BankThink

Receiving Wide Coverage ...

Fed Pressed Over Leak: The Justice Department doesn't just go after big banks Â-- it also pursues their regulators. The DOJ has joined the Federal Reserve's inspector general in investigating the Fed over a 2012 leak of its policy meeting minutes to a consulting firm. Fed chair Janet Yellen disclosed the news in a Monday letter to the House Financial Services Committee, which is conducting its own probe into the leak. Yellen...

Created under the guise of a program to root out fraud and illegal activity, this initiative has been used by Obama administration bureaucrats to pressure banks to end relationships with businesses they consider objectionable or "high risk."

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including a case for the CFPB's debt collection regulations and the dangers of "real-time" transaction monitoring.

Wall Street Journal

Now, not everyone can join. In response to complaints credit unions have expanded beyond their original mission to serve specific population groups, the top regulator of federal credit unions approved new rules limiting CU membership qualifications. Credit unions will no longer be allowed to set up charities and other associations, under their so-called Field of Membership rules, for the sole purpose of attracting new members. The National Credit Union Administration approved the rules...

The compliance costs associated with the CFPB's proposed reforms to the payday lending would force many small businesses to close shop, reducing access to short-term credit for many Americans.