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Compass Point: Top Takeaways from SCOTUS Nomination

On July 9, President Trump announced that U.S. Circuit Court of Appeals for the District of Columbia Judge Brett Kavanaugh would be his nominee to replace Justice Anthony Kennedy on the Supreme Court of the United States (SCOTUS). Ultimately, we expect Judge Kavanaugh to win confirmation and consequently cement a reliably conservative majority on the SCOTUS. We include below four brief observations at this stage of the process.

 

A government student-loan website may soon treat private loan companies more favorably

The 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 reports of a speech given by Wayne Johnson, the head of FSA’s strategy and information office at a lending conference on May 9.

Regulator Presses for Revival of Small, Short-Term Loans

Regulator Presses for Revival of Small, Short-Term Loans

Trump-appointed regulator wants bank to start making riskier loans to compete with payday lenders

OCC gives banks green light to offer short-term loans

The 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.

Senate confirms McWilliams to FDIC, rounding out Trump bank team

The 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 Trump’s bank regulatory team, giving policymakers the opportunity to re-examine and potentially scale back existing rules, including the Dodd-Frank Act’s Volcker Rule.

Bill giving SBA power to stem 7(a) shutdowns passes House

The 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.

House repeals CFPB's controversial indirect auto lending guidance

WASHINGTON — 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.

Private Lenders Eye Graduate Loan Market Inside Higher ED

Private 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.

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