Nov. 2 - Fed lowers Main Street loan limit to $100K | Bill would make national public bank system
November 02, 2020
Ocasio-Cortez, Tlaib-backed bill would create federally chartered public banking system; CFPB final rule lets debt collectors use email, text; Pandemic could accelerate de novos' profitability timeline, experts say; NY regulator lays out climate risk expectations for banks
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With the chance of a PPP revival waning, the central bank played with the margins in Main Street — waiving the 1% fee it collects from borrowers on loans of less than $250,000, but allowing banks to charge 2% origination fees.
The creation of public banks would expand financial services to underbanked communities and help fund public infrastructure projects, the lawmakers said.
The rule limits to seven the number of times a collector can call a consumer about a particular debt over seven consecutive days. But it establishes a new type of communication that won't count against the cap.
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Customers' increased adoption of digital banking amid the pandemic, and the realization banks can operate with less physical space, have enabled de novos to tailor their operating models to a new normal, one attorney said.
The Department of Financial Services wants banks to integrate climate-related financial risks into their business strategies, risk management processes and governance frameworks, but stopped short of demanding climate stress tests.
The move further illustrates a divide between investment-heavy banks such as JPMorgan Chase that pushed to repopulate offices and card-heavy models such as American Express that are keeping employees home longer.
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