Jun 8, 2022 | Federal Regulation, FinTech, News
CFPB Opens Office of Competition and Innovation to Promote Competition in Financial Services The Consumer Financial Protection Bureau (CFPB) recently announced that it would be opening a new office “to help spur innovation in financial services by promoting...
Jun 6, 2022 | Federal Regulation, News
House Subcommittee Investigating Credit Companies on Credit Report Errors During Pandemic Democratic members of the House Select Subcommittee on the Coronavirus Crisis recently informed Equifax, Inc., Experian PLC, and TransUnion that they would be probing the...
Jun 3, 2022 | Congressional Legislation, News
Louisiana Governor Vetoes Installment Lending Bill After passing Louisiana’s House of Representatives on May 10 and State Senate on May 16, Louisiana Governor John Bel Edwards has vetoed SB381, the Louisiana Credit Access Loan Act. The legislation would have allowed...
Jun 1, 2022 | Federal Regulation, News
CFPB Interpretive Rule Empowers State Enforcement In May, the Consumer Financial Protection Bureau (CFPB) issued a new interpretive rule that empowers states’ consumer protection enforcement bodies to enforce the Consumer Financial Protection Act. The Bureau also said...
May 30, 2022 | Financial Literacy, News
Federal Reserve’s Latest Economic Well-Being of U.S. Households Report Finds Roughly 1/3 of Americans Could Not Cover $400 Emergency Expense Out of Pocket In its Economic Well-Being of U.S. Households in 2021 report, issued last week, the Federal Reserve found that...
May 27, 2022 | Congressional Legislation, Federal Regulation, News
Senators Author Bipartisan Plan to Create Oversight Body For Emerging Financial Technologies Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are set to release draft legislation on digital assets, which will be open for a month-long public comment...
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...
