Over the objections of bankers and critics in the Senate, President Joe Biden officially nominated Cornell University law professor Saule Omarova to serve as the Comptroller of the Currency (OCC) and sent the bid to the Senate. The nomination comes five weeks after the Biden...
The Consumer Financial Protection Bureau (CFPB) made big waves, and generated a lot of headlines, with news last week that the final draft of its short-term loan regulations had finally dropped like an anvil onto the heads of the short-term lending industry, particularly on segments dealing with products like...
Innovation never sleeps and, from the current shape of things, it is also safe to assume that it isn’t much for taking a summer vacation, either. The big news of the week was Prime Day, which reports indicate marked another record break for Amazon, particularly...
Updated Wells Fargo — the largest U.S. bank by market value — found itself on the receiving end of a $100 million fine. Levied by the Consumer Financial Protection Bureau (CFPB) for the “widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.” The issue? Cross-selling...
July 17, 2017
Innovation never sleeps and, from the current shape of things, it is also safe to assume that it isn’t much for taking a summer vacation, either. The big news of the week was Prime Day, which reports indicate marked another record break for Amazon, particularly in regards to sales of the various Alexa-powered AI devices. […]
November 18, 2024
America’s top consumer watchdog is calling for deposit insurance reform. Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB) made this argument last week following the failure of Oklahoma lender The First National Bank of Lindsay, according to testimony released by the bureau Monday (Nov. 18). “Small relationship lenders tend to cater to the […]
November 03, 2021
Over the objections of bankers and critics in the Senate, President Joe Biden officially nominated Cornell University law professor Saule Omarova to serve as the Comptroller of the Currency (OCC)...
September 08, 2016
Updated Wells Fargo — the largest U.S. bank by market value — found itself on the receiving end of a $100 million fine. Levied by the Consumer Financial Protection Bureau (CFPB) for...
