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- June 28, 2017 - 2:00PMUpcomingJune 22, 2017June 22, 2017 The Honorable Mike Crapo Chairman Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers...June 22, 2017Traditional business models heavy with brick-and-mortar strategies have suffered a blow as customers continue to shift their spending habits towards online stores. This change in behavior, however, comes as no surprise as giants like Amazon have experienced a steady rise in web traffic for years. While some retailers (i.e., Sears and Radio Shack) have been hurt by developments in the e-commerce...June 22, 2017On Thursday, June 22, 2017, financial regulators testified before a hearing of the Senate Banking, Housing, and Urban Affairs Committee. The hearing, entitled “Fostering Economic Growth: Regulator Perspective,” featured remarks from four federal regulators and one representative from the state regulators. The witnesses included: Jerome H. Powell , Member, Board of Governors of the Federal Reserve...June 21, 2017 - 2:00PMPastJune 20, 2017A group of banks joined together against SoFi , one of the largest online lenders, urging the Federal Deposit Insurance Corp . to reject its application to launch a banking unit. Recently, SoFi took a major step toward becoming a bank, filing an application for a special banking charter known as an industrial loan company (ILC). However, Chris Cole, senior regulatory counsel at the Independent...June 20, 2017A powerful lobby group for US banks is circling the wagons against SoFi, the biggest of a new breed of online lenders, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. The FDIC revealed last week that San Francisco-based SoFi had applied to the state of Utah for a special banking charter known as an industrial loan company (ILC). If successful,...June 20, 2017The Independent Community Bankers of America, a trade group representing about 6,000 small banks holding almost $5T in assets, is lining up against SoFi, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. The action comes a week after the FDIC announced that digital lender SoFi had applied to the state of Utah for a special banking charter known...June 15, 2017On Thursday, May 15, 2017, the Senate Banking, Housing, and Urban Development Committee held a hearing entitled: “Fostering Economic Growth: Midsized, Regional, and Large Institution Perspective.” The second in a series, the hearing addressed how to foster economic growth through banking reform. In his opening statements, Senate Banking Committee Chairman Mike Crapo (R-ID) stated the $10 billion...June 14, 2017On Wednesday, June 14, 2017, the Federal Reserve (Fed) released minutes and economic projections from the June meeting of the Federal Open Market Committee (FOMC). The Committee indicated the labor market has continued to strengthen and economic activity has moderately risen this year. Job gains have been solid, while unemployment rate has declined. Housing spending has increased, and business...