May 25, 2022 | Federal Regulation, News
Fifth Circuit May Invalidate CFPB Funding Structure Since the Dodd Frank Wall Street Reform and Consumer Protection Act, the legislation that established the Consumer Financial Protection Bureau (CFPB), was passed by Congress and signed into law 12 years ago, CFPB’s...
May 23, 2022 | Banks & Credit Unions, FinTech, News
Four California Legislators Push FDIC to Crack Down on Bank-Fintech Partnerships In a letter to the FDIC sent earlier this month, four California legislators asked the federal regulator to crack down on partnerships between banks—which are regulated by the FDIC—and...
May 20, 2022 | Federal Regulation, News
Senate Banking Committee Holds Confirmation Hearing for Fed Nominee Michael Barr On Thursday, the Senate Banking Committee held a confirmation hearing for three of President Biden’s nominees for various positions. In addition to Michael Barr, chosen to be the Federal...
May 18, 2022 | FinTech, News
Two CEOs Say Fed’s Rising Interest Rates Make Lending Below 36% Cap More Difficult During earnings calls last week, the CEOs of two lending platforms said that the Federal Reserve’s rising interest rates may make it more difficult to lend to some borrowers who...
May 16, 2022 | Banks & Credit Unions, Congressional Legislation, News
Bipartisan Group of 24 Senators Urge Congressional Leadership to Move SAFE Act Last week, a bipartisan group of two dozen Senators sent a letter to Congressional leadership asking for the SAFE Act—a cannabis banking reform bill—to be included in the final America...
May 13, 2022 | Banks & Credit Unions, News
$60M Loan Deal Suggests Banks May Be Becoming More Comfortable Lending to Cannabis Businesses AFC Gamma, a publicly traded company that provides lending to the cannabis industry, said that it has struck a deal with Pasadena, California-based East West Bank and an...
May 11, 2022 | Federal Regulation, News
Senate Confirms Cook, Jefferson to Federal Reserve Board of Governors Nearly four months after President Biden nominated Dr. Lisa Cook and Dr. Philip Jefferson to serve on the Board of Governors of the Federal Reserve System, the Senate has voted to confirm his...
May 9, 2022 | FinTech, News
California Governor Gavin Newsom Signs Executive Order to Begin Establishing Regulatory Framework for Blockchain Technology Last Wednesday, California Governor Gavin Newsom signed an executive order that his office said “would foster responsible innovation, bolster...
May 6, 2022 | Banks & Credit Unions, News
Banks and Credit Unions Competing for Lending Talent According to a recent article in American Banker, banks and credit unions across the United States are aggressively looking to attract top lending talent as they see their lending products driving revenue growth...
May 4, 2022 | Congressional Legislation, News
Senate Banking Subcommittee Holds Hearing on Overdraft Fees Today, the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection met for a hearing entitled “Examining Overdraft Fees and Their Effects on Working Families.” The hearing...
