Compliance

There’s a ‘true lender’ fight brewing in California

12/20/19

The state has proposed a law to cap the interest rate on certain consumer loans, but nonbanks aim to skirt it by seeking a rent-a-charter.

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Banks cite regulations among reasons for repo spike: Survey

12/19/19

Many large lenders pointed regulatory restrictions on their balance sheets and reduced risk appetite to explain why they stood on the sidelines during the September spike in overnight funding rates, according to a Federal Reserve survey of senior credit officers.

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Warren, Brown call on GAO to investigate CFPB's fair lending oversight

12/18/19

The two Democrats sent a letter “raising grave concerns about whether the bureau is fulfilling its statutory obligations.”

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Where have all the CFPB fair-lending cases gone?

12/16/19

Despite assurances by Director Kathy Kraninger that the agency is cracking down on discrimination, the agency has not filed an enforcement action or sent a Department of Justice referral on a fair-lending violation in two years.

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Bankers may turn to Supreme Court in credit union membership suit

12/13/19

An appeals court on Thursday denied bank groups an en banc hearing from all 11 appellate judges, but bankers said Friday that they're considering turning to the Supreme Court.

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OCC, FDIC propose CRA overhaul; PayPal sues CFPB over prepaid rule

12/13/19

The plan would increase lending and transparency, the regulators say; the company says the rule unfairly lumps together digital wallets and prepaid cards.

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NCUA approves budget, delays capital plan. No one's happy.

12/12/19

The National Credit Union Administration board signed off on a controversial budget, and it delayed its risk-based capital rule to buy itself time amid complaints by bankers.

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Why PayPal is suing the CFPB over its prepaid card rules

12/12/19

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.

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Early-bird special: CFPB to reward firms that quickly fix violations

12/02/19

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.

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Shake-up continues at Wells Fargo with poaching of Santander's CEO

12/02/19

Scott Powell, who resolved numerous regulatory problems as the head of the Spanish bank's U.S. operations, will face similar challenges at scandal-plagued Wells. As the bank's chief operating officer, Powell will report to CEO Charles Scharf, a former colleague at JPMorgan Chase.

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