Oct 30, 2019 | Congressional Legislation, News
On October 28, the House of Representatives passed the Financial Inclusion in Banking Act, a bill that aims to address “systemic barriers in traditional banking and promotes greater inclusion in our nation’s financial system.” According to Congressman David Scott, who...
Oct 29, 2019 | Federal Regulation, News
State Attorneys General (AGs) from 28 states sent a letter to the Consumer Financial Protection Bureau (CFPB) asking the federal regulator to prohibit debt collectors from using social media to contact consumers about an outstanding debt. Announced earlier this year,...
Oct 23, 2019 | Banks & Credit Unions, News
According to American Banker, there has been a sudden rise in the number of consumer complaints in the Consumer Financial Protection Bureau’s (CFPB) complaint database over credit monitoring services provided by the three major credit bureaus. In 2019 alone, 86 people...
Oct 22, 2019 | Federal Regulation, Litigation, News
The Office of the Comptroller of the Currency (OCC) announced today that it will appeal a district judge’s ruling that the federal regulator cannot issue a special-purpose fintech charter to a nonbank entity that is ineligible for federal deposit insurance. “The...
Oct 21, 2019 | Federal Regulation, News
The Consumer Financial Protection Bureau (CFPB) under the leadership of Kathy Kraninger has found a middle-ground in policing the financial services sector, initiating more enforcement actions than her predecessor Mick Mulvaney but less than Obama-appointed Richard...
Oct 21, 2019 | Litigation, News
The U.S. Supreme Court recently agreed to review Seila Law v. Consumer Financial Protection Bureau (CFPB), a case that centers on the constitutionality of the CFPB. The dispute originated when Seila Law, a law firm, refused to turn over documents to the CFPB when...
Oct 18, 2019 | Federal Regulation, News
Over the past year, there has been a quiet battle brewing between the Department of Education and the Consumer Financial Protection Bureau (CFPB) over the student loan industry. Kathy Kraninger, Director of the CFPB, sent a letter to Senator Elizabeth Warren stating...
Oct 17, 2019 | Federal Regulation, News
Last week, the Consumer Financial Protection Bureau (CFPB) announced a new taskforce that will review federal consumer financial laws with the ultimate responsibility of proposing ways to harmonize and update those laws. “An objective and independent evaluation of...
