Senate Democrats are pushing the CFPB to resume examinations under the Military Lending Act, according to a letter sent to the agency's director on Tuesday.
By applying to become an industrial loan company, the fintech would be able to use insured deposit accounts as a cheap source of funding without having to comply with the tough rules banks face.
Bankers should pay attention to a recent case in Wyoming in which regulators have sought to bar two executives for misusing confidential bank information for the benefit of a rival institution.
A report identified gaps in documentation and other weaknesses that the watchdog said heighten the risk of agency officials being too cozy with the institutions they supervise.
The agency recently proposed gutting the ability-to-pay standard in its small-dollar loan rule, a move that would benefit the payday loan industry and harm consumers.
Readers weigh legislative proposals on pot banking, consider JPMorgan's new digital coin, debate the Federal Deposit Insurance Corp.'s brokered deposit rules and more.
After six years, Rep. Ed Perlmutter tells American Banker he is finally seeing some traction on his legislation to allow banks to serve legal marijuana businesses.
The agency’s effort is a good first step to updating brokered deposit rules, but regulators excluded several important considerations in their advance notice of proposed rulemaking.
