The Earnin app appears designed to look like other early wage access programs, but critics say it’s actually a payday lender and New York regulators have taken notice.
Sens. Sherrod Brown, D-Ohio, and Ron Wyden, D-Ore., pressed Stephen Moore for details about reports that he owes more than $75,000 in taxes and failed to pay more than $300,000 in alimony and child support.
A bill recently introduced in the California state assembly would create a framework for local governments to set up their own taxpayer-owned banks. It’s more specific than other public-bank proposals, which raised more questions than they answered, but still faces long odds.
After a brief delay, the agency’s acting director signed off on Fannie Mae and Freddie Mac contributing to the National Housing Trust Fund and Capital Magnet Fund.
In successive speeches, Joseph Otting and Jelena McWilliams expressed hope for a Community Reinvestment Act rule by early next year, and also said regulators should align their small-dollar lending policies.
Hundreds of thousands of jobs have disappeared on Wall Street since the 2008 financial crisis and some of the biggest banks haven't stopped cutting. Still, some firms managed to reverse the trend and are slowly boosting staff levels.
