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Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.
June 8
CCG Catalyst -
Acting Comptroller of the Currency Brian Brooks says financial institutions are needed more than ever to “sustain existing businesses” and help entrepreneurs rebuild. Meanwhile, reforming the Community Reinvestment Act, he says, can “unblock opportunities” in minority neighborhoods.
June 7
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Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.
June 3CCG Catalyst -
Online platforms and apps can be utilized to quickly support small businesses and consumers facing unexpected financial hardship.
March 23
Georgetown University Law Center -
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 18Georgetown University Law Center -
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.
March 3
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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 -
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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It’s not even a month into 2020 and some analysts are already predicting a record-setting year and mass adoption for bitcoin.
February 4
Polyient Labs -
The U.S. banking system risks being left behind by the European Union and the United Kingdom when it comes to open banking.
February 3
Regions Bank -
Criminals are filling the void left by lax U.S. regulation of cryptocurrencies.
January 29Polyient Labs -
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
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Banks in the U.S. should take note of these requirements before opening their systems to third-party developers.
January 21
Regions Bank -
Last week, Indian regulators ordered an antitrust probe of Walmart and Amazon while Jeff Bezos and other Amazon execs traveled to New Delhi to tout a $1 billion investment to digitize local businesses. The message is U.S. investment is welcome, as long as U.S.-driven data mining is kept at bay.
January 20
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Regulators are beginning to recognize the importance of using alternative data to provide credit for the underbanked. Now is the time to expand its use across the industry.
January 14
