Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.
The war of words between acting Consumer Financial Protection Bureau Director Mick Mulvaney and Sen. Elizabeth Warren, D-Mass., the agency's architect, is escalating.
The Pew Charitable Trusts has released a set of 10 standards for banks and credit unions that want to to offer small loans to subprime customers. Among its ideas: keep monthly payments at or below 5% of the borrower’s paycheck and make loans available quickly through digital channels.
Delaying the rule's effective date or refocusing it on disclosure requirements are among the options for the Consumer Financial Protection Bureau's acting director to ease its impact on the industry.
It’s not necessarily new, but a confluence of trends — advances in technology, changing consumer preferences and banks’ need to diversify their balance sheets — has made it more popular than ever.
Top Democrats in the House and Senate sent a letter to Mick Mulvaney on Wednesday questioning his decision to delay the implementation of the Consumer Financial Protection Bureau’s payday loan rule.
Mick Mulvaney and Richard Cordray set themselves apart from the run-of-the-mill Beltway bashing of late when their war of words over the CFPB went positively bookish.
The short-term loan industry is suddenly playing offense in Washington following Mick Mulvaney's appointment as acting head of the Consumer Financial Protection Bureau.
Mick Mulvaney, the agency's acting director, said he believes the small-dollar lending rule is too far along to roll back through regulation but hopes Congress will repeal it.
