News Topic: State regulators

In a state where laws are unusually favorable to high-cost business lenders, taxi drivers are not the only small-business people getting trapped in loans they can't afford to pay back. The question is, what are policymakers going to do about it? ... Read full article

A recent court decision allowing New York’s financial regulator to proceed in a case meant to block the Office of the Comptroller of the Currency from offering fintechs a new federal banking charter is having a chilling effect on potential applicants. ... Read full article

Manuel Alvarez, who became commissioner of the Department of Business Oversight on Monday, is the former general counsel and chief compliance officer at the online lender Affirm. ... Read full article

The Office of the Comptroller of the Currency had sought to dismiss the case, but a court ruling suggested that the state regulator’s claim may have merit. ... Read full article

The attorney general told lawmakers that exempting states that have legalized marijuana from the federal ban is better than the current system where state and federal laws are in conflict. ... Read full article

Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents. ... Read full article

The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts. ... Read full article

The combined bank would be chartered in North Carolina, with the FDIC serving as its lead federal regulator, N.C. Banking Commissioner Ray Grace says. The merger partners had other options, including the Fed and the OCC. ... Read full article

Digital-asset companies will try to develop a less adversarial relationship with the state's securities regulator, who stopped several startups from selling digital currencies as investments. ... Read full article

Ronald Rubin, who was a CFPB enforcement attorney, will head an office overseeing nearly 200 state-chartered banks. ... Read full article

A group of state regulators has signed off on 14 recommendations, developed by the fintech industry, aimed at streamlining multistate licensing and supervision. ... Read full article

The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law. ... Read full article

The lawmakers said the lack of someone with a state supervisory background among the agency's three inside board seats violates federal law. ... Read full article

Chris D’Angelo, the CFPB's associate director of supervision, enforcement and fair lending, is leaving the bureau after eight years to become a chief deputy attorney general in New York state. ... Read full article

The agency refuted claims by the Conference of State Bank Supervisors that the OCC was overstepping its authority. ... Read full article

Before the financial crisis, federal and state regulators unabashedly pitched their charters to banks as the better choice. That's happening again, despite warnings that such jousting might result in lax oversight. ... Read full article

Banks hoping to make working with the cannabis industry easier saw a positive sign this week when Congress removed the prohibition on a less potent substance. ... Read full article

A federal prohibition on marijuana has locked U.S. banks out of an industry surging toward $75 billion in sales. Who's catching that money? A small number of local credit unions, and the women who run their operations. ... Read full article