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The company's plan had drawn strong criticism from bankers about Rakuten's potentially controlling an industrial loan company while engaging in its nonfinancial businesses.March 23
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In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.March 18
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Online platforms and apps can be utilized to quickly support small businesses and consumers facing unexpected financial hardship.March 18
Adjunct ProfessorGeorgetown University Law Center
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Most states have some kind of pricing limit on consumer loans. But proposals for a national usury law divide even Democrats, some of whom are concerned about restricting credit.March 5
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LendingClub and Varo Money are making inroads into the traditional financial system, but other fintechs still face long odds.February 20
Senior FellowColumbia University
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Bankers groups are keeping close tabs on a host of legislative and gubernatorial proposals, from prize-linked savings accounts in Iowa to rent control in Massachusetts to a slew of bills modeled after California's recently passed data privacy law.February 11
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The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures.February 10
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Gavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters.February 7
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Criminals are filling the void left by lax U.S. regulation of cryptocurrencies.January 29
Founder and CEOPolyient Labs
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An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology.January 27
