Jun 24, 2019 | Banks & Credit Unions, News
← Previous Article Next Article → The nation’s largest and most complex banks easily passed the Federal Reserve’s annual stress tests, despite undergoing a scenario that simulated the most severe economic downturn yet tested.The simulation projected $410...
Jun 24, 2019 | Federal Regulation, News
← Previous Article Next Article → Earlier today, the Conference of State Bank Supervisors (CSBS), announced that 23 states have agreed to accept other states’ reviews of companies’ licensing process for money transmitters and other money services businesses...
Jun 20, 2019 | Federal Regulation, News
← Previous Article Next Article → The three federal bank regulators – the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve (the Fed), and the Office of the Comptroller of the Currency (OCC) – issued a final rule that will...
Jun 20, 2019 | FinTech, News
← Previous Article Next Article → Although discrimination in lending remains a problem in America today, discrimination is declining, largely as a result of fintech firms’ use of algorithms. According to the latest research, fintech algorithms discriminate...
Jun 19, 2019 | FinTech, News
← Previous Article Next Article → On June 18, Facebook announced an ambitious plan to develop an alternative financial system using a global currency, backed by blockchain technology, called “Libra.” The frequently criticized social media giant expects to...
Jun 19, 2019 | Federal Regulation, News
← Previous Article Next Article → Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), has now led the CFPB for six months. According to a press release detailing Kranigner’s actions thus far, she has focused on enforcing the law,...
Jun 14, 2019 | Banks & Credit Unions, News, Online Lending
← Previous Article Next Article → The California Assembly, led by Assemblypersons Monique Limon and Tim Grayson, passed AB-539 on May 23, a state bill that would cap interest rates at 36 percent on loans more than $2,500. Controversy and criticism have...
Jun 14, 2019 | Banks & Credit Unions, News, Online Lending
← Previous Article Next Article → Earlier last year, economists from the World Bank published a report entitled, “Interest Rate Caps: The Theory and the Practice.” It finds that capping interest rates not only reduces average lending rates, but often has...
Jun 12, 2019 | Federal Regulation, News
← Previous Article Next Article → The Consumer Financial Protection Bureau (CFPB) announced yesterday that it will hold its first symposium on June 25 in Washington, D.C. where discussion will focus on abusive acts or practices under the unfair, deceptive,...
Jun 11, 2019 | Banks & Credit Unions, News
← Previous Article Next Article → According to a new report, a majority of bank and credit union executives believe that partnerships or collaborations with fintech firms are important in 2019, especially in the areas of digital account opening, payments,...
