Consumer Financial Protection Bureau Director Kathy Kraninger’s revelation that student loan servicers have been refusing to cooperate with the CFPB, citing policy guidance issued by the Department of Education, is not sitting well with Democrats. The guidance stipulates that servicers can withhold certain student loan information to protect the privacy of the borrowers, and Kraninger says they have. Sens. Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio) and a host of other Democrats called the news “disturbing” in a letter to top executives at three such student loan servicers.

Comptroller of the Currency Joseph Otting said he has no plans of publishing documents pertaining to his agency’s review of Wells Fargo’s search for a new CEO during a recent hearing before the Senate Banking Committee. He also offered updates on the Office of the Comptroller of the Currency’s (OCC) rulemaking and supervisory goals for the rest of the year. Otting’s prepared oral statement and written testimony focused on the health of the banking system, operational risks and OCC’s plans for collaborating with other banking regulators on various regulations.

As federal regulators continue to insist they are ready and willing to give financial companies the flexibility they need to innovate without fear of regulatory reprisal, the industry has remained largely skeptical.  Regulators from three federal agencies explained how they are working to help facilitate a flexible regulatory environment that accounts for companies’ need to adapt to the modern marketplace during the Consumer Bankers Association’s (CBA) 2019 annual conference.

It seems only a matter of time before a company listing technology as its top priority becomes the first to add depository services to its roster of offerings. Ongoing discussions continue to take place between federal regulators and fintech executives and charter applications continue to find their way to officials at the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) – albeit at a fairly slow pace with many being withdrawn within months of submission.

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger recently named Brian Johnson to be the bureau’s new deputy director, allowing him to drop the term “acting” from a title he has held since July 2018. The bureau also announced multiple changes within its executive leadership ranks. Johnson joined the CFPB in December 2017 as a political appointee, serving as senior advisor to former acting director Mick Mulvaney and was named principal policy director in April 2018. His role at the CFPB is the second time Johnson has followed Richard Cordray in a job office.

Legislation proposing to cap the annual percentage rates lenders can charge consumers on loans at 15 percent met with swift pushback from the financial industry. Trade advocates and business experts have said the plan would hurt consumers, as well as banks. Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Bernie Sanders (I-Vt.) proposed the two-page bill, dubbed the “Loan Shark Prevention Act,” as a means of curtailing predatory lending practices by large banks and protecting consumers against excessive credit card interest rates.

Thirty-eight state attorneys general wrote to congressional leaders, urging them to pass legislation permitting banks to serve marijuana-related businesses (MRBs) in states where cannabis is legal. The bipartisan group, on behalf of the National Association of Attorneys General (NAAG), expressed support for the SAFE Banking Act — which the House Financial Services Committee advanced by a 45-15 vote in April — or similar legislation that would provide a safe harbor for depository institutions serving legal MRBs.

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger spoke at length about the bureau’s newly published notice of proposed rulemaking (NPRM) intended to provide clarity about regulations on debt collectors during a town hall-style meeting at the University of Pennsylvania in Philadelphia. The event included a panel of CFPB officials, credit and collections professionals, consumer advocates and attorneys sharing their thoughts on various provisions of the proposed rule.

The biggest names in the industry gather June 18-20 at the National Settlement Services Summit (NS3) in Phoenix, with attendees getting to hear from top underwriters and lenders on stage.  Headlined by keynote speakers Brian Montgomery from the Department of Housing and Urban Development and Chris George from CMG Financial and the Mortgage Bankers Association, attendees will hear panel discussions featuring seven of the top national underwriters in the country, industry titans from the title and lending world sitting down for a fireside chat, and state and federal regulators discussing consumer protection.