NAFSA NEWS & UPDATES

Lending Abuses Earn Wells Fargo a $1 Billion Fine

Lending Abuses Earn Wells Fargo a $1 Billion Fine

Embattled and fraud-stricken bank Wells Fargo is once again under threat from federal regulators for abuses- this time stemming from adding unwanted insurance policies to auto loans and collecting significant commissions for the practice. In response, two...

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OCC Inching Toward FinTech Charters

OCC Inching Toward FinTech Charters

Comptroller of the Currency Joseph Otting spoke earlier this week on recent developments in his office’s proposal to offer special purpose bank charters to FinTech companies. The Office of the Comptroller of the Currency (OCC) is now estimating that it...

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Bureau Report Summarizes Consumer Complaints for 2017

Bureau Report Summarizes Consumer Complaints for 2017

The Consumer Financial Protection Bureau (CFPB) released its annual report on consumer complaints this week. The report notes that the agency fields more than 24,000 calls each month and handled over 320,000 total complaints last year. Since its inception,...

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Payday Rule Repeal Introduced in Senate

Payday Rule Repeal Introduced in Senate

Senator Lindsey Graham (R- SC) introduced a joint resolution in the Senate to utilize the Congressional Review Act (CRA) to repeal the Consumer Financial Protection Bureau’s (CFPB) rule on “Payday, Vehicle Title, and Certain High-Cost Installment Loans”...

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GAO Reviews State of FinTech Regulation

GAO Reviews State of FinTech Regulation

The Government Accountability Office (GAO), the “Congressional Watchdog” investigating the use of taxpayer money for the Legislative Branch, released a report on FinTech regulation late last week, reviewing the regulatory challenges in the sector from the...

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