Florida poised to enact workaround to CFPB payday rule

03/09/18

The legislature has passed a bill that would allow lenders to make installment loans that, in many cases, would be more costly than payment loans. If Gov. Rick Scott signs it, Florida would become the first state to pass a law designed to blunt the impact of the CFPB’s crackdown on high-cost consumer loans.

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Will CRA finally get its makeover?

03/09/18

Regulators are working intently on a proposal to reform how they apply the Community Reinvestment Act after previous attempts to modernize CRA policy drew mixed reviews.

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Dems' Dodd-Frank clash, Bank of Amazon and Fintechs to Work For: Top stories of the week

03/09/18

Democratic infighting over a bill to curb the reach of the Dodd-Frank Act dominated discussion this past week, but Amazon still made waves in its disruptor role. Also: Our 'Best Fintechs to Work For' debuted.

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Bad credit-card debt is getting cheaper, but good luck buying it

03/09/18

U.S. banks are sitting on a $1.03 trillion mountain of credit-card loans. More borrowers are starting to default. Yet lenders know they can't sell souring debt to just any collector.

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Amazon's checking account push shows next target: Swipe fees

03/09/18

With a foray into financial services, Amazon.com could disrupt the decades-old card payments system, a move that some say could save the retailer $250 million a year in swipe fees.

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Wells was tipped off to government probe by OCC, watchdog says

03/09/18

The top examiner of Wells Fargo at the Office of the Comptroller of the Currency improperly revealed to the San Francisco bank the existence of a government investigation, according to the Treasury's inspector general.

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Top Democrats pressure New York Fed over search for next chief

03/09/18

Top Democratic lawmakers are piling pressure on the Federal Reserve Bank of New York to consider a diverse slate of candidates as the search for its next president enters a critical phase.

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Regulators need room to maneuver during next crisis

03/09/18

As government officials reconsider how best to wind down large financial institutions, they should ensure the banking agencies have flexibility to act without disrupting markets.

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PayPal CEO says cryptocurrencies are just an experiment for now

03/09/18

Speaking at the Economic Club of New York in Manhattan, PayPal Chief Executive Officer Dan Schulman said cryptocurrencies have a very uncertain future.

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Trouble in mortgage land; blockchain not ready for prime time

03/09/18

Federal Reserve warns that nonbank lenders pose risks to the financial system; Swift says the technology needs more work.

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