Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.
The Department of Business Oversight said TitleMax charged consumers fees to push loan amounts above the threshold at which the state's rate cap applies.
Chairman Jelena McWilliams previewed a proposal to update the agency’s definition of brokered funds, but also suggested steps lawmakers could take to improve the rule’s underlying statute.
Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.
Bankers had worried about Rep. Maxine Waters' control of the Financial Services Committee, but many now say the Democrat’s working relationship with the panel’s top Republican is refreshing.
The Senate Banking Committee chairman said he wants to revise legislation enabling banks to serve marijuana businesses to ensure it does not benefit vaping providers that have sparked safety concerns.
As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.
