Subprime Auto Loans Driving Debt Rise, Face Regulatory Scorn
According to the New York Fed, household debt reached $13 trillion in the 3rd quarter of 2017. Home mortgages remain the bulk of that balance at $8.7 trillion, but a surprise industry caught the attention of the Fed- car loans. At the end of September, auto loans rose...
CFPB Responds to Tribal Lenders’ Petition to Supreme Court
The Consumer Financial Protection Bureau (CFPB) filed its response on November 6th to a petition by two tribal lending entities (TLEs) to have the U.S. Supreme Court hear a case on the power of the federal consumer watchdog to issue civil investigative demands (CIDs)...
Household Wealth At or Below Zero for 1 in 5 Americans
New findings by the Institute for Policy Studies detail the growing wealth gap in the United States and the struggles many Americans face building wealth in the modern economy. The report noted that the three wealthiest people in America, Bill Gates, Jeff Bezos, and...
Continuity Expected as CFPB Names New Enforcement Head
Beginning November 17th, long-time Deputy Enforcement Director for Strategy and Policy Kristen Donoghue will assume a promotion to the Assistant Director of Enforcement for the Consumer Financial Protection Bureau (CFPB). Donoghue has worked in the agency’s...
Growing Wealth Divide Driving Need for Alternative Financial Services
The Federal Reserve recently published findings from its Survey of Consumer Finances, a review of household finances and wealth conducted every 3 years. While the survey generally shows wealth nearing pre-recession levels, it does highlight a growing wealth gap...
CFPB Director Absolved of Possible Hatch Act Violations
In a recent letter, the United States Office of Special Counsel (OSC) found that Consumer Financial Protection Bureau (CFPB) Director Richard Cordray did not violate the Hatch Act, a federal law that prohibits federal employees from engaging in certain political...
NAFSA Co-Sponsors Hill Reception, Furthers Tribal Lending Advocacy at NACA Conference
NAFSA COO & General Counsel Joe Sarcinella is representing the organization this week at the Native American Contractors Association’s (NACA) Federal Contracting Policy and Advocacy Conference in Washington, D.C. Although NACA is generally focused on boosting...
NAFSA Submits Amicus Brief in Key Tribal Lending Case Now in Federal Court
NAFSA supports tribal lender’s motion to dismiss in Golden Valley Lending, et. Al. v. CFPB On October 31, The Native American Financial Services Association (NAFSA) submitted an Amicus Curiae brief to the U.S. District Court for the District of Kansas in...
