Agencies Issue Guidance on Lending to Individuals Not Legally Authorized

to Work in the United States

(July 13, 2026) ― The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) today issued guidance(Opens new window) to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers who are not legally authorized to work in the United States.

As the guidance discusses, lending to individuals who are not legally authorized to work in the United States may present elevated credit risk because a borrower’s ability to generate income, maintain employment, and remain financially stable may be subject to greater uncertainty. Among other things, the guidance advises financial institutions to identify, measure, monitor, and control these risks through safe and sound underwriting practices that assess a borrower’s willingness and capacity to repay according to the terms of the credit obligation.

Today’s guidance also advises financial institutions to carefully consider the June 8, 2026 “Statement on Ability To Repay and Immigration Status,” issued by the Consumer Financial Protection Bureau, reminding creditors of their obligations under the Truth in Lending Act as implemented by Regulation Z, and the Equal Credit Opportunity Act, as implemented by Regulation B, as they relate to non-work authorized borrowers.

Read more at National Credit Union Administration (NCUA)

Faster Payments Need a Decision Layer, Not Just

Faster Rails by Dave Barber

Real-time payment infrastructure has moved from early adoption to operational reality. Networks such as FedNow and RTP continue to expand participation, transaction volume and use cases across consumer, commercial and treasury environments. As adoption scales, the ability to evaluate risk before funds move is emerging as a key differentiator among financial institutions and fintech providers.

As settlement speeds increase, the tolerance for error declines. Transactions that once allowed time for review or reversal are now completed in seconds. In this environment, issues such as fraud, misdirected funds and insufficient balances are no longer operational exceptions to resolve after the fact, but immediate financial outcomes.

Risk Controls Have Not Kept Pace

Many organizations have prioritized access to faster payment rails without fully modernizing the processes used to evaluate transactions prior to initiation. As a result, risk controls often remain reactive and dependent on post-event monitoring, manual review or static validation checks.

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The 10 best state economies in America in 2026

Key Points

• While the odds of a U.S recession have fallen sharply in the last year, companies are still looking to set up shop in states with solid economies.
• With states loudly touting their own economic strength, Economy is one of the most important categories in CNBC’s annual competitiveness study, America’s Top States for Business.
• Several states stand out for their economic strength this year, based on factors including job growth, strong housing markets and healthy budgets with relatively lows levels of public debt.

Maybe the U.S. economy has dodged a bullet.

A little over a year ago around this time, more than half the economists responding to the CNBC Fed Survey predicted a recession within the next year. They were wrong, but that is not to say that the economy does not still face risks. Those risks include inflation, geopolitical tensions, and markets that many cautious investors believe are priced to perfection.

Read more at CNBC

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Merchants blast credit union rule

Retail and restaurant groups say federal credit union regulators imposed an “unlawful” rule preempting an Illinois law that curbs payment card fees.

Retailers, restaurants and other merchants urged the National Credit Union Administration this week to withdraw its new rule preempting an Illinois law that curbs card interchange fees.

The NCUA’s “interim final rule” for credit unions took effect June 30 as the agency said it had “good cause” within its authority to skip a normal notice and comment period. Comments were due Thursday, which was 30 days after the agency issued the rule on June 9.

Read more at PaymentsDive

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The best states to live in for 2026: No. 1 has a six-year winning streak

Key Points

• Return to office mandates and a decline in remote work have companies looking more closely at the quality of life in the place where they establish offices.
• That is because workers in many fields remain in short supply, which means companies need to do all they can to attract talent.
• States are also emphasizing their quality of life in marketing approaches to lure companies, which is why CNBC is giving more weight to the Quality of Life category in the 2026 America’s Top States for Business study.

One of the many signs that the Covid pandemic is slipping further into the past is that companies are paying closer attention to the quality of life in locations where they are considering setting up shop.

Read more at CNBC

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House and Senate committees next week will hold hearings on the

“The Semi-Annual Report of the Bureau of Consumer Financial Protection.”

The hearings will mark the first time that Trump Administration CFPB officials will testify before Congress.

The House Financial Services Committee hearing will be held at 10 a.m. on July 15, while the Senate Banking, Housing and Urban Affairs hearing will be held at 10 a.m. on July 16.

The Senate and House hearings list Acting CFPB Acting Director Russell Vought as the lone witness.

President Trump has nominated Brian Johnson to be the next CFPB director to replace Acting Director Vought. However, Johnson has not yet been confirmed by the Senate, so he will not testify at the hearings.

Read more at Ballard CFS Group

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How Chase Is Evolving Its Consumer Products from ‘What Can I Do Now?’ to ‘What Should I Do Next?’

Bank digital product design has changed drastically with the growing adoption of GenAI, especially when it comes to defining customer segmentation.

“In the past, we thought about distinct segments and we tried to build our tools in what I call a ‘peanut butter way’,” says Christina Claudio, managing director and head of product for connected banking at JPMorgan Chase. “We tried to spread that peanut butter across everyone, making everyone happy.”

Useful consumer finance tools did emerge, Claudio says, yet segmentation keeps evolving. The industry has been talking about “hyper-personalization” for some time, she admits, but GenAI and related tools can now actually make that possible and practical by enabling more intuitive and proactive experiences.

Read more at The Financial Brand

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FACT OF THE MATTER



33.7% The share of states' tax revenue stemming from levies on personal income in fiscal year 2025.

32.6 million The estimated number of older-adult U.S. households with low incomes by 2040—up from 22.8 million in 2020.

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How Buy Now, Pay Later Lenders are Racing to Put “A Loan in Every Cart”

BNPL lenders are taking advantage of Americans’ financial desperation. It’s time for a BNPL Borrower Bill of Rights.

Imagine a loan product where half the borrowers have missed a payment in the last year, two-thirds have subprime credit, the bill comes due every two to four weeks, and the penalty fees for falling behind can rival a 200 percent APR. Does it sound a bit like a payday loan? Now imagine that the same product appears everywhere you shop—nearly every online storefront, most major grocery stores, the wallet app on your phone—and that somewhere around half of adult Americans have used it.

But it’s not a payday loan. It is a product marketed as Buy Now, Pay Later (BNPL).

Read more at ProtectBorrowers.Org

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Auto-IRAs Help Workers Build A More Secure Future

State-facilitated programs have given millions of employees access to retirement savings plans for the first time.

Michelle Gregoire was a server at Purple Toad Social Tap and Grill outside of Colorado Springs in 2023 when the state began facilitating a retirement savings program. Until then, Purple Toad had not offered a retirement plan. Once the plan, called Secure Savings, became available, Gregoire said she began depositing a portion of her paycheck into the Colorado Secure Savings’ individual retirement account, or IRA.

“I started with a small amount and increase [contributions] when I can,” Gregoire said. “It was easy to do, and I can see the rewards of it as savings grow with time.”

Read more at The Pew Charitable Trusts