NAFSA NEWS & UPDATES

How Wells Fargo Became a Proxy for the Fight Over the CFPB

How Wells Fargo Became a Proxy for the Fight Over the CFPB

Earlier this week, Senator Elizabeth Warren (D- MA) called for the entire Board of Directors at Wells Fargo to be fired. This is not the first time the Massachusetts senator has demanded a change in leadership at the beleaguered bank. In fact, even when their CEO John...

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Trump Nominates Former HFS Chief Counsel to Run FDIC

Trump Nominates Former HFS Chief Counsel to Run FDIC

President Trump recently nominated James Clinger to serve on the board of the Federal Deposit Insurance Corporation (FDIC) beginning November 29th. The FDIC is an independent federal agency that insures bank deposits and supervises banking institutions. Clinger will...

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UDAAP: CFPB’s Tool to Trample Tribal Sovereignty

UDAAP: CFPB’s Tool to Trample Tribal Sovereignty

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 created the Consumer Financial Protection Bureau (CFPB) and granted the agency broad supervisory, enforcement, and rulemaking authority over financial service providers. Along with almost 20...

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Treasury Issues Report On Financial Regulation Reforms

Treasury Issues Report On Financial Regulation Reforms

At the directive of the President, on June 12th the Department of the Treasury issued a report on revising regulations to create economic opportunities for the banking and finance industry. The report includes a number of proposals on changes that could be made to the...

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House Mulls Contempt Charges for CFPB Director

House Mulls Contempt Charges for CFPB Director

On the heels of passing a bill that would severely curtail the authority of the Consumer Financial Protection Bureau (CFPB), House Financial Services Committee Chairman Representative Jeb Hensarling (R- TX) is considering holding CFPB Director Richard Cordray in...

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Trump Taps Former Banking Exec to Head OCC

Trump Taps Former Banking Exec to Head OCC

President Trump is expected to nominate Joseph Otting, an ally and former employee of Secretary of the Treasury Steve Mnuchin’s OneWest Bank, to manage the Office of the Comptroller of the Currency (OCC). Otting brings an extensive background in commercial banking...

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NAFSA: Chairman LaMalfa “off to a good start”

NAFSA: Chairman LaMalfa “off to a good start”

In a recent article in Indian Country Today, NAFSA executive director Gary Davis offered his thoughts on California Rep. Doug LaMalfa, who is the new chairman of the Subcommittee on Indian, Insular and Alaska Native Affairs on the House Natural Resources Committee....

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Trump Budget Eliminates New CDFI Funding

Trump Budget Eliminates New CDFI Funding

President Trump’s proposed budget for the federal government’s fiscal year 2018 includes the near elimination of the Community Development Financial Institution (CDFI) Fund, reducing the program’s budget from $248 million to $14 million. CDFIs provide a wide range of...

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Full House Vote on CHOICE Act Slated for Week of June 5th

Full House Vote on CHOICE Act Slated for Week of June 5th

The U.S. House of Representatives is expected to take a floor vote of all members on the Financial CHOICE Act the week of June 5th. The bill remains mostly unchanged from the one that passed the House Financial Services Committee last month, although a provision that...

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State of New York Sues OCC Over FinTech Charters

State of New York Sues OCC Over FinTech Charters

On the heels of a challenge by the State Conference of Bank Supervisors (SCBS) last month, the State of New York filed suit against the Office of the Comptroller of the Currency (OCC) earlier this month to halt implementation of the agency’s proposed special purpose...

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