Regulators closed The Enloe State Bank in Texas late Friday, marking the first failure in 17 months and the first in the Lone Star State in over five years.
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?
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.
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.
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.
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.
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.
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.
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.
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.
