Nov 27, 2019 | Banks & Credit Unions, News
In recent days, both the Office of the Comptroller of the Currency (OCC) and the FDIC announced that they were proposing rules to clarify the “Valid When Made” doctrine. According to an OCC Press Release, the rule would “clarify that when a national bank or savings...
Nov 26, 2019 | FinTech, News
A few months ago, Apple made big waves in the financial services sector when it launched Apple Card, a product it bills as “A new kind of credit card. Created by Apple, not a bank.” Facebook, too, has looked to get into finance with the launch of Libra, a digital...
Nov 25, 2019 | Congressional Legislation, News
Last week, in a hearing convened by the House Financial Services Committee’s Task Force on Financial Technology, members of the committee discussed the increased use of big data—the immense amount of consumer information collected by institutions and businesses—in the...
Nov 22, 2019 | Banks & Credit Unions, Financial Literacy, News
Despite a strong, growing economy, the second annual U.S. Financial Health Pulse Trends report, issued by the Financial Health Network, revealed that the majority of Americans—roughly seven in ten adults—do not claim to be financially healthy. The report covers four...
Nov 21, 2019 | Congressional Legislation, News
Last week, the House Financial Services Committee passed eight bills out of the full committee, six of which related to debt collectors while the other two concerned small business loans and veterans housing. According to a press release issued by Committee Chairwoman...
Nov 20, 2019 | News, Tribal Sovereignty
Earlier this month, U.S. Senator Tom Udall (D-N.M.), who serves as Vice Chairman of the Senate Committee on Indian Affairs, pushed officials from the Bureau of Indian Affairs to explain its failure to engage in consultation with Tribes when determining how the BIA’s...
Nov 19, 2019 | Congressional Legislation, News
Last week, U.S. Reps. Jesus “Chuy” Garcia (D-Ill.) and Glenn Grothman (R-Wisc.) introduced legislation that would extend consumer loan restrictions included in the Military Lending Act to all consumers across the nation. In practice, this would bar many consumer...
Nov 15, 2019 | Congressional Legislation, FinTech, News
U.S. Rep. Jesus “Chuy” García (D-Ill.), who represents parts of Chicago and its suburbs, has drafted three bills aimed at keeping big tech companies like Facebook, Google, and Amazon out of the financial services industry. He says that his plan is to prohibit...
Nov 14, 2019 | FinTech, News
In a recent opinion column published on MinnPost, U.S. Representative Tom Emmer argued that Minnesota is poised to become a national hub for development of financial technologies, or fintech. Emmer represents Minnesota’s 6th Congressional District, which includes St....
