Up to 20% of eligible households for the child tax credit may not receive funds via a bank account when disbursement begins in mid-July, per Biden administration estimates.
Democratic lawmakers plan to ask bank executives at hearings this week how they have dispensed funds throughout the pandemic, House and Senate aides say.
Complaints filed to the CFPB about prepaid government benefit cards have surged during the pandemic, according to the agency’s database.
Trillions of dollars of aid have been sent to U.S. adults since the start of the coronavirus pandemic in the form of stimulus checks and unemployment benefits. That’s put a strain on the often outdated systems that federal governments and states use to disburse money, especially when it comes to unbanked and underbanked Americans.
Dive Brief:
North Liberty, Iowa-based GreenState Credit Union is buying two banks Oak Brook, Illinois-based Oxford Bank & Trust and Omaha-based Premier Bank, the credit union announced Tuesday.
The deals, each expected to close by the fourth quarter of 2021 pending regulatory approval mark the third and fourth banks to be bought by a credit union this year.
Credit union purchases of banks typically draw objections from trade groups such as the Independent Community Bankers of America (ICBA), which argues credit unions’ tax-exempt status allows them to offer a higher purchase price for acquisitions than banks can, and lets them grow more freely.
At least two lawsuits have been filed to stop government giveaway program based on race
Suggested Event
Jun 15, 2021 to Jun 17, 2021
Not only does USDA Secretary Tom Vilsack face lawsuits involving the USDA program to compensate socially disadvantaged farmers and ranchers, he now has the commercial banking industry and 52,000 bank locations criticizing him.
On April 9, 2021, the American Bankers Association, Independent Community Bankers of America, and National Rural Lenders Association wrote Secretary Vilsack a letter claiming, “The sudden abrupt payoff of any category of guaranteed loans could have adverse consequences…”
USDA payments for disadvantaged farmers
Section 1005 of the American Rescue Plan Act (ARPA) relates to Socially Disadvantaged farmers and ranchers. This provision declares that if you had a loan as of January 1, 2021, it will be paid off.
/PRNewswire/ 360factors, Inc. announced today that Drummond Community Bank, a Chiefland, Florida-based community bank, selected 360factors Predict360 risk.
FLORENCE â First Metro Bank is proud to announce the creation of a new position focused solely on the development, growth, and success of the community bankâs financial literacy program.Â
Jerra Burden will serve as Financial Literacy Coordinator focusing on the Bankâs six student-operated branches inside of local high schools across North Alabama, their involvement in the American Bankers Associationâs âTeach Children to Saveâ program and other relative educational topics, such as elder financial abuse prevention, that will promote financial awareness in the surrounding communities.
âFirst Metro Bankâs culture is, and always has been, community-focused,â said Burden. âI look forward to being part of the Bankâs financial literacy initiatives and educating our communities on hot topics in the banking industry.â