-
A growing chorus of voices seems to share the view of former New York banking regulator Maria Vullo, who once said, “Toddlers play in sandboxes. Adults play by the rules.” But any movement away from the collaborative development of regulations for new financial services products would be a setback for consumer choice.
March 21Gattaca Horizons LLC -
The agency signaled during the Trump administration that it would approve more industrial loan companies following an extended freeze in new charters due to policy disputes. But the thaw will likely prove temporary now that the board's makeup has changed.
August 18 -
The U.S. and its neighbor to the north are each developing frameworks to give consumers control over financial data and allow companies to transfer account information. A recently issued Canadian government report could influence efforts in both countries, analysts say.
August 17 -
Banks should favor the development of U.S. data rules that let them freely share consumer information with, and receive it from, fintechs. The alternative, where banks merely send data to third parties for a fee, would be less competitive and less beneficial for all parties.
August 4Plaid -
Senate Banking Committee Chairman Sherrod Brown urged the agency to share insights about the risks posed by neobanks, such as the San Francisco firm that sparked a customer backlash earlier this year.
July 27 -
Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.
July 12 -
A congressional resolution that invalidates the regulation issued last fall by the Office of the Comptroller of the Currency would help regulators crack down on so-called rent-a-bank schemes that promote predatory lending, the president said before signing the measure.
July 1 -
Six online lenders and the National Community Reinvestment Coalition have asked the Consumer Financial Protection Bureau for clarity on whether disparate-impact rules apply to lending decisions made by machines.
June 29 -
The House voted on Thursday to dismantle a Trump-era rule that sought to make it easier for national banks to make and sell loans through fintech partnerships.
June 24 -
A state regulator group has agreed to pause its lawsuit challenging Figure Technologies’ application as the federal agency reviews chartering policies. But analysts caution that the underlying conflict over nontraditional firms seeking banking powers is far from resolved.
June 18