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The Trump administration is making more than 80 recommendations to encourage financial innovation within a regulated space, including endorsing the creation of a federal fintech charter.
The nominee to run the consumer bureau endured tough questioning over the administration’s family-separation policy but appeared to weather the barrage.
The Office of the Comptroller of the Currency’s bulletin is seen as just one piece of the regulatory puzzle to coax banks into installment lending.
The agency will have to rework its strategy for amending its payday lending rule after a federal court rebuffed efforts to stop the rule from going into effect.
Just two months ago, Comptroller Joseph Otting seemed to signal that the OCC might be open to letting national banks rent their charters to payday lenders. Now he is clarifying that it won’t happen.
Acting CFPB Director Mick Mulvaney has dropped agency plans to crack down on overdraft programs and large marketplace lenders. Here's what else he's changing.
The agency’s acting director uses a reply letter to the senator not to answer her questions but to underscore that Congress lacks the ability to compel answers to such questions.
The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semiannual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.
Acting Consumer Financial Protection Bureau Director Mick Mulvaney proposed dramatic curbs to his agency's power in a report Monday, including a recommendation that all CFPB rules must be approved by Congress.
The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule.
Under Richard Cordray, the consumer bureau had questioned whether affiliations between small-dollar lenders and sovereign tribes are exempt from state laws, but observers say the agency’s acting chief has signaled a more welcoming approach.
The legislature has passed a bill that would allow lenders to make installment loans that, in many cases, would be more costly than payment loans. If Gov. Rick Scott signs it, Florida would become the first state to pass a law designed to blunt the impact of the CFPB’s crackdown on high-cost consumer loans.
“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.”
Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.
Payday lenders and arbitration supporters are claiming the CFPB has met more often with consumer groups than industry, laying the groundwork for likely lawsuits on key rules.
