CFPB Issues Report on Mortgage Servicers, Exploring the Role Servicers of Different Sizes Play in the Mortgage Market
The Consumer Financial Protection Bureau (CFPB) recently released a report examining the differences between large and small mortgage servicers and exploring the role that servicers of different sizes play in the mortgage market where size is defined by the number of...
Rep. Katie Porter Asks FDIC to Monitor Bank-Online Lender Partnerships
In a letter sent to Federal Deposit Insurance Corporation (FDIC) Chairwoman Jelena McWilliams last month, Representative Katie Porter (D-Calif.) requested that the agency closely examine partnerships between online lenders and banks. These partnerships have come under...
Global Banks Continue Reducing Workforce, With an Additional 80,000 Jobs Cut in 2019
According to a recent Bloomberg News report based on filings from companies and labor unions, banks around the world cut nearly 80,000 jobs in 2019, which some have suggested is a response to a slowing economy and financial firms’ continued adoption of digital...
TransUnion Predicts “A Good Year for Consumer Credit” in 2020
TransUnion researchers analyzed macroeconomic conditions and their impact on credit cards, personal and auto loans, and mortgages to predict that 2020 will be a good year for consumer credit, with low delinquencies and strong growth for most sectors. This prediction...
PNC and Venmo Argue over Access to Users’ Financial Data
According to a recent article in the Wall Street Journal, financial technology firms and banks are engaged in a dispute over access to customers’ financial data. The latest chapter in the ongoing disagreement erupted when PNC Bank customers stated that they were...
Crapo Outlines Five Options to Address Concerns with Cannabis Banking Legislation
Recently, Senate Banking Committee Chairman Mike Crapo (R-Idaho) announced his opposition to the Secure and Fair Enforcement (SAFE) Banking Act of 2019, which was introduced by Rep. Ed Perlmutter (D-Colo.) in March and passed the House of Representatives in September...
HSFC Chairwoman Waters Accuses CFPB Director Kraninger of Politicizing Enforcement Team
Earlier this month, Representative Maxine Waters (D-Calif.), Chairwoman of the House Financial Services Committee, sent a letter to Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger accusing her of politicizing the Bureau. The letter came after...
Supreme Court to Take Up Constitutionality of CFPB in March
On March 3, the U.S. Supreme Court will hear oral arguments in Seila Law v. Consumer Financial Protection Bureau, a landmark case that will determine whether the leadership structure of the CFPB is constitutional. Opponents of the Bureau have long argued that the...
