CFPB Announces New Taskforce on Federal Consumer Finance Law
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...
California Governor Signs Loan Bill
← Previous Article California Governor Gavin Newsom signed into law last week the Fair Access to Credit Act, or AB-539, which sets an interest rate cap of 36 percent on loans between $2,500 and $10,000. The bill would also prohibit prepayment penalties and would...
CFPB Director Kraninger Visits Capitol Hill Next Week
← Previous Article Kathy Kraninger, the Director of the Consumer Financial Protection Bureau (CFPB), will visit the House Financial Services Committee and the Senate Banking Committee next week to deliver the semi-annual report of the CFPB.In what promises to be...
State Regulators Seek Comments on Model Language for Multistate Licensing Legislation
← Previous Article Last week, the Conference of State Bank Supervisors (CSBS) released draft language for model payments legislation that would make it easier for fintech companies to operate between states. Nearly half of all state regulators have agreed to...
President Signs Executive Orders Limiting Agency Guidance
← Previous Article President Trump signed two executive orders earlier this week that seek to provide transparency in the ways in which federal regulators utilize guidance. The president stated that federal agencies were habitually issuing regulations and rules...
House Leaders Urge Supreme Court to Oppose Challenge to CFPB’s Constitutionality
← Previous Article Last Monday, the House of Representatives filed an amicus brief asking the U.S. Supreme Court to reject a petition to hear a case that would determine the constitutionality of the Consumer Financial Protection Bureau (CFPB). The dispute... New Advisory Committee Members at the CFPB
← Previous Article The Consumer Financial Protection Bureau (CFPB) announced yesterday the new members of its four advisory committees, which include the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CBAC), the Credit Union Advisory Council...
People’s Bank of Seneca Becomes First Native-owned Bank to Join American Financial Exchange
← Previous Article The American Financial Exchange (AFX), electronic interbank lending market for U.S. financial institutions, announced last week that the People’s Bank of Seneca joined the exchange, becoming the first native-owned bank to join AFX.According to...
