The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.
Senate Banking Committee Chairman Mike Crapo sounded optimistic Thursday about reaching a bipartisan deal for regulatory relief, but a hearing once again emphasized the gulf between what lawmakers are likely to pass and what the industry is seeking.
Fed Chair Janet Yellen called the Treasury's report a "complicated document" that shared many of the central bank's objectives, including reducing regulatory burden without sacrificing safety and soundness.
The Treasury plan includes a slew of items that don’t require Congress to act, and appear feasible in the short term. Here's a guide to what changes could be made.
Sen. Mike Crapo, R-Idaho, welcomed Treasury Department recommendations on how to reform financial regulations and expressed optimism that many of the suggestions could become law.
Ahead of the House vote Thursday on the Financial Choice Act, the two parties were assailing each other as proxies for Wall Street and painting themselves as defenders of community banking and the consumer.
