Jul 23, 2024 | Federal Regulation, FinTech, News
CFPB Says Earned Wage Access Apps are Providing Loans Last week, the Consumer Financial Protection Bureau (CFPB) said that apps that allow workers to access their paychecks early—and usually for a fee—are actually providing loans, thus making them subject to the Truth...
Jul 17, 2024 | Federal Regulation, News
Senate Banking Committee Holds Relatively Smooth Hearing for FDIC Nominee Christy Goldsmith Romero Last week, Christy Goldsmith Romero appeared before the Senate Banking Committee for her confirmation hearing as President Biden’s nominee to take the reins of the...
Jul 9, 2024 | Federal Regulation, Litigation, News
SCOTUS Ends Chevron Deference, Severely Restricting Executive Agency Power In a 6-3 decision along ideological lines, the Supreme Court of the United States (SCOTUS) overruled a longstanding precedent known as the Chevron Deference. The Chevron precedent said that...
Jul 3, 2024 | Federal Regulation, News
CFPB Blog Post Sets March 30, 2025 as Implementation Date for Payday Lending Rule The Consumer Financial Protection Bureau (CFPB) recently announced that its 2017 Payday Lending Rule will go into effect on March 30, 2025. The rule will limit lenders from making more...
Jun 27, 2024 | Federal Regulation, News
CFPB Proposes Banning Medical Bills from Credit Reports Earlier this month, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would remove medical bills from credit reports and prohibit lenders from making lending decisions based on medical...
Jun 20, 2024 | Federal Regulation, News
Biden Nominates Christy Goldsmith Romero to Replace Martin Gruenberg as FDIC Chair Last week, President Biden nominated Christy Goldsmith Romero as the next chair of the Federal Deposit Insurance Corporation (FDIC). Goldsmith Romero, currently a commissioner on the...
