NAFSA NEWS & UPDATES

Opinions Abound on the Future of the CFPB

Opinions Abound on the Future of the CFPB

As many wait anxiously for the en banc D.C. Circuit Court to rule on the constitutionality of the agency, there is no shortage of highly-respected industry leaders, former government officials, current members of Congress, and interest groups weighing in on the...

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Fed Shows Worth as Trump Considers Next Chair

Fed Shows Worth as Trump Considers Next Chair

The Federal Reserve acts as the central bank for the United States, setting American monetary policy, promoting financial stable markets, supervising financial institutions, maintaining the safety and efficiency of American payment systems, and pursuing community...

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CFPB Issues Supervisory Highlights for Summer 2017

CFPB Issues Supervisory Highlights for Summer 2017

The Consumer Financial Protection Bureau (CFPB) recently published a report on its supervisory activity for the period from January 2017 to June 2017. The purpose of CFPB supervision is to determine if an institution is complying with federal laws and impose...

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OCC FinTech Charters Still Not Ready for Deployment

OCC FinTech Charters Still Not Ready for Deployment

Speaking to a conference this week in New York, Acting Comptroller of the Currency Keith Noreika reiterated that his agency’s proposal to issue special purpose bank charters to fintech companies is still in an “exploratory phase.” His comments come at a time when...

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New Poll Shows Voters Split on Limiting CFPB Power

New Poll Shows Voters Split on Limiting CFPB Power

A new survey by Morning Consult and Politico found that Americans are split on limiting the power of the Consumer Financial Protection Bureau (CFPB). 22% of respondents felt limiting the CFPB was the right thing to do, while 23% believed restricting the federal...

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Census Bureau Says Average Income Up, Poverty Levels Down

Census Bureau Says Average Income Up, Poverty Levels Down

The U.S. Census Bureau recently released data related to income, poverty, and health insurance coverage in the United States. The Bureau found that median household incomes are up 3.2% since 2015 to $59,039 and poverty had fallen to a rate of 12.7%. Further, health...

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Judge Orders Transfer of Upper Lake TLE Case to Kansas

Judge Orders Transfer of Upper Lake TLE Case to Kansas

A federal district judge in Illinois granted a motion to transfer venue to Kansas on September 8th in a case pitting the Consumer Financial Protection Bureau (CFPB) against four tribal lending entities (TLEs) owned and operated by the Habematolel Pomo of Upper Lake....

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NAFSA files Amicus Brief with United States Supreme Court

NAFSA files Amicus Brief with United States Supreme Court

On Tuesday September 5, 2017, NAFSA successfully filed with the United States Supreme Court an Amicus Brief in support of the petition for certiorari in case no. 17-184, Great Plains Lending, LLC, and Plain Green, LLC v. Consumer Finance Protection Bureau. Below is...

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Fed Study Concludes FinTech Boosts Financial Inclusion

Fed Study Concludes FinTech Boosts Financial Inclusion

The Federal Reserve Bank of Philadelphia recently found that consumers in underserved credit markets (like areas that have experienced bank closures) benefit from the additional credit supply provided by online lenders. In particular, study data showed that the online...

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BLS Releases Report On Consumer Spending

BLS Releases Report On Consumer Spending

The Bureau of Labor Statistics reported late last week that consumer spending was up 2.4% in 2016 to $57,311, but fell short of the 4.6% increase in 2015. Expenditures rose sharply for rental housing last year, as rental spending once again outpaced mortgage expenses....

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