Crapo Announces Opposition to Cannabis Banking Bill
After a long wait and intense speculation from the banking, cannabis, and other industries, Senate Banking Committee Chairman Mike Crapo last week announced his opposition to the House-passed SAFE Act, which would allow banks to serve cannabis businesses. With...
Rep. Garcia and Sen. Warren Take on Bank Mergers in New Bill
Earlier this month, United States Senator Elizabeth Warren (D-Mass.) and Representative Jesús “Chuy” García (D-Ill.) introduced the Bank Merger Review Modernization Act, which they say would restrict harmful consolidation in the banking industry and protect consumers...
Senate Banking Committee Holds Hearing on SEC Oversight
Last week, the U.S. Senate Committee on Banking, Housing, and Urban Affairs met for a hearing entitled “Oversight of the Securities and Exchange Commission” (SEC). The SEC’s mission is to maintain efficient markets, facilitate capital formation, and protect investors....
CFPB and FTC Convene Workshop on Accuracy in Consumer Reporting
Last week, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) convened a free public workshop at the Constitution Center in Washington, D.C. examining “issues affecting the accuracy of traditional credit reports as well as...
House Financial Services Committee Chair Highlights Student Loan Legislation in Opening Statement at Final Committee Markup of 2019
Last week, House Financial Services Chairwoman Maxine Waters (D-Calif.) convened the Committee for one final markup in calendar year 2019, taking up eight bills and three resolutions. In her opening statement, Chairwoman Waters highlighted a number of issues faced by...
NAFSA Executive Director Highlights Role of Tribal Sovereignty, Third Party Vendors to Tribal Lending Enterprises in New Forbes Article
In an article published in Forbes earlier this week, NAFSA Executive Director Gary Davis, a member of the Forbes Finance Council, highlighted the role of tribal sovereignty as a core principle of how tribes live, operate, and govern themselves, particularly as it...
Rate Cap Bill Won’t Be Considered This Year After Moderate Democrats Express Concerns
Legislation introduced by Reps. Jesus “Chuy” Garcia (D-Ill.) and Glen Grothman (R-Wisc.) that would ban all loans above a 36 percent APR was not considered in the House Financial Services Committee markup this week, meaning that it will not come before the committee... Federal Agencies Issue Statement Recognizing Alternative Data’s Potential to Expand Credit Access and Benefit Consumers
Last week, five federal agencies—including the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the...
