies' stranglehold on credit reporting, their non-compliance with the FCRA, their prices, and the way they "levy a tax on every mortgage application or transaction in the country[?]" You're not the only one. 🏠In remarks to the Mortgage Bankers Association yesterday, Consumer Financial Protection Bureau Director Rohit Chopra expressed similar dismay for the above. 🏠 His remarks include: 🤑 "The market for credit scores has long been dominated by one company’s algorithm: the Fair Isaac Corporation, which sells the FICO score. Mortgage lenders have shared that costs for credit reports and scores have increased, sometimes by 400% since 2022." ✏ "Making matters worse, credit reports are often rife with inaccuracies discovered by borrowers and lenders. Credit reporting conglomerates are required to have procedures in place to assure maximum possible accuracy, but the CFPB is inundated with consumer complaints regarding these problems." 🏠Click below to read the full text of his remarks. 🏠If you or your clients have experienced the frustration of an inaccurate credit report, contact Consumer Attorneys PLC. #creditreporting #consumerreportingagencies #consumerprotection #FCRA #mortgagebankersassociation https://lnkd.in/eJUMVCmt

7