Senate Banking Committee Delays Crypto Bill Markup After Industry Support Fractures
Senate Banking Committee Delays Crypto Bill Markup After Industry Support Fractures Senate Banking Committee Chair Tim Scott postponed a planned committee markup of sweeping cryptocurrency market structure legislation, abandoning plans to hold a vote last week amid...
President Trump Calls for One-Year 10% APR Cap on Credit Card Interest Rates
President Trump Calls for One-Year 10% APR Cap on Credit Card Interest Rates Last week, President Donald Trump called for a one-year cap on credit card interest rates of 10 percent, reviving a campaign pledge that immediately drew sharp criticism from banking trade...
Federal Judge Rules CFPB Funding Cannot Lapse
Federal Judge Rules CFPB Funding Cannot Lapse A federal district court judge ruled Tuesday that funding for the Consumer Financial Protection Bureau (CFPB) cannot be allowed to lapse, dealing a setback to the Trump administration’s efforts to dismantle the agency by...
CFPB Says Certain Earned Wage Access Products Are Not Credit
CFPB Says Certain Earned Wage Access Products Are Not Credit On December 23, the CFPB issued an advisory opinion concluding that certain earned wage access (EWA) products fall outside the definition of credit under the Truth in Lending Act (TILA) and Regulation Z. In...
21 States Challenge CFPB Defunding Strategy in Federal Court
21 States Challenge CFPB Defunding Strategy in Federal Court A coalition of 21 states and the District of Columbia filed suit on Monday seeking to block what they describe as the Trump Administration’s unlawful defunding of the Consumer Financial Protection Bureau...
OCC Flags Debanking Practices at Nine Large Banks
OCC Flags Debanking Practices at Nine Large Banks Last week, the Office of the Comptroller of the Currency released preliminary findings from a supervisory review of “debanking” practices at nine of the largest national banks it oversees, concluding that the...
Senior CFPB Official Resigns, Citing No Path Forward for Enforcement Program
Senior CFPB Official Resigns, Citing No Path Forward for Enforcement Program The Consumer Financial Protection Bureau’s principal deputy enforcement director, Michael Salemi, announced his resignation last week, becoming the third enforcement leader to depart the...
State Attorneys General Press Major BNPL Firms for Lending Details
State Attorneys General Press Major BNPL Firms for Lending Details Seven state attorneys general last week launched a multistate inquiry into leading Buy Now, Pay Later (BNPL) lenders, sending formal inquiries to companies including Affirm, Klarna, PayPal, Afterpay,... 