Republicans on the House Financial Services Committee are accusing Consumer Financial Protection Bureau Acting Director Dave Uejio of overstepping his authority by taking actions that traditionally would be reserved for a Senate-confirmed director.
The Financial Crimes Enforcement Network intends to develop a program that allows it to issue “no action letters” to financial institutions that request them, agency officials said recently.
Under such a program, a financial institution may submit details of an activity for evaluation by a federal regulator. If a “no action letter” is released, the regulator states that it will not sanction the institution for the activities.
If President Biden’s Executive Order on competition is any indication, banker arguments that credit unions pose an unfair competitive threat may not be gaining traction in the White House.
The nation’s community bankers are calling on the Biden Administration to support legislation imposing a tax on credit union acquisitions of banks.
The Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allowed banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100% is dead.
President Biden officially killed the rule Wednesday by signing a resolution repealing it. The House approved that resolution last week; the Senate had passed it earlier.
The House on Thursday passed a resolution that would kill the Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allows banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100%.
The Credit Union National Association on Tuesday endorsed the Biden Administration’s FY22 budget requests for the Community Development Financial Institutions program and the National Credit Union Administration’s Community Development Revolving Loan Fund program.
The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.
The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws. “In order to rein in predatory lenders and ‘rent-a-bank’ schemes, S.J. Res. 15 would overturn a rule by the Office of the Comptroller of the Currency and allow states once again to regulate these lenders and protect consumers,” House Majority Leader Steny Hoyer (D-Md.) wrote in a letter to colleagues outlining the June House agenda. Republicans have