CFPB to examine nonbanks for consumer risks
The Consumer Financial Protection Bureau today said it would invoke a “largely unused” authority under the Dodd-Frank Act to directly ...
Tag: Nonbanks
ABA, groups: more clarity needed on Fed payments system access proposal
As the Federal Reserve continues to consider which entities may become eligible for access to its payments systems, ABA and ...
Regulatory arbitrage in the payments system is risky business
Innovation that puts the payment system at greater risk isn’t “disruption.” It’s an unforced error that the Fed can and ...
Lawmakers: USPS financial services pilot program still unlawful
Republican lawmakers ask the U.S. Postal Service to stop the extension of a financial services pilot program that they claim ...
ABA to DOJ: Bank Merger Guidelines Outdated
The American Bankers Association told the Department of Justice today that the 1995 bank merger competitive review guidelines are outdated ...
CDIAC Calls for Framework for Better Collaboration on Cyber Threats
Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing ...
Report: NBFI Sector Growth Slows Compared to Banking
The nonbank financial intermediation sector grew less than banking in 2020, according to Financial Stability Board report.
ABA Calls for Consistent Regulation as Crypto CEOs Visit Capitol Hill
Ahead of a House Financial Services Committee hearing on digital assets today—at which the heads of several cryptocurrency firms will ...
ABA, CBA Call for Consistent Oversight of Bank, Big Tech Payments Products
In a letter to the CFPB today, the American Bankers Association and the Consumer Bankers Association emphasized the need for ...
Hsu: ‘Synthetic Banking Providers’ Should Adhere to Bank Regulations
Acting Comptroller of the Currency Michael Hsu today warned that the “rebundling of banking services by fintechs and the fragmented ...
