Apr 2, 2021 | Congressional Legislation, Federal Regulation, News
Congressional Democrats Introduce Resolution Undoing OCC’s True Lender Rule Last week, U.S. Senators Chris Van Hollen (D-Md.), Sherrod Brown (D-Ohio), and Representative Chuy Garcia (D-Ill.) introduced a resolution aimed at undoing the Office of the Comptroller of the...
Mar 31, 2021 | Federal Regulation, News
CFPB Issues 2020 Annual Complaint Report Last week, the Consumer Financial Protection Bureau (CFPB) issued its Consumer Response Annual Report for 2020 to provide insight on issues consumers reported to the Bureau throughout the year. The Bureau saw the pandemic’s...
Mar 29, 2021 | Banks & Credit Unions, News
Illinois Caps Consumer Loan APRs at 36 Percent Last week, Illinois Governor J.B. Pritzker signed a bill capping annual interest rates on all consumer loans at 36 percent. The Governor’s office said that auto title loans in the state currently carry an average annual...
Mar 26, 2021 | Banks & Credit Unions, News
Fintech Study Predicts Bank Branches Will Be Extinct By 2034 A recent study by fintech company Self Financial (Self) predicted that bank branches could be extinct by 2034 if the current footprint reduction trends persist. The study measures branch numbers between 2000...
Mar 24, 2021 | Congressional Legislation, News
New Poll Finds Direct Payments Are Most Popular Part of COVID Relief Package A recent Morning Consult/Politico poll shows that stimulus checks had the highest level of support from the $1.9 billion COVID relief bill that President Biden signed into law earlier this...
Mar 19, 2021 | Congressional Legislation, News
House Financial Services Committee Ranking Member Introduces Protecting Consumer Access to Credit Act Earlier this month, Representative Patrick McHenry (R-N.C.), who serves as Ranking Member of the House Financial Services Committee (HFSC), once again introduced the...
Mar 17, 2021 | Federal Regulation, News
CFPB Rescinds Policy Statement Regarding Prohibition on Abusive Acts or Practices Last week, the Consumer Financial Protection Bureau (CFPB) rescinded its “Statement of Policy Regarding Prohibition on Abusive Acts or Practices,” originally issued in January 2020. The...
Mar 15, 2021 | Federal Regulation, FinTech, News
New FDIC CIO Sees Fintech as Path to Expand Banking The Federal Deposit Insurance Corp. (FDIC) recently named Sultan Meghji as its first chief innovation officer. Meghji co-founded the fintech company Neocova in 2016, and is now tasked with heading the FDIC’s efforts...
Mar 12, 2021 | Congressional Legislation, News
Senate Indian Affairs Committee Holds Hearing on Native Priorities for 117th Congress Recently, the United States Senate Committee on Indian Affairs held its first hearing of the 117th Congress, titled “A call to action: Native communities’ priorities in focus for the...
