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...
En Banc D.C. Circuit Hears Arguments On Constitutionality of CFPB

En Banc D.C. Circuit Hears Arguments On Constitutionality of CFPB

On May 24th, an en banc collection of eleven circuit court judges from the U.S. Court of Appeals of the District of Columbia heard oral arguments on the constitutionality of the structure of the Consumer Financial Protection Bureau (CFPB) in PHH v. CFPB. The en banc...
What Trump’s Budget Means for Indian Country

What Trump’s Budget Means for Indian Country

On May 23rd, President Trump released his proposed federal budget for fiscal year 2018. The Bureau of Indian Affairs (BIA) budget is projected to be reduced by more than $300 million from the FY 2017 budget. This is the equivalent of 241 full time employees. The BIA...
What Trump’s Budget Means for Tribal Lenders

What Trump’s Budget Means for Tribal Lenders

President Trump released his budget proposal for fiscal year 2018 on May 23rd, and it includes some significant funding reductions to the Consumer Financial Protection Bureau’s (CFPB) budget for next year in the amount of $145 million. This budget cut is part of a...
Tribal Lending and the Return of Positive Migration

Tribal Lending and the Return of Positive Migration

Migration is not a new concept to Native Americans. Whether it was voluntarily following the bison herds across the Great Plains or forced removal across the Mississippi River by the federal government, tribal communities have both persevered and felt the detrimental...
CSBS Announces FinTech Charter Alternative

CSBS Announces FinTech Charter Alternative

The Conference of State Bank Supervisors (CSBS) announced recently a new plan for the regulation of FinTech and non-bank financial institutions dubbed Vision 2020. The initiative seeks to standardize state regulatory systems and develop a data sharing accord that...
Federal Reserve Blasts CFPB Data Security in Report

Federal Reserve Blasts CFPB Data Security in Report

A report published this week by the Office of the Inspector General (OIG) of the Federal Reserve detailed chronic problems at the Consumer Financial Protection Bureau (CFPB) and the agency’s poor protection of sensitive information used in enforcement investigations....
Mnuchin Talks Dodd-Frank Reform at Senate Hearing

Mnuchin Talks Dodd-Frank Reform at Senate Hearing

Secretary of the Treasury Steven Mnuchin spoke with Senate Banking Committee members on May 18th about tax cuts and Dodd-Frank reform. The hearing was part of a “Domestic and International Policy Update.” Secretary Mnuchin is expected to release a report soon that...
The Mortgage Crisis and the Era of Dodd-Frank

The Mortgage Crisis and the Era of Dodd-Frank

Americans purchased 5.5 million homes in 2016, the highest number in ten years, but still millions below pre-recession levels. The year of 2008 was a modern low point for homeowners after a housing bubble and subprime mortgage crisis caused household net worth to...
Fourth Circuit Issues Its Opinion in Dillon v. BMO Harris Bank

Fourth Circuit Issues Its Opinion in Dillon v. BMO Harris Bank

On May 10, 2017, the Fourth Circuit Court of Appeals issued its opinion in Dillon v. BMO Harris Bank, Case No. 16-1362, which held a tribal choice of law provision and arbitration clause in a lending contract were unenforceable because portions of the contract...

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