The Treasury Department outlined its vision Friday for how and when federal agencies should use their powers to subject nonbanks to enhanced regulatory scrutiny, emphasizing activities over individual firms.
The House-passed tax bill would eliminate the New Markets Tax Credit while the Senate bill would not reauthorize it when it expires in two years. Bankers and other proponents say that if it is discontinued many economic development projects in rural and low-income communities won’t be funded.
The deal for PayPal’s consumer loan portfolio will make Synchrony a bigger player in e-commerce. And the agreement helps the Silicon Valley payments giant achieve its goal of reducing its exposure to the credit cycle.
A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.