News Topic: Law and regulation

In a letter to CFPB Director Kathy Kraninger, the Democratic senators argue that task force members cannot be trusted to protect consumers because they have represented payday lenders or Wall Street banks, or worked at law firms that do so. ... Read full article

The agency agreed to most recommendations made by its inspector general but pushed back on some conclusions. ... Read full article

In letters to Freddie Mac and Fannie Mae, six Democrats asked how the mortgage giants are factoring extreme weather into their risk modeling. ... Read full article

Nonbanks hold a disproportionate percentage of the worst-rated loans, but banks hold a majority of the market, and risk management safeguards are largely untested, according to an interagency report on shared national credit. ... Read full article

The benefits include improved financial inclusion, the chairman of the NCUA argues. ... Read full article

Criminals are filling the void left by lax U.S. regulation of cryptocurrencies. ... Read full article

The pot banking bill is a long shot after recent criticism by the Senate Banking chairman, but bankers are trying a new argument in a last-ditch effort to sway lawmakers. ... Read full article

A former credit union CEO explains why it chose to become a bank, subject to taxes, and says Congress needs to intervene in discussions on an NCUA proposal to loosen capital standards. ... Read full article

The National Credit Union Administration plans to unveil new capital proposals on Thursday. It's a given that bankers won't like them, but credit unions could also find themselves disappointed. ... Read full article

The two agencies cited geopolitical tensions in issuing the warning and best practices tips, though they stopped short of referring directly to the recent U.S. clashes with Iran. ... Read full article

The agency issued a fair housing proposal last month that would perpetuate segregation and make it harder to detect discrimination. ... Read full article

Alan Kline, a 22-year veteran of American Banker, has previously served as editor-in-chief of US Banker. ... Read full article

Todd Zywicki, a law professor who has sharply criticized the CFPB as an unaccountable bureaucracy, has been named chair of an agency task force identifying potential conflicts and inconsistencies in consumer finance law. ... Read full article

The agency's new leader began her career as a part-time night-shift package handler for UPS in Chicago. ... Read full article

Some analysts warn the loosening of bank regulations may be hiding risks; watchdogs are demanding proof that financial institutions are ready for 2021. ... Read full article

Industrial Bank CEO Doyle Mitchell has spent countless hours in New York since his bank bought the failed City National in November, meeting with existing customers and plotting his growth plans. ... Read full article

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. ... Read full article

A provision of the Community Reinvestment Act overhaul package would rightfully hold lenders more accountable for reinvesting in cities where they are feeding off deposits. ... Read full article