A group of state regulators has signed off on 14 recommendations, developed by the fintech industry, aimed at streamlining multistate licensing and supervision.
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.
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.
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.
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.
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.
In a speech in Japan, the comptroller of the currency urged overseas institutions to consider a “single regulatory framework” instead of applying to multiple states.
