CFPB Says It Won’t Enforce Payday Rule
CFPB Says It Won’t Enforce Payday Rule Last Friday, two days before it was set to go into effect, the Consumer Financial Protection Bureau (CFPB) said that it would not prioritize enforcement or supervision actions with regard to any penalties or fines under the...
Senate Passes Resolution Repealing CFPB Overdraft Rule; House Action Awaits
Senate Passes Resolution Repealing CFPB Overdraft Rule; House Action Awaits Last week, the U.S. Senate voted to repeal the final rule from the Consumer Financial Protection Bureau (CFPB) to cap rate fees. The Senate passed Banking Committee Chairman Tim Scott’s...
OCC Announces It Will Remove “Reputation Risk” from Bank Examination Manual
OCC Announces It Will Remove “Reputation Risk” from Bank Examination Manual The Office of the Comptroller of the Currency (OCC) recently announced that it will remove the term “reputation risk” from its examination manual. The examination teams will not...
Trump Picks Michelle Bowman as Federal Reserve Vice Chair for Supervision
Trump Picks Michelle Bowman as Federal Reserve Vice Chair for Supervision Last week, as many watchers had anticipated, President Trump announced the nomination of Federal Reserve Governor Michelle Bowman as the agency’s Vice Chair for supervision. “Miki has been...
New York Moves to Strengthen Consumer Protection Laws
New York Moves to Strengthen Consumer Protection Laws Letitia James, New York State Attorney General, recently announced a new bill to protect the state’s consumers and small businesses from deceptive practices and scams from lenders, health care firms, and debt...
Senate Banking Chairman Tim Scott Introduces “Debanking” Bill
Senate Banking Chairman Tim Scott Introduces “Debanking” Bill Earlier this month, Senator Tim Scott (R-S.C.), Chairman of the Senate Banking Committee, introduced the Financial Integrity and Regulation Management (FIRM) Act, legislation to curb “debanking”...
Survey Finds Gen Z Using BNPL More than Credit Cards
Survey Finds Gen Z Using BNPL More than Credit Cards A recent J.D. Power survey found that Gen Z consumers are more likely to use Buy Now, Pay Later (BNPL) products than traditional credit cards, which marks the first time this finding has appeared in poll results....
Senate Banking Committee Holds Confirmation Hearing for CFPB Director Nominee
Senate Banking Committee Holds Confirmation Hearing for CFPB Director Nominee Last week, President Donald Trump’s nominee to lead the Consumer Financial Protection Bureau (CFPB), Jonathan McKernan, appeared before the Senate Banking Committee for his confirmation...
