Reps. Garcia and Grothman Introduce Legislation to Establish a 36 Percent Rate Cap on Consumer Loans
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...
Rep. García Introduces Bills Targeting Tech Companies Pursuing Financial Services
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...
Rep. Emmer Sees Minnesota Emerging as FinTech Leader
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....
Experts Predict Apple Card Will Change the Game for Credit Products
When Apple launched its new Apple Card product earlier this year, experts saw it as having the potential to create a shift in the credit card industry due to the way Apple tackles customer interactions. Specifically, customers can apply and start using the card within...
LVD Expands Health Care Services
Last week, the Watersmeet, Michigan-based Lac Vieux Desert Band of Lake Superior Chippewa Indians, along with the Lac Vieux Desert Health Center, announced that a new satellite health clinic will open in Eagle River, Wisconsin early next year. The new clinic will...
SoFi Fined $110,000 For Unlicensed Mortgage Servicing in Pennsylvania
Earlier this week, the Pennsylvania Department of Banking and Securities (PA DOBS) fined SoFi Lending Corp., a subsidiary of SoFi that provides mortgage finance services in the state, $110,000 for servicing mortgages without a state license. Since June 30, 2018,...
CFPB Director Kraninger Convenes Symposium on Section 1071 of Dodd-Frank Act
Yesterday, CFPB Director Kathleen Kraninger convened the third in a series of symposia that she previously said was “aimed at stimulating a robust, proactive, and transparent dialogue with experts reflecting diverse viewpoints across a range of subject matter areas.”...
House Financial Services Committee to Tackle Multiple Topics in November
Last week, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) announced several committee hearings and topics that her committee is set to address over the month of November. The House is currently out of session on a District Work Period through...
