The Consumer Financial Protection Bureau is gearing up to scale back its rule on payday lending, giving the industry a potential break from oversight. According to a report in the Wall Street Journal, citing industry lobbyists and consumer advocacy groups, the CFPB is moving to...
The regulatory rollback may be rolled back. It has been a key aim of the Republican Congress and President Donald Trump’s administration over the past several months, and an explicitly stated goal: to unwind regulations governing the U.S. financial system that have been in place...
Wells Fargo, the embattled national bank, disclosed in a Securities and Exchange Commission (SEC) filing that the Consumer Financial Protection Bureau (CFPB), a government regulatory agency, is investigating if it closed accounts of customers that needed them. According to a news report in Reuters, citing...
An outside advisor to President Donald J. Trump, Corey Lewandowski, said Sunday (July 30) that Consumer Financial Protection Bureau (CFPB) Director Richard Cordray should be fired. According to a news report in Reuters, Lewandowski, Trump’s former campaign manager, took issue with the CFPB rule that makes...
Varo Money, the digital banking fintech that has investment backing from Warburg Pincus, filed for a national banking charter and deposit insurance, putting the Trump administration’s policy to extend bank charters to fintechs to the test. According to a report in the Wall Street Journal,...
Banks’ bottom lines may get a boost from deregulation from Capitol Hill. Barron’s noted this past weekend that a spate of proposals to roll back at least some regulatory requirements would, should they make it across various legislative hurdles, make lending a bit easier and...
Earlier this month, NACHA–The Electronic Payments Association sent its Government Relations Advisory Group on its annual pilgrimage to Capitol Hill. The purpose of Capitol Hill Day is to provide updates and continued education to Congressional representatives and staff regarding the ACH Network, payments, and the...
Out with the Wells Fargo directors. That’s a call being made by Massachusetts Sen. Elizabeth Warren, who on Monday said Federal Reserve Chairwoman Janet Yellen should remove the dozen executives sitting on the board of the beleaguered bank. Those individuals were at the helm of...
Dodd-Frank era reforms may get further pushback in the wake of a new Treasury report, even as the CFPB, in that report’s cross-hairs, keeps on chuggin’ when it comes to prepaid card regulation. Technology may be elementary to tracking regulations, Watson.
