Omarova Withdraws OCC Nomination
Omarova Withdraws OCC Nomination More than two months after President Biden nominated Cornell University law professor Saule Omarova to lead the Office of the Comptroller of the Currency (OCC), Omarova withdrew her nomination this week after facing resistance from...
Chopra Announces Enhanced Supervisory and Enforcement Scrutiny of Banks Heavily Dependent on Overdraft Fees
Chopra Announces Enhanced Supervisory and Enforcement Scrutiny of Banks Heavily Dependent on Overdraft Fees In an effort to eradicate what he sees as illegal overdraft fee practices, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), recently...
Federal Agencies Approve Cyberattack Rules for US Banking System
Federal Agencies Approve Cyberattack Rules for US Banking System Last month, the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corp. (FDIC) approved a final rule on how information about...
Former CFPB Director Cordray Rumored to be Candidate for Federal Reserve’s Top Bank Regulator
Former CFPB Director Cordray Rumored to be Candidate for Federal Reserve’s Top Bank Regulator Richard Cordray, who served as the Director of the Consumer Financial Protection Bureau (CFPB) from 2013 to 2017, is rumored to be under consideration to be the Biden... Five Senators Oppose Omarova Nomination for OCC
Five Senators Oppose Omarova Nomination for OCC Last week, five Democratic Senators told the White House that they oppose the Biden Administration’s pick to lead the Office of the Comptroller of the Currency (OCC), Saule Omarova. With Republicans widely opposed to the...
Reps. Garcia and Grothman Re-Introduce 36 Percent Rate Cap Bill
Reps. Garcia and Grothman Re-Introduce 36 Percent Rate Cap Bill U.S. Reps. Jesus “Chuy” Garcia (D-Ill.) and Glenn Grothman (R-Wisc.) recently introduced their Veterans and Consumers Fair Credit Act in an effort to extend the 36 percent rate cap established on small... CFPB Sues Pawn Lenders for MLA Violations
CFPB Sues Pawn Lenders for MLA Violations Earlier this month, the Consumer Financial Protection Bureau (CFPB) sued FirstCash, Inc. and Cash America West, Inc., two pawn lenders that the Bureau alleges violated the Military Lending Act (MLA) by charging active-duty...
House Financial Services Committee Passes Six Bills
House Financial Services Committee Passes Six Bills During a markup last week, the House Financial Services Committee (HSFC) passed six bills which the committee says will protect investors, reform credit union governance, and ensure fair employment opportunities for...
