The Consumer Financial Protection Bureau (CFPB) has issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records. In brief, the CFPB is asking interested parties as to how it might most efficiently and effectively develop regulations to implement… Read More
Nick Catino, head of policy and campaigns (Americas) at Fintech firm TranserWise, recently discussed how the remittance rule affects the company’s pricing model. The Consumer Financial Protection Bureau, an agency of the US government responsible for consumer protection in the financial sector, has published the… Read More
The decline in the number of public companies in the United States and the decline in the number of initial public offerings (IPOs) that occur each year are widely decried. It is irony that many who bemoan these changes are the very persons who… Read More
Dodd-Frank has proven to be a horrible act of legislation. A reactionary swipe directed towards the financial services industry following the calamity known as the Great Recession, many portions of the law have not yet been fully enacted. The new regulations are simply too convoluted… Read More
The US House of Representatives will consider Dodd-Frank replacement legislation next week. The bill, HR.10 or “the Financial CHOICE Act,” is designed to ameliorate and remove the detrimental effects created by the Dodd Frank law. The complicated Dodd-Frank rules were signed into law as a… Read More
The Subcommittee on Financial Institutions, part of the House Financial Services Committee, has scheduled a hearing on the state of bank lending in the US. The hearing will take place at 2PM Tuesday, March 28th. Typically these hearings are live-streamed on the HFSC website. The… Read More
Oracle is one of the largest software and services company in the world. Only second to Microsoft, Oracle has grown and pushed into a multitude of verticals and businesses. Today much of Oracle’s business has to do with Enterprise Resource Planning (ERP) software – massive… Read More
Former SEC Commissioner and Trump administration advisor Paul Atkins chatted with CNBC today about the forthcoming Dodd-Frank replacement. Dodd-Frank was the pinnacle legislation crafted during the ashes of the Great Recession designed to address shortcomings within the financial services industry. While its intent may have… Read More
The Office of Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was created by the National Currency Act of 1863 (154 years ago, 20 years before the automobile was invented by Karl Benz from Germany)…. Read More
President Trump signed another Executive Order today. This time it was targeting financial regulations and the growing morass of regulation that has been piled upon the electorate. In a televised presser, President Trump signed the order on “Core Principles for Regulating the United States Financial… Read More
In an Oval Office ceremony today, President Donald Trump signed executive orders relating to the Dodd-Frank Act and the Department of Labor’s Fiduciary Rule. Two acts of legislation that have come under harsh scrutiny in recent years. Dodd-Frank has been criticized for raising costs for both… Read More
The Dodd–Frank Wall Street Reform and Consumer Protection Act has become an iconic act of legislation for the Democratic party. Not because it is good legislation but because its demise represents a profound retrenchment of what they fought so hard to accomplish. This is a… Read More
Former SEC Commissioner Daniel Gallagher visited the studios of CNBC yesterday to share his perspective on the SEC under the Trump administration. Gallagher is one of the names being bandied about as the Republican pick for the SEC Chair. Another possibility is another former Commissioner… Read More
2016 brought with it many developments in the crowdfunding industry, most notably the introduction of the long-awaited Title III crowdfunding. While admittedly not all crowdfunding legislation passed was as influential, there have been significant strides made to improve existing securities regulations and to continue prying… Read More
The House of Representatives is scheduled to consider the Systemic Risk Designation Improvement Act of 2016 (H.R. 6392). Sponsored by Rep. Blaine Luetkemeyer, the legislation is designed to create regulation of financial institutions on risk rather than on arbitrary asset size. Dodd-Frank has placed a… Read More
Soon the dust will will settle and the collective surprise of a Donald Trump Presidency will sink in and the United States will move forward. On top of a populist Trump administration, the Republican Party will control both houses of Congress. This is a combination… Read More
The Consumer and Financial Protection Bureau (CFPB) has been labeled “unconstitutional” by a federal appeals court. The ruling addressed specifically the agency’s structure and the amount of control exercised by its director – currently Richard Cordray. The ruling allows for the CFPB to continue to… Read More
Do Online Lenders Benefit from Regulatory Arbitrage? Yesterday (July 12), the subcommittee on Financial Institutions and Consumer Credit (part of the House Financial Services Committee) hosted an educational hearing on Fintech and Marketplace Lending. The meeting saw the participation of several industry executives including… Read More
At a speech delivered at the Economic Club of New York’s meeting in Manhattan this morning, the Chairman of the House Financial Services Committee, Congressman Jeb Hensarling, presented a plan to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank, as it is… Read More
Yep. The Federal Reserve agrees. Small community banks have been crushed by excessive regulations. In the past, these localized financial institutions have been the foundation of economic growth for SMEs. But misguided laws from myopic politicians driven by the battle cry of “too big to… Read More
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