New York Ups Regulation of FinTech, Disputes Need for Federal Charters
A recent budget proposal by New York Governor Andrew Cuomo includes increased funding to help the NY Dept. of Financial Services (NYDFS) expand licensing requirements to FinTech lenders. FinTech lending companies were previously exempt from state usury licenses. The...
OCC Releases Draft Licensing Manual for FinTech Charters
The OCC recently published its draft licensing manual for FinTech companies interested in limited-purpose national bank charters. Although not participating in all banking activities, OCC chartered FinTech companies would still need to comply with all federal banking...
New Bill in Senate Could Establish CFPB Inspector General
Senator Rob Portman (R- OH) introduced new legislation on March 15th intended to improve transparency and accountability at the Consumer Financial Protection Bureau (CFPB) by establishing an Inspector General at the independent federal agency. The new CFPB Inspector...
NAFSA Highlights Tribal Sovereignty, Online Lending as Presenting Sponsor of National RES
NAFSA Brings Indian Country’s Online Lenders to Major Economic Development Event LAS VEGAS – Native American Financial Services Association (NAFSA) hosted its first Financial Services Expo on March 14th and 15th, 2017 with tribal and industry leaders, legal...
Update on the Constitutionality of the CFPB: PHH v. CFPB
The constitutionality of the structure of the Consumer Financial Protection Bureau’s (CFPB) authority continues to be debated in Congress and federal courts. Back in October 2016, the federal circuit court in Washington, D.C. found that the single director management...
NAFSA’s Week on the Hill
Last week, I spent several days on Capitol Hill to meet with lawmakers and staff on key committees. While there, I discussed the growing financial services industry and why federal law and regulation is holding it back. I met with members of the House Financial...
CFPB Looks to Clean Up Credit Reporting
The Consumer Financial Protection Bureau (CFPB) announced last week that it intends to improve all areas of the credit reporting process. Since its inception in 2010, the CFPB has received nearly 200,000 complaints related to credit reporting. The agency noted its...
House Moves to Shift Control of CFPB, NCUA to President Trump
House Resolution 1009 passed the U.S. House of Representatives on Friday, March 3rd, by a vote of 241-184 to require the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA) to submit all rules to the Office of Management of...
