A 10-year exemption for banks offering estimated fees and exchange rates under the rule, instead of exact amounts, is set to expire in 2020. Lawmakers should consider a temporary extension.
The agency’s flawed methodology for determining interest rate caps on certain accounts poses risks for banks offering free, low-deposit checking and the financial system more broadly.
SSNs are used to verify identity across the financial services industry, but use of the numbers is outdated and leaves consumers vulnerable to data breaches.
In a letter Monday to Federal Reserve Board Chairman Jerome Powell, the four House Democrats argued that the nation’s aging payments system is contributing to economic inequality.
While there are ways to improve the Community Reinvestment Act for the modern era, steps must be taken to ensure the law is not weakened in the process.
The result could play a big role in whether banks see more regulatory relief next year or policymakers can coalesce around a housing finance reform plan.
Despite recriminations about how the crisis and ensuing regulations have tightened loan access, an actual assessment of mortgage credit availability is more complicated.
