On January 31, President Trump appointed Treasury Secretary Scott Bessent as the acting director of the CFPB after former director Rohit Chopra was removed from the position. Immediately following his appointment, Secretary Bessent paused the majority of...
Read MoreOn January 29, the Federal Reserve maintained the federal funds rate target in the 4.25 to 4.50 percent range. The Federal Reserve’s post meeting statement noted that inflation remains elevated and that it is working...
Read MoreU.S. banks are anticipating that President Donald Trump’s lighter touch on financial regulation will boost productivity and profitability in the banking industry. Bank lobbyist groups applauded President Trumps executive orders that put an immediate freeze...
Read MoreAccording to Reuters, Paul Atkins will replace Gary Gensler as the Chair of the Securities and Exchange Commission (SEC) under the Trump Administration. Atkins and current SEC Commissioner Hester Peirce will likely take a de-regulatory approach...
Read MoreIn a discussion with the Financial Times, FDIC Chairman Martin Gruenberg expresses caution against president-elect Donald Trump’s deregulatory agenda, warning that short-term results may compromise long-term stability. Chairman Gruenberg argues that the same vulnerabilities that caused...
Read MoreAccording to the Wall Street Journal, President-elect Donald Trump’s potential nominees to the federal banking agencies may usher in a new de-regulatory wave in January. This has increased optimism across Wall Street that regulations surrounding capital...
Read MoreOn December 17, the CFPB issued the Residential Property Assessed Clean Energy (PACE) Financing final rule. The final rule: (1) clarifies that voluntary tax assessments and liens – including PACE financing – are considered extensions of...
Read MoreOn December 18, the Federal Reserve lowered the federal funds rate to the 4.25 to 4.50 range. The Fed’s post meeting statement noted that, while the economy is expanding and unemployment is low, inflation remains elevated.
Read MoreDonald Trump's election victory signals potential changes at key financial regulatory agencies, including the Federal Reserve and the Consumer Financial Protection Bureau (CFPB). While experts predict changes at the CFPB, a complete overhaul is unlikely...
Read MoreOn November 7, the Federal Reserve lowered the federal funds rate by a quarter of a point to the range of 4.5%-4.75%, as inflation approaches the Fed’s 2% goal. The Fed’s post meeting statement noted that inflation...
Read MoreOn October 22, the CFPB finalized its open banking rule which will facilitate free data sharing between financial institutions and fintech firms and allow consumers control of their personal data. The CFPB stated that this rule will...
Read MoreAccording to the Wall Street Journal, banks are pre-emptively raising interest rates in anticipation of the CFPB’s $8 cap on late fees. The current average credit card interest rate sits at its highest level recorded since 1994....
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