Financial regulations

Amid the clamor over the agency's new beneficial ownership database, banks want FinCEN to withdraw the rule.

The National Credit Union Administration board voted Thursday to advance a proposed rule that would loosen existing regulations and allow credit unions to purchase member loans from fintechs.

The National Credit Union Administration has asked Congress to restore its authority over credit union service organizations and other vendors, but some in the industry say the regulator already has enough on its plate.

The rule, which is not due out until 2024, will promote competition among financial institutions and data aggregators, Consumer Financial Protection Director Rohit Chopra said at a fintech conference.

Regulators have been sending out warning signals about the partnerships between banks and fintechs. Does this mean banks and fintechs have to change what they're doing?

In her last week in office, the Federal Deposit Insurance Corp. chair discusses why she worries about the dwindling number of community banks and minority-owned banks, why she has made serving low-income communities a priority during her tenure, and what she might do next.

The Consumer Financial Protection Bureau's inquiry into buy into the installment products should make sure fintechs abide by the same underwriting requirements as banks in this growing market.

Consumers and their credit scores could be put at considerable risk unless regulators establish meaningful safeguards.

The bureau said two rules related to communications with debtors will go into effect as originally planned on Nov. 30. The agency had previously proposed an extension to consider consumer advocates' concerns about the regulations.

A Senate hearing highlighted the two parties' starkly different views of digital assets, with Democrats warning of price manipulation and Republicans saying the government should just get out of the way.