Nov 27, 2020 | Federal Regulation, News
OCC Proposes Rule to Ensure Fair Access to Bank Services Earlier this month, the Office of the Comptroller of the Currency (OCC) proposed a rule to ensure national banks, federal branches, and agencies of foreign bank organizations provide fair banking services to...
Nov 25, 2020 | Federal Regulation, News
Former Fed Chair Janet Yellen Chosen to Become Treasury Secretary Under Biden Administration Economist Janet Yellen has been selected by President-elect Joe Biden to become Treasury secretary when the new administration takes office in January. She will be the first...
Nov 23, 2020 | Banks & Credit Unions, News
As Consumers Pay Down Credit Card Debt, Bank Margins Suffer The Financial Times reported earlier this month that bank card loans declined significantly since the onset of the COVID-19 pandemic as consumers in the United States make progress in paying down their credit...
Nov 20, 2020 | Federal Regulation, News
White House Nominates Brooks to Formally Lead OCC The White House recently announced that Brian Brooks has been formally nominated to lead the Office of the Comptroller of the Currency (OCC) for a five-year term. Brooks currently serves the OCC in an acting capacity,...
Nov 18, 2020 | Banks & Credit Unions, Federal Regulation, News
CFPB Grants Bank of America Protection for Small Dollar Loans The Consumer Financial Protection Bureau (CFPB) recently sent Bank of America a “no-action letter” clearing the bank to offer its previously announced small-dollar loan program without the threat of...
Nov 16, 2020 | Federal Regulation, News
Biden Names Former CFPB Deputy Director Leandra English to Lead Bureau’s Review Team During Transition Last week, just days after it was determined that Joe Biden would serve as the 46th President of the United States, the President-Elect named former deputy director...
Nov 13, 2020 | Banks & Credit Unions, Congressional Legislation
Reps. Tlaib and Ocasio-Cortez Introduce Bill to Create National Public Banking System Last month, Representatives Alexandria Ocasio-Cortez (D-N.Y.) and Rashida Tlaib (D-Mich.), both of whom serve on the House Financial Services Committee, introduced legislation...
Nov 11, 2020 | Federal Regulation, News
Joe Biden Elected President, Will Set Financial Policy for Next Four Years After several days of counting votes, Democratic presidential candidate Joe Biden unseated incumbent President Donald Trump and is thus set to become the next president of the United States on...
Nov 9, 2020 | Federal Regulation, News
CFPB Reorganizes to Prioritize Supervision over Enforcement A recent internal memorandum circulated at the Consumer Financial Protection Bureau (CFPB) introduced a major internal reorganization that would remove the Office of Enforcement’s autonomy to open...
Nov 6, 2020 | FinTech, News
UBS Launches $200M Fintech Portfolio Last month, multinational investment bank UBS launched UBS Next, a $200 million investment portfolio targeting investments in the tech sector, with a focus on fintech. The bank will use the $200 million portfolio to look at...
