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Banking Policy Issues in the 116th Congress [Updated February 21, 2019]
From the Introduction: "Banks play a central role in the financial system by connecting borrowers to savers and allocating available funds across the economy. As a result, banking is vital to the U.S. economy's health and growth. Nevertheless, banking is an inherently risky activity involving extending credit and undertaking liabilities. Therefore, banking can generate tremendous societal and economic benefits, but banking panics and failures can create devastating losses. Over time, a regulatory system designed to foster the benefits of banking while limiting risks has developed, and both banks and regulation have coevolved as market conditions have changed and different risks have emerged. For these reasons, Congress often considers policies related to the banking industry."
Library of Congress. Congressional Research Service
Perkins, David W.; Cooper, Cheryl R.; Getter, Darryl E. . . .
2019-02-21
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CFPB Proposes New Payday Lending Rule, Reversing Recently Finalized Regulation [March 1, 2019]
"On February 6, 2019, the Bureau of Consumer Financial Protection (CFPB) released a new Notice of Proposed Rulemaking for Payday, Vehicle Title, and Certain High-Cost Installment Loans. The proposal would rescind a significant part of a 2017 final rule that requires small-dollar, short-term lenders to determine a consumer's ability to repay before issuing a new loan. This new, controversial proposal has received congressional support and opposition. This Insight begins with an overview of payday loans and then briefly summarizes the 2017 final rule and major changes proposed by the CFPB now. It also reviews the data and analysis supporting these rules, and the different conclusions each version of the rule reached using this same evidence. Although the CFPB's rule covers other small-dollar markets (e.g., auto title loans and other installment loans), this Insight focuses on payday loans, currently the largest market covered by the rule."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2019-03-01
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Fintech: Overview of Innovative Financial Technology and Selected Policy Issues [April 28, 2020]
From the Summary: "Advances in technology allow for innovation in the ways businesses and individuals perform financial activities. The development of financial technology--commonly referred to as 'fintech'-- is the subject of great interest for the public and policymakers. Fintech innovations could potentially improve the efficiency of the financial system and financial outcomes for businesses and consumers. However, the new technology could pose certain risks, potentially leading to unanticipated financial losses or other harmful outcomes. Policymakers designed many of the financial laws and regulations intended to foster innovation and mitigate risks before the most recent technological changes. This raises questions concerning whether the existing legal and regulatory frameworks, when applied to fintech, effectively protect against harm without unduly hindering beneficial technologies' development."
Library of Congress. Congressional Research Service
Perkins, David W.; Cooper, Cheryl R.; Getter, Darryl E. . . .
2020-04-28
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COVID 19: Consumer Loan Forbearance and Other Relief Options [May 14, 2020]
From the Introduction: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. As this situation rapidly evolves, the economic impact due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions will be large. Consequently, many Americans will lose income and face financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. 5 First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Gnanarajah, Raj . . .
2020-05-14
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HEROES Act (H.R. 6800): Selected Consumer Loan Provisions [May 26, 2020]
From the Document: "The economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic has been largely due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans have lost income and face financial hardship. On May 15, 2020, the House passed the HEROES [Health and Economic Recovery Omnibus Emergency Solutions] Act (H.R. 6800), a wide-ranging COVID-19 relief bill. This Insight discusses selected provisions in Division K, Title IV related to consumer loans and the financial services industry."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-05-26
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COVID-19: Consumer Debt Relief During the Pandemic [December 7, 2020]
From the Document: "The Coronavirus Disease 2019 (COVID-19) pandemic has had a large and persistent economic impact across the United States. Fear of infection, social distancing, and stay-at-home orders prompted business closures and a severe decline in demand for restaurants and travel, among other industries. Consequently, many Americans have lost income and faced financial hardship. Survey results suggest that since March 2020, about half of all U.S. adults live in households that have lost some employment income. This Insight focuses on legislative and regulatory responses related to the financial services industry for consumers who may have trouble paying their bills. It also discusses recent developments and the future outlook in consumer credit markets."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-12-07
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Wells Fargo-- A Timeline of Recent Consumer Protection and Corporate Governance Scandals [March 8, 2019]
From the Document: "This In Focus provides a brief overview of federal regulation of Wells Fargo and a timeline of key events involving the company since the scandal's disclosure. It then discusses a few relevant policy issues, including consumer protection and corporate governance, and highlights recent instances of congressional oversight of the bank."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Gnanarajah, Raj
2019-03-08
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CFPB Proposes New Payday Lending Rule, Reversing Recently Finalized Regulation [Updated October 11, 2019]
From the Document: "On February 6, 2019, the Bureau of Consumer Financial Protection (CFPB) released a new Notice of Proposed Rulemaking for Payday, Vehicle Title, and Certain High-Cost Installment Loans. The proposal would rescind a significant part of a 2017 final rule that requires small-dollar, short-term lenders to determine a consumer's ability to repay before issuing a new loan. This new, controversial proposal has received congressional support and opposition. This Insight begins with an overview of payday loans and then briefly summarizes the 2017 final rule and major changes proposed by the CFPB now. It also reviews the data and analysis supporting these rules, and the different conclusions each version of the rule reached using this same evidence. Although the CFPB's rule covers other small-dollar markets (e.g., auto title loans and other installment loans), this Insight focuses on payday loans, currently the largest market covered by the rule."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2019-10-11
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CFPB Proposes New Debt Collection Regulation [Updated October 11, 2019]
From the Document: "On May 21, 2019, the Bureau of Consumer Financial Protection (CFPB) issued a Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act (FDCPA; 15 U.S.C. §1692). Congress passed the FDCPA in 1977 to 'eliminate abusive debt collection practices by debt collectors.' The CFPB's proposal would clarify how certain debt collectors may communicate with consumers and what information they must disclose. This Insight begins with an overview of the debt collection market and its regulation. It then analyzes major parts of the CFPB's proposed rule and reactions to the proposal by various stakeholders."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2019-10-11
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Wells Fargo--A Timeline of Recent Consumer Protection and Corporate Governance Scandals [Updated February 27, 2020]
From the Document: "Wells Fargo Bank, N.A., is a large federally chartered depository bank. It is a subsidiary of Wells Fargo and Company, a bank holding company (hereinafter, Wells Fargo or the bank). Wells Fargo is the fourth-largest bank in the United States with $1.9 trillion in assets at the end of 2019. In 2016, a scandal involving Wells Fargo creating fake accounts--which may have harmed more than 2 million consumers--increased scrutiny of the bank by Congress, financial regulators, and the public. Since this revelation, certain Wells Fargo business practices have continued to raise concerns relating to consumer protection and corporate governance, leading to additional congressional oversight and interest. This In Focus provides a brief overview of federal regulation of Wells Fargo and a timeline of key events involving the company. It then discusses a few relevant policy issues, including consumer protection, corporate governance, and recent congressional oversight of the bank."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Gnanarajah, Raj
2020-02-24
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Financial Industry and Consumers Struggling to Pay Bills During the COVID-19 (Coronavirus) Outbreak [March 16, 2020]
From the Document: "A growing number of cases of Coronavirus Disease 2019 (COVID-19) have been identified in the United States, significantly impacting many communities. For background on the coronavirus, see CRS In Focus IF11421, 'COVID-19: Global Implications and Responses', by Sara M. Tharakan et al. This outbreak may continue to cause disruptions as federal, state, and local governments limit public gatherings, close schools, and encourage workers to telework to contain the coronavirus's spread. While this situation is evolving rapidly, the economic impact may be large due to illnesses, quarantines, and other business disruptions. Consequently, many Americans may lose income and face financial hardship due to the coronavirus outbreak. Some workers may need to take time off work if they or their families fall ill. In addition, layoffs or reduced hours may impact workers in particular industries affected by the outbreak, such as the travel, restaurant, and entertainment industries. To address these concerns, on Saturday, March 14, the House passed H.R. 6201, which, among other things, expands sick leave access, unemployment insurance, and food assistance benefits. Even if this bill is enacted, some families may continue to feel the economic impact. This Insight focuses on possible policy options relating to the financial services industry for consumers who may have trouble paying their bills due to the outbreak."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-03-16
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Wells Fargo-A Timeline of Recent Consumer Protection and Corporate Governance Scandals [Updated February 3, 2020]
From the Document: "Wells Fargo Bank, N.A., is a large federally chartered depository bank. It is a subsidiary of Wells Fargo and Company, a bank holding company (hereinafter, Wells Fargo or the bank). Wells Fargo is the fourth-largest bank in the United States with $1.9 trillion in assets at the end of 2019. In 2016, a scandal involving Wells Fargo creating fake accounts--which may have harmed more than 2 million consumers--increased scrutiny of the bank by Congress, financial regulators, and the public. Since the scandal was revealed to the public, certain of Wells Fargo's business practices have continued to raise concerns relating to consumer protection and corporate governance, leading to additional congressional oversight and interest. This In Focus provides a brief overview of federal regulation of Wells Fargo and a timeline of key events involving the company since the scandal's disclosure. It then discusses a few relevant policy issues, including consumer protection and corporate governance, and highlights recent instances of congressional oversight of the bank."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Gnanarajah, Raj
2020-02-03
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Consumer Credit Reporting, Credit Bureaus, Credit Scoring, and Related Policy Issues [Updated June 22, 2020]
From the Introduction: "This report first provides background information on the consumer data industry and various specialty areas. The report examines one prominent specialty area--consumer scoring--and describes various factors used to calculate credit scores. Next, the report provides a general description of the current regulatory framework of the consumer data industry. Finally, the report discusses selected policy issues pertaining to consumer data reports. Specifically, the report addresses policy issues concerning (1) inaccurate or disputed consumer data provided in consumer data reports; (2) how long negative or derogatory information should remain in consumer data reports; (3) differences in billing and collection practices that can adversely affect consumer data reports, an issue of particular concern with medical billing practices; (4) consumers' rights; (5) whether uses of credit bureau data outside of the financial services, such as for employment decisions, adversely affect consumers and should be limited; (6) whether the use of 'alternative' consumer data or newer versions of credit scores may increase accuracy and credit access; and (7) how to address data protection and security issues in consumer data reporting. For each policy issue, the report addresses corresponding legislative and regulatory developments."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.
2020-06-22
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Debt Collection Market and Selected Policy Issues [August 5, 2020]
From the Introduction: "This report first provides an overview of the debt collection market, including consumer experiences during the debt collection process. Then, the report discusses the FDCPA [Fair Debt Collection Practices Act], including the CFPB's [Consumer Financial Protection Bureau] ongoing rulemaking. Lastly, the report discusses selected policy issues pertaining to debt collection: communication frequency; time-barred and obsolete debt; validation issues; medical debt and credit reporting; and federal, state, and local government debt"
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-08-05
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Title IV Provisions of the CARES Act (P.L. 116-136) [April 2, 2020]
From the Document: "Economic conditions have deteriorated rapidly in the past few weeks, as the Coronavirus Disease 2019 (COVID-19) pandemic has caused many businesses and public institutions to limit or close their operations, increasing financial hardship for many Americans due to layoffs or time off of work due to illness. COVID-19's effect on the airline industry has been one of many areas of interest for Congress. On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law as P.L. 116-136. The act contains a number of provisions aimed broadly at stabilizing the economy and helping affected households and businesses. Specifically, Title IV of the CARES Act grants funds to industries affected by the virus and new authorities to the regulators and agencies responsible for those industries, waives requirements for industries to meet certain regulatory requirements, and provides added oversight and consumer protections, each on a temporary basis."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Cecire, Michael H.; Cooper, Cheryl R. . . .
2020-04-02
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COVID-19: The Financial Industry and Consumers Struggling to Pay Bills [Updated March 31, 2020]
From the Document: "A growing number of cases of Coronavirus Disease 2019 (COVID-19) have been identified in the United States, significantly impacting many communities. For background on the coronavirus, see CRS In Focus IF11421, 'COVID-19: Global Implications and Responses', by Sara M. Tharakan et al. While this situation is evolving rapidly, the economic impact may be large due to illnesses, quarantines, and other business disruptions. Consequently, many Americans may lose income and face financial hardship due to the coronavirus outbreak. This Insight focuses on regulatory and policy responses relating to the financial services industry for consumers who may have trouble paying their bills."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-03-31
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COVID 19: Consumer Loan Forbearance and Other Relief Options [Updated June 2, 2020]
From the Summary: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. This situation is evolving rapidly, and the economic impact has been large due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans will lose income and face financial hardship due to the COVID-19 pandemic. Many consumers may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. Due to increasing hardship, 'loan forbearance' has become a common form of consumer relief during the COVID-19 pandemic. Loan forbearance plans are agreements that allow borrowers to reduce or suspend payments for a short period of time, providing extended time for consumers to become current on their payments and repay the amounts owed. These plans do not forgive unpaid loan payments and tend to be appropriate for borrowers experiencing temporary hardship. Loan forbearance may become a less viable option to deal with the financial ramifications of COVID-19 if the pandemic causes prolonged disruptions, such as persistent elevated levels of unemployment or permanent business closures."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Gnanarajah, Raj . . .
2020-06-02
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Saving for Retirement: Household Decisionmaking and Policy Options [July 2, 2020]
From the Summary: "Retirement saving and financial planning have become more important for achieving financial security during retirement. After three decades of growth, employer-sponsored defined contribution (DC) plans and tax-favored Individual Retirement Accounts (IRAs) have become two important retirement income sources for many Americans. About 52% of U.S. households had retirement assets in DC plans or IRAs in 2016. In the past few decades, the major responsibility of retirement investing and planning has shifted from the employer to the American worker. With DC plans and IRAs, people typically need to make decisions about how much to contribute each year, how to invest their retirement wealth over a lifetime, and how to withdraw their funds in retirement without outliving their assets. Making these decisions may require complicated calculations involving uncertainty about future conditions, such as expectations about inflation and market returns, estimates about health care expenditures, and projections about family members' longevity. Some people may find it difficult to navigate the various options and decisions."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Li, Zhe, 1981-
2020-07-02
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Alternative Data in Financial Services [August 27, 2020]
From the Document: "'Alternative data' generally refer to information used to determine a consumer's creditworthiness that the national consumer reporting agencies--Equifax, Experian, and TransUnion--do not traditionally use to calculate a credit score. These reporting agencies generally create consumer reports containing historical information about repayment on credit products such as mortgages, student loans, credit cards, and auto loans. Credit applications, bankruptcies, and debts in collection also are regularly included. In contrast, alternative data include additional consumer financial data not regularly contained in traditional credit files. New technology makes it possible for financial institutions to gather other information, including financial and nonfinanical data, from a variety of sources."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-08-27
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Financial Inclusion: Access to Bank Accounts [August 27, 2020]
From the Document: "Most U.S. consumers choose to open a bank account, such as a checking or savings account, because it is considered a safe and secure way to store money, particularly as the Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor against an institution's failure. In addition, consumers gain access to payment services through checking accounts, such as the ability to make electronic payments online, direct deposit, and paper checks. Frequently, a checking account includes access to a debit card, which increases a consumer's ability to make payment transactions through the account. For most consumers, a bank account is less expensive than alternative ways to access these types of services. Opening a bank account is relatively easy for most people. Consumers undergo an account verification process, and they sometimes provide a small initial opening deposit of money into the account. Many consumers open their first bank accounts when they get their first jobs or start post-secondary education. Checking and savings accounts are often the first relationships that a consumer has with a financial institution, which can later progress into other types of financial products and services, such as loan products or financial investments. However, many U.S. households--often those with low incomes, lack of credit histories, or credit histories marked with missed debt payments--do not use banking services."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-08-27
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COVID-19: Consumer Loan Forbearance and Other Relief Options [Updated October 23, 2020]
From the Document: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. The economic impact has been large due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans have lost income and faced financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Perkins, David W. . . .
2020-10-23
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COVID-19: Household Debt During the Pandemic [October 22, 2020]
From the Introduction: "This report explores household debt since the COVID-19 [coronavirus disease 2019] pandemic began. First, it describes the effects the pandemic has had on unemployment and income losses, followed by a discussion of observed trends in household debt and delinquencies. Then, the report highlights two important policy impacts that influenced these trends: consumer loan forbearance and macroeconomic policy to support households during the economic recession. Lastly, the report discusses the uncertain outlook for household finances and consumer debt markets."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Weinstock, Lida R.; Mullins, Maura
2020-10-22
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Debt Collection Market and Selected Policy Issues [Updated October 15, 2020]
From the Summary: "When a consumer defaults on a debt, a third-party debt collector often collects the debt obligation rather than the lender to whom the debt is originally owed. The debt collection market helps lenders recoup their losses when a consumer defaults, generally making consumer credit and other related markets more efficient. When lenders can effectively recoup their losses, they may be more willing to lend to consumers at lower initial loan costs, leading to more access to credit for consumers. The U.S. debt collection market is large, and the debt collection process impacts many American consumers. As of 2019, there are over 7,000 collection agencies in the United States, and the industry's annual revenue is about $12.7 billion. According to a Consumer Financial Protection Bureau (CFPB) survey, approximately one-third of consumers with a credit bureau file reported being contacted by at least one creditor or debt collector trying to collect on one or more debts in the previous year."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2020-10-15
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CFPB Finalizes Two New Debt Collection Regulations [February 3, 2021]
From the Document: "The Consumer Financial Protection Bureau (CFPB) recently finalized two new regulations to implement the Fair Debt Collection Practices Act (FDCPA; 15 U.S.C. §§1692-1692f), which seeks to 'eliminate abusive debt collection practices by debt collectors.' On November 30, 2020, the CFPB issued a final rule on how debt collectors may communicate with consumers. On January 19, 2020, the CFPB published a second rule clarifying what information debt collectors must disclose to consumers. This Insight provides an overview of the debt collection market and its regulation and analyzes major parts of the CFPB's two new rules."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2021-02-03
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Potential Impacts of the COVID-19 Pandemic on the Income Security of Older Americans [November 24, 2020]
From the Introduction: "The Coronavirus Disease 2019 (COVID-19) pandemic has affected many aspects of the U.S. economy. The National Bureau of Economic Research determined that the United States entered a recession in February 2020. The pandemic and related recession are likely to affect income sources, assets, and spending for Americans aged 55 and older, including both older workers approaching retirement and current retirees. [...] This report discusses how the pandemic may affect the income, assets, and non-health-care spending among older workers approaching retirement and current retirees. It also explains potential concerns about the income security of older Americans during and after the pandemic and discusses related issues for Congress to consider, including how legislation might help to improve income security among older workers and current retirees during and after the pandemic."
Library of Congress. Congressional Research Service
Li, Zhe; Cooper, Cheryl R.; Davies, Paul S., 1970- . . .
2020-11-24
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HEROS Act, Division K--COVID-19 Housing, Economic Relief, and Oversight Act [June 29, 2020]
From the Document: "Many economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic intensified in April and May 2020, including historically high levels of unemployment and related housing affordability issues, consumption and spending reductions, and state and local government financial strains. In an attempt to mitigate a range of issues stemming from COVID-19, the House of Representatives on May 15, 2020, passed the HEROES [Health and Economic Recovery Omnibus Emergency Solutions] Act (H.R. 6800), by a vote of 208 to 199. This wide-ranging bill, consisting of Divisions A through T, would provide a new round of economic stimulus checks to individuals and tax credits to certain COVID-19-affected businesses and employees; extend certain federal unemployment benefits; grant some student loan forgiveness; provide rental and mortgage assistance; provide certain health care equipment; and offer economic assistance to state and local governments, among other provisions. [...] This report provides an overview of the HEROES Act's Division K--the COVID-19 Housing, Economic Relief, and Oversight Act--which includes provisions for housing assistance, student loan forgiveness, the provision of medical equipment, credit reporting and debt collection, greater funding for Community Development Financial Institutions, and increased oversight of COVID19-related government loans to businesses, among other measures."
Library of Congress. Congressional Research Service
Miller, Rena S.; Lowry, Sean; Cecire, Michael H. . . .
2020-06-29
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U.S. Payment System Policy Issues: Faster Payments and Innovation [September 23, 2019]
From the Document: "This report examines technological innovation in payment systems generally and particular policy issues as a result of retail (i.e., point of sale) payment innovation. The report also discusses wholesale payment, clearing, and settlement systems that send payment messages between banks and transfer funds, including the 'real-time payments' service being introduced by the Federal Reserve. This report includes an Appendix that describes interbank payment, clearing, and settlement systems related to U.S. payments."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Perkins, David W.; Labonte, Marc
2019-09-23
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Financial Inclusion and Credit Access Policy Issues [Updated October 24, 2019]
From the Document: "This report provides an overview on financial inclusion. It then focuses on three areas: (1) access to bank and other payment accounts; (2) inclusion in the credit reporting system; and (3) access to affordable short-term credit. These areas are generally considered foundational for households to successfully manage their financial affairs and graduate to wealth building activities in the future. Wealth building activities--such as access to homeownership, education, and other financial investments--are outside the scope of this report."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2019-10-24
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