Instead of focusing on testing grounds for fintech startups, regulators should develop initiatives to improve their own oversight and compliance technologies.
The report by the Consumer Federation of America said the regulatory agency has "ample legal authority" to enforce the Military Lending Act despite the bureau's plans not to examine firms for compliance.
Payday lenders scored a victory when the bureau committed to proposing changes next year, but they expressed disappointment that the revamp will not address a key payment-processing provision.
Before the rule was issued, banks and money transfer companies acknowledged that better disclosures and other steps were necessary in light of higher costs for international money transfers.
Christian Sewing calls out the German bank's senior managers for using rumors of a merger with Commerzbank to excuse poor performance; banks in China begin using smartphones to pick up on lie-detecting facial tics.
The agency wants to change underwriting requirements in the regulation that lenders say will put them out of business, and give companies a break on the compliance deadline.
Consumer Financial Protection Agency Acting Director Mick Mulvaney is winding down some of the efforts his predecessor worked hardest on: enforcement of payday and fair lending rules and the Military Lending Act. Reporter Kate Berry shares the latest.
Despite recriminations about how the crisis and ensuing regulations have tightened loan access, an actual assessment of mortgage credit availability is more complicated.
