Policy & Regulation

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

The panel unanimously approved the measure by a notation vote, its second such move in weeks, and the proposal will now be subject to a comment period.

With the new Congress sworn in, trade associations are already pushing their legislative wish lists, including more regulatory oversight of fintechs and protecting the industry's tax exemption.

The next administration must halt the practice of allowing new entrants into the banking system to forgo a full Community Reinvestment Act exam.

The National Credit Union Administration may get a new leader, several institutions could seek to expand their fields of membership, and a pot banking fight may reemerge.

Congress's enactment of the defense spending bill opposed by the White House removes the final hurdle for a key anti-money-laundering provision.

The regulator's order moves the San Francisco-based company one step closer to becoming the first online lender to own a bank.

Bank regulators traditionally steer clear of more divisive debates in a polarized Washington. But some observers worry acting Comptroller Brian Brooks has gone too far by wading into issues such as public health orders and banks' decisions to curtail services to the gun and fossil fuel industries.

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.

The Consumer Financial Protection Bureau is giving the credit card issuer and the fintech firm some regulatory latitude to develop specific new products.