last month and beginning in January, Bank of America will offer loans of $100–$500 that carry a flat $5 fee and must be repaid in equal installments over 90 days. The loans will be available to customers who have had a checking account with the bank for at least a year. Balance Assist follows a regulatory from May that major banks provide responsible small-dollar loans in response to the pandemic, as an alternative to often predatory payday lenders.
BofA's no-action letter is an example of the benefits banks can reap by stepping up to the requests put forth by financial regulators. We have maintained since the of the coronavirus pandemic that by impressing regulatory bodies with their relief offerings, banks could minimize scrutiny from those regulators.
That hypothesis is borne out in BofA's no-action letter, as the bank will be able to operate its small-dollar loan offering without having to worry about a CFPB crackdown. And because BofA is the first major bank to receive approval for this kind of program, it may win additional favor among regulators for ramping up so quickly.
The good news from the CFPB comes on the heels of improvements BofA is making to its Erica virtual assistant. The bank is revamping internal systems and developing APIs that will facilitate a seamless hand-off between Erica and live chat operated by human customer service agents, Bank Innovation These improvements could smooth the transition from virtual to human assistance for customers whose requests can't be fulfilled by Erica alone—likely reducing frustration among users.
wow
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Bank of America: $750 pandemic bonus to staff earning $100K or less - Business InsiderBank of America is paying a one-off $750 pandemic bonus to some staff earning less than $100,000. Those earning more get a stock award instead.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Stock picks to buy, 26 cheap small-cap ideas for 2021: Bank of America - Business InsiderBANK OF AMERICA: Buy these 26 cheap and fundamentally rock-solid stocks before the economic rebound sends them soaring in 2021 nice
Source: BusinessInsider - 🏆 729. / 51 Read more »
Bank of America year-to-date spending volume in 2020 outpaces 2019 despite pandemic - Business InsiderBofA anticipated major pandemic losses, but shifting consumer spending habits and stimulus payments helped it avoid substantial losses
Source: BusinessInsider - 🏆 729. / 51 Read more »
Income investing strategy for rising interest rates: Bank of America - Business InsiderBank of America says investors might start selling stocks and buying bonds sooner than expected. Here's when it could happen, and what to own for maximum income if yields keep rising. Fundraising for support Afghan people for humanitarian effort to raise charity fund for the poor families in Afghanistan affected by covid19,poverty, hunger.war please donate small amount for humanity. Ppl in Afghanistan selling their kidneys due to poverty in covid19 situation. lol
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: CNBC - 🏆 12. / 72 Read more »