Jul 10, 2020 | Federal Regulation, News
OCC Report Highlights Risks for Federal Banking System Recently, in its Semiannual Risk Perspective for Spring 2020, the Office of the Comptroller of the Currency (OCC) reported the main issues surrounding the effects of the COVID-19 pandemic on the federal banking...
Jul 8, 2020 | Federal Regulation, News
CFPB Issues Final Rule on Small Dollar Lending Earlier this week, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited small dollar lending rule to preserve consumer access to competition and credit. Upon finding the mandatory underwriting...
Jul 6, 2020 | Congressional Legislation, News
Senate Indian Affairs Committee Hears Testimony on Seven Native American Bills Senator John Hoeven (R-N.D.), Chairman of the Senate Committee on Indian Affairs, held a hearing last week to receive testimony on seven bills meant to protect Native American communities....
Jul 3, 2020 | Congressional Legislation, News
Senate Banking Committee Holds Hearing on Digital Banking Earlier this week, the U.S. Senate Committee on Banking, Housing, and Urban Affairs conducted a remote hearing to examine “The Digitization of Money and Payments.” This comes as the COVID-19 pandemic has given...
Jul 1, 2020 | Federal Regulation, News
FDIC Issues Rule to Codify Permissible Interest on Transferred Loans The Federal Deposit Insurance Corporation (FDIC) recently issued a final rule to codify guidance that accurate interest rates are determined when loans are made, and not affected by any loan...
Jun 29, 2020 | Federal Regulation, Litigation, News
SCOTUS Rules that President Can Remove CFPB Director at Will, But Bureau Can Remain This morning, the Supreme Court issued its long-awaited decision in Seila Law LLC v. CFPB, ruling that the Consumer Financial Protection Bureau can remain in place, although the...
Jun 26, 2020 | Federal Regulation, News
Fed Adds Coronavirus-Related Scenarios to Annual Bank Stress Tests As part of the Federal Reserve’s annual stress tests, it is also assessing large banks’ abilities to handle recession scenarios related to the COVID-19 pandemic. According to a press release announcing...
Jun 24, 2020 | Federal Regulation, News
CFPB Launches Pilot Advisory Opinion Program Last week, the Consumer Financial Protection Bureau launched a pilot advisory opinion (AO) program to better assess regulatory uncertainty with current regulations. The proposed program adds to previous efforts to improve...
Jun 23, 2020 | Financial Literacy, News
Understanding & Managing Through COVID-19 The recent economic shift has greatly affected the lending industry as we know it. Luckily, this unforeseen situation has started to stabilize, and we’re beginning to understand more about where the alternative finance...
Jun 22, 2020 | Banks & Credit Unions, News
World Bank Predicts Worst Global Economic Downturn Since 1940s Earlier this month, the World Bank released an updated “Global Economic Prospects” report predicting, among other things, that millions of people around the world would shift into extreme poverty due to...
