Archive

CONSIDERATION OF RELIGION IN A BUSINESS LOAN APPLICATION

On December 9, 2021, the CFPB issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. A surprising item on the list was that CFPB examiners found that lenders improperly considered small business applicants’ religion in their credit decisions. For religious institutions applying for small business loans, some lenders improperly utilized a questionnaire that contained explicit inquiries about an applicant’s religion. Following […]

CFPB ATTACKS BANK FEES

In a recent blog post and in recent training we pointed out the financial institution regulatory agencies attack on overdraft fees. Now the attack is being broadened. On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a request for public comment on the topic of Fees Imposed by Providers of Consumer Financial Products or Services. Comments will be accepted until March 31, 2022.  The request is a chance for the public to share […]

FED SEEKS INPUT ON DIGITAL CURRENCY

On January 20, 2022, the Federal Reserve Board released a 40-page discussion paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation, that examines the pros and cons of a potential U.S. central bank digital currency (CBDC). It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome. […]

OCC POSITION ON CRYPTO

On January 13, 2022, Acting Comptroller Michael J. Hsu Remarks shared remarks regarding Crypto with the British-American Business Transatlantic Finance Forum Executive Roundtable. Crypto has rapidly gone mainstream. Five years ago, the total market capitalization of all cryptocurrencies was around $100 billion. Today it is over $2 trillion. Anyone with an internet connection can invest in over 12,000 different cryptocurrencies, purchase digital art and collectibles through non-fungible tokens (NFTs), and buy “property” in the metaverse. […]

MCWILLIAMS RESIGNS

On December 31, 2021, the Federal Deposit Insurance Corporation announced that Chairman Jelena McWilliams was resigning effective February 4, 2022. Jelena McWilliams was appointed by President Donald Trump in 2018 to serve a five-year term as chairman of the independent regulatory agency. But following repeated disagreements with her Democratic colleagues over potential banking revisions, she issued a statement on New Year’s Eve saying she would leave her post on Feb. 4. The move is likely to give […]