Corey Stone, a former payments executive and Consumer Financial Protection Bureau assistant director, is board chair of Connex, a credit union in Connecticut. He is also a senior advisor to the Financial Health Network and to Oliver Wyman.
An industry lawsuit seeks to undermine a rule put forward by the Consumer Financial Protection Bureau that would make it much easier for consumers to manage their own financial health.
The agency must take a principles-based approach rather than trying to cover every possible issue in detail.
A three-stage plan combining data analysis, public disclosure and market-based regulatory intervention would better align financial services with what consumers really need.
A pilot program that would let banks, credit unions and challenger banks bid to offer financial services within rural and inner-city post offices could be a first step in serving the underbanked while also helping to shore up the U.S. Postal Service's finances.
A pilot program that would let banks, credit unions and challenger banks bid to offer financial services within rural and inner-city post offices could be a first step in serving the underbanked while also helping to shore up the U.S. Postal Service's finances.
The agency’s recent bulletin could help banks get back into the small-dollar lending business, keeping needy borrowers out of debt traps. But other regulatory limits remain in focus.
A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.