Policy & Regulation

The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution.

As the presidential voting count waged deep into the night on Tuesday, the fate of fintech, financial services and payments regulation hung in the balance.

Control of Congress was still in play late Tuesday, as the Democrats retained control of the House of Representatives while neither party gained the necessary seats to control the Senate.

If days go by without a clear result, the uncertainty could lead to market volatility, put off talks for a stimulus plan and complicate bankers' planning for a potentially new regulatory environment.

If days go by without a clear result, the uncertainty could lead to market volatility, put off talks for a stimulus plan and complicate bankers' planning for a potentially new regulatory environment.

The company said one of its regulators may impose a civil money penalty related to compliance deficiencies in its advisory business and other areas. The matter echoes a recent fine imposed on Citigroup, one expert says.

States have led the way on fintech rules, but a Democratic-led government would take a stronger role, says DailyPay's Matthew Kopko.

A Democratic victory in Tuesday's election would likely produce new leaders at the CFPB and OCC who could take bank regulation in a sharply different direction. Here are some names potentially under consideration.

Myra Toeppe, who had been serving as acting director since January, will take on that role permanently.

Businesses are looking for banks to help them shed paper and automate transactions, says FISPAN's Clayton Weir.