Early on Friday, February 24th, President Trump issued an executive order instructing federal agencies to create task forces to review regulations and recommend changes to modify or eliminate rules he believes are “crushing our economy.” The executive order continues...
On February 24th, Rep. Jeb. Hensarling (R- TX) spoke with NPR about his ongoing battle with the Consumer Financial Protection Bureau (CFPB). He argued that bank consumers must be protected not only from Wall Street, but also Washington’s over regulation. Rep....
According to a study conducted last year and recently released by Princeton Survey Research Associates International, only 33% of young American adults between the ages of 18 and 29 possess a credit card. Reasons for not owning a credit card included previous personal...
Late last month the U.S. Department of the Treasury’s Office of the Comptroller of the Currency (OCC) issued a bulletin updating risk management procedures for financial institutions working with 3rd parties by adding marketplace lenders. “Marketplace lender” is...
*Source: The Pulse of Fintech, Q3 2016, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) November 16th, 2016. A recent quarterly report by international auditing firm KPMG signals a positive trend in venture...
The CFPB is currently requesting feedback on the potential and risks of using alternative data sources to determine credit scores for financial products. Alternative data sources include rent payments, utility and cell phone bills and other non-traditional credit...
NAFSA leads tribal online lending and financial services from the front. Our members offer innovative, sustainable products and services to the millions of credit invisible and underbanked Americans. The products and services anchor NAFSA’s mission and vision to...
Recent polls suggest that the Trump Administration’s distaste for the CFPB may not be shared by his constituents. A December study released by GloverParkGroup (GPG) regarding regulatory intervention showed only 19% of Trump voters believed Wall Street is...
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...
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...
