In the News
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...
NCUA Opening 2023 CDRLF Grant Round May 1
$3.5 Million Available; Credit Unions Should Review Eligibility Before Applying. Credit unions eligible for Community Development Revolving Loan Fund grants in 2023 can apply between May 1 and June 30,...
Apr. 7: CFPB Updates This Week
The CFPB issued the small business lending rule. To help financial institutions implement and comply with the small business lending rule, the CFPB is launching a dedicated regulatory and technical support program called SBL Help...
Veteran of FDIC Takeover Tells What It’s Like to Run a Failed Bank
John Bovenzi is part of the small club of people who have run a failed U.S. bank, a group whose membership expanded by two this month when regulators swooped in to take over Silicon Valley Bank and Signature Bank...