U.S. Dept. of Justice Supports Restructuring of CFPB in Brief to Federal Court
On March 17th, the U.S. Department of Justice filed an amicus brief with the U.S. Circuit Court in Washington, D.C. regarding the continued dispute over the constitutionality of the Consumer Financial Protection Bureau’s single independent director structure in PHH v....
New York Ups Regulation of FinTech, Disputes Need for Federal Charters
A recent budget proposal by New York Governor Andrew Cuomo includes increased funding to help the NY Dept. of Financial Services (NYDFS) expand licensing requirements to FinTech lenders. FinTech lending companies were previously exempt from state usury licenses. The...
OCC Releases Draft Licensing Manual for FinTech Charters
The OCC recently published its draft licensing manual for FinTech companies interested in limited-purpose national bank charters. Although not participating in all banking activities, OCC chartered FinTech companies would still need to comply with all federal banking...
New Bill in Senate Could Establish CFPB Inspector General
Senator Rob Portman (R- OH) introduced new legislation on March 15th intended to improve transparency and accountability at the Consumer Financial Protection Bureau (CFPB) by establishing an Inspector General at the independent federal agency. The new CFPB Inspector...
