UPDATE: Tug-o-War The Unpredictable Fate of the CFPB
UPDATE: On February 16th, the D.C. Circuit court announced that it would rehear the PHH case en banc. Its previous ruling is now vacated, including the Court’s holding that the structure of the CFPB is unconstitutional. The constitutionality question is expected to be...
Hensarling , the CHOICE Act and CFPB UDAAP Authority
On February 6th, the Chairman of the House Financial Services Committee, Rep. Jeb Hensarling (R- TX), shared a memorandum to his leadership team outlining his vision on restructuring the Dodd-Frank Act, including subjecting the Consumer Financial Protection Bureau...
FinTech 101
You may have heard the word “FinTech,” but what exactly does it mean? FinTech stands for “financial technologies” and represents new financial methods of services such as smart phone money transfers, online small business loans, bitcoin and blockchain based public...
NAFSA Says “No” to the Google Ban
In July 2016 Google announced a policy change around payday loans and banned ads for financial solutions and various kinds of online loans. While this total ban may weed out some predatory payday loans or those with extremely high APRs, NAFSA believes that this ban...
Filling the Gap: NAFSA Helping to Create the Next Generation of Tribal Business Leaders
In less than a decade, tribal online lending has become a multi-billion dollar business. Its success rivals the first few years of Indian gaming following the 1988 passage of the Indian Gaming Regulatory Act, when tribal gaming revenues rose from a few hundred million...
Thomas Paul to be named new acting director of the Federal Trade Commission’s Bureau of Consumer Protection
On February 8, acting FTC Chairman Maureen Ohlhausen named Tom Pahl as Acting Director, of the Federal Trade Commission’s Bureau Of Consumer Protection, replacing Jessica Rich who served in that capacity since 2013. Pahl was a partner at DC law firm Arnold...
Mnuchin inches closer to confirmation as next U.S. Sec. of the Treasury
The Senate voted this morning to end a filibuster and advance the nomination of Steven Mnuchin as the Secretary of the U.S. Dept. of the Treasury. Mnuchin, a former Goldman Sachs banker and CEO of OneWest Bank, will now be subject to up to 30 hours of debate in the...
House GOP Memo Lays Out Sweeping Changes to Dodd-Frank Act, CFPB
A memo is circulating throughout the House this week authored by Rep. Jeb Hensarling (R-TX), summarizing legislation he plans to introduce possibly as early as this month to scale back regulation under the Dodd-Frank Act. Two key changes referenced in his memo are the...
