Fintech Online Lenders Respond to Rising Defaults by Tightening Underwriting Standards
← Previous Article Next Article → Several years of positive growth have been good for investors in fintech lending companies like Social Finance (SoFi), LendingClub, Prosper, and Avant. But after a wave of defaults across these platforms, investors have...
NCUA Proposes Changing Lending Rule to Allow Federal Credit Unions to Offer Payday Alternative Loans
← Previous Article Next Article → In a proposed rule issued last week by the National Credit Union Administration (NCUA) Board, federal credit union members could have more options for short-term, small-dollar borrowing. This comes on the heels of a bulletin...
Mulvaney Says CFPB is Developing “Sandbox” for Fintech Startups to Test Innovative Products with Looser Regulatory Burdens
← Previous Article Next Article → In a speech this week to Women in Housing and Finance, a non-partisan, nonprofit forum for business and policy experts to share their views and insights, Acting CFPB Director Mick Mulvaney announced that the consumer...
Biggest Change to Bank Rules Since Dodd-Frank Becomes Law
← Previous Article Next Article → Last week, the House passed a bill to weaken the Dodd-Frank banking regulations adopted in 2010, largely in response to the 2008 financial crisis. Two days later, President Trump signed the rollback into law. After the... OCC Says Banks Can Offer Short-Term Loans
← Previous Article Next Article → Yesterday, in a bulletin titled “Core Lending Principles for Short-Term, Small-Dollar Installment Lending,” the Office of the Comptroller of the Currency (OCC) announced a new policy on short-term, small-dollar loans, which...
Supreme Court Vacates and Remands Washington Supreme Court Decision in Upper Skagit Indian Tribe v. Lundgren, Marking a Victory for Sovereign Immunity
← Previous Article Next Article → On Monday, the United States Supreme Court ruled 7-2 with tribal interests in the Upper Skagit Indian Tribe v. Lundgren case, giving the Tribe a procedural victory by vacating and remanding the Supreme Court of Washington’s...
FDIC Quarterly Banking Profile: Banking Industry Sees Net Income Rise More Than 27 Percent Post Tax Law
← Previous Article Next Article → At the start of 2018, bank earnings are up 27.5 percent over the previous year, rising to $56 billion. The massive quarterly haul was driven in large part by higher operating revenue and a corporate tax rate that was lowered...
NAFCU Sends Letter to CFPB Suggesting Changes to Enforcement Process
← Previous Article Next Article → This week, Ann Kossachev, on behalf of the National Association of Federally-Insured Credit Unions, sent a letter to the Consumer Financial Protection Bureau outlining suggested changes to the Bureau’s enforcement processes....
