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- June 21, 2018A federal district judge ruled Thursday that the structure of the Consumer Financial Protection Bureau (CFPB) violates the Constitution, countering a January ruling from a federal appeals court. Judge Loretta Preska of the Southern District of New York ruled that the CFPB’s creation as an independent agency with a director that could only be dismissed for wrongdoing was unconstitutional. In...
- June 8, 2018FIRST LOOK: THE SEESAW CFPB — From Consumer Bankers Assoc. CEO Richard Hunt’s prepared testimony at Wednesday’s House Financial Services Committee hearing on the CFPB: “When Congress … created the Bureau, it was granted jurisdiction over more than 11,000 banks and credit unions as well as countless non-depository institutions. “It was also given unprecedented rulemaking, supervision, and...
- May 31, 2018The private student loan industry may soon get more favorable treatment on the government’s financial-aid website. Right now, the Department of Education’s Office of Federal Student Aid website presents private student loans as an option students should only consider after loans offered by the government. But the site could soon take a less-biased approach towards private loans, according to...
- May 25, 2018May 24, 2018The Senate voted 69-24 Thursday to confirm banking attorney Jelena McWilliams as chairman of the Federal Deposit Insurance Corp. McWilliams, who was most recently chief legal officer at Fifth Third, previously served as a Senate GOP aide and an attorney at the Federal Reserve Board. The White House announced the nomination in November. The confirmation of McWilliams largely completes President...May 23, 2018The Office of the Comptroller of the Currency (OCC) on Wednesday pushed U.S. banks to offer short-term loans to customers with troubled credit histories, a practice shunned by the regulator five years ago. The OCC announced a new policy on short-term, small-dollar loans Wednesday meant to encourage banks to compete in a space now dominated by storefront “payday” lenders with high-interest rates...May 8, 2018WASHINGTON — The House on Tuesday repealed controversial 2013 guidance by the Consumer Financial Protection Bureau that allowed it to go after indirect auto lenders. The vote was a big win for Republicans trying to rein in the agency. Read more .May 8, 2018The House approved a bill Tuesday that gives the administrator of the Small Business Administration discretion to increase the lending authority of the agency’s flagship 7(a) loan guarantee program by 15% in periods of high demand. Read more.May 4, 2018Private lenders hold just a fraction of the outstanding student loan debt in the U.S. -- about 7.7 percent as of last year. But those companies have plans to grow their student loan holdings. And they argue that with the help of Congress, they could play an even bigger role in the student loan marketplace -- as they formerly did. Purposefully expanding private lenders' piece of the student loan...