|
|
|
|
Results 1 - 10 of 285 |
Posted Date: Wednesday, December 8, 2021
The Consumer Financial Protection Bureau has issued a final rule to facilitate the industry’s transition away from the LIBOR interest rate index. It will be effective April 1, 2022.
The discontinuation of LIBOR is in relation to a criminal rate-setting conspiracy implicating large international banks, undermining the public’s confidence in the index.
For more details about the rule, read on. Read on »
Posted Date: Wednesday, December 8, 2021
The Consumer Bankers Association and American Bankers Association penned a letter to the Consumer Financial Protection Bureau, urging it to protect consumers in a rapidly evolving marketplace.
The letter is in response to the bureau’s notice and request for comment regarding big tech payment platforms and its inquiry sent to Amazon, Apple, Facebook, Google, PayPal, and Square for information on their business practices.
Read on for more details. Read on »
Posted Date: Tuesday, December 7, 2021
President Joe Biden nominated Jerome Powell for a second term as chair of the board of governors of the Federal Reserve System. He also nominated Lael Brainard to serve as vice chair.
Powell initially took office as chairman in February 2018 with a four-year term ending in February 2022. Should he be confirmed for a second term, his tenure will be extended to Jan. 31, 2028.
For industry reactions, read on. Read on »
Posted Date: Tuesday, December 7, 2021
Rep. Jesús García (D-Ill.) and 16 other representatives introduced HR 5974, a bill to amend the Truth in Lending Act to extend consumer credit protections provided to members of the armed forces and their dependents to all consumers.
“This bipartisan bill expands the time-tested protections of the Military Lending Act to veterans, military families, and other consumers. Congress should act with haste to advance it to protect families from this unpayable debt,” García said.
For more details on the legislation, read on. Read on »
Posted Date: Tuesday, November 23, 2021
Acting Comptroller of the Currency Michael Hsu addressed modernizing the financial regulatory perimeter during remarks he delivered at the Federal Reserve Bank of Philadelphia’s fifth annual fintech conference.
Hsu said changes to the regulatory perimeter, normally driven by crises and failures, should instead be proactive to keep up with the pace of innovation.
Read on for more details. Read on »
Posted Date: Thursday, November 11, 2021
Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw wrote about decentralized finance in an article published in The International Journal of Blockchain Law.
Crenshaw discussed the similarities between DeFi offerings and products and those in the traditional financial marketplace, the potential issues with unregulated markets, the SEC’s role in regulating DeFi, and the structural problems with DeFi that need to be addressed.
Read on for more details. Read on »
Posted Date: Monday, November 8, 2021
The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a report on stablecoins, related activities, and the risk posed to the economy and consumers.
The report concluded with recommendations for Congress to preserve market integrity, investor protection, and avoid illicit finance concerns.
Read on for more details. Read on »
Posted Date: Thursday, October 28, 2021
The Office of the Comptroller of the Currency (OCC) has released its bank supervision operating plan for 2022.
Next year’s strategies focus on credit risk management, allowances for loan and lease losses, and allowances for credit losses; cybersecurity and operational resilience; oversight of third parties and related concentrations; and more.
To learn what other topics the OCC will address in the coming year, read on. Read on »
Posted Date: Monday, October 25, 2021
The Consumer Financial Protection Bureau (CFPB) ordered large technology companies operating payment systems in the U.S. to turn over information on their business practices.
The CFPB stated information on how these firms use personal payments data and manage data access to users will help the bureau ensure adequate consumer protection.
Read on for more details. Read on »
Posted Date: Friday, October 22, 2021
The Government Accountability Office (GAO) is required to periodically report on the loans, loan guarantees, and investments out of the funds appropriated under section 4003(b)(4) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
In its most recent report, the GAO found while the CARES Act programs helped improve liquidity and access to credit in the targeted markets, vulnerabilities still remain.
Read on for more details. Read on »
|
| Monthly Newsletter |
|
Cover Story:
|
|