In the News
May 5: CFPB Updates This Week
Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care...
Notice and Summary: FDIC’s Releases a Comprehensive Overview of the Deposit Insurance System
On May 1st, the FDIC released a report titled “Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform” along with a statement from FDIC Chairman Martin J....
Weed Legalization: Here’s Where States Stand in 2023
Weed legalization has become increasingly common in the U.S., despite the fact that marijuana is still illegal on a federal level.
As of April 20, 20 states and the District of Columbia have legalized weed for recreational use while 27 states allow it for varying medicinal purposes. Three states — Idaho, Kansas, and Nebraska — prohibit it entirely...
Apr. 28: CFPB Updates This Week
APR 26, 2023 CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Completing the LIBOR Transition Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory...
FDIC Issues Supervisory Guidance on Charging Overdraft Fees for Authorize Positive, Settle Negative Transactions
The FDIC is issuing supervisory guidance to its supervised institutions to ensure that supervised institutions are aware of the consumer compliance risks associated with assessing overdraft fees on a transaction...
Goldman Sachs is Watching for ‘Cannibalization’ from Apple’s New Savings Account
Goldman Sachs CEO David Solomon said Tuesday he isn't worried about Apple's new savings account overshadowing Goldman's own Marcus offerings but that he's watching closely for "cannibalization."
SBA Finalizes Rule to Open Flagship 7(a) Program to Fintechs
In an effort aimed at funneling more capital to underserved borrowers, the Small Business Administration will eliminate a four-decade-old policy that set strict limits on the number of nondepository lenders authorized to participate in its flagship 7(a) loan guarantee program.
NASCUS Summary: April 2023 NCUA Board Meeting Summary
During the April meeting, the NCUA Board had three items on its agenda. These included a Board Briefing and update on cybersecurity, a proposed Request for Information and Comment focusing on climate-related financial risks, and a Board Briefing on the Federal Credit Union Loan Interest Rate Ceiling.
Fed Keeps May Interest-Rate Increase on Table Despite Expected Recession
Officials thought regulators had soothed banking turmoil enough to justify a quarter-point rate increase, meeting minutes show. Courtesy of By Nick Timiraos, Wall Street Journal Stubbornly high inflation and tight...
Credit Reporting Agencies Remove More Medical Collections Debt From Reports
Three credit reporting agencies have taken another step in removing medical collection tradelines from credit reports. Equifax, Experian and TransUnion have removed medical collections debt with an initial reported balance...
Greenlight’s new B2B offering brings kid-focused banking to traditional firms
Over half a dozen firms, including Morgan Stanley, WaFd Bank and Community Financial Credit Union have partnered with the neobank to offer its services to their customers. Courtesy of Anna...
CFPB Eyes Big Tech’s Payments Efforts and Stablecoin Risks for Review
The words “systemic” and “risk” have been on everyone’s lips in the past few weeks. And for Big Tech, at least, the regulatory gaze will only widen, eyeing the payments ambitions of the biggest platforms, and whether new payment types...