Category Archives: Regulatory

On 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.  

On 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...

On 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...

According 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....

On July 9, the CFPB proposed updates to existing mortgage servicing regulations. These changes would make some pandemic borrower protections under the 2020 CARES Act permanent. Under the proposal, mortgage servicers would make greater efforts to assist...

On June 13, President Joe Biden announced his intent to nominate Christy Goldsmith Romero to succeed Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). Additionally, he plans to nominate Kristin Johnson to...

American Banker writes the growth of private credit has drawn the attention of the Financial Stability Oversight Council and the Federal Reserve. According to Congressional Research Service, total private credit lending outstanding is about $2 trillion...

FDIC Chairman Martin Gruenberg stated he would resign, following recent investigation into the agency’s workplace culture, which found widespread sexual harassment at the organization. Gruenberg plans to continue his duties and will resign once his...

Recent FSOC report details the unique role of non-bank mortgage companies, including both strengths and weaknesses. The report made recommendations to address the sector’s potential risk, including Congressional establishment of an industry financed fund for failing non-bank...

The SEC announced a temporary halt to the implementation of its new rule requiring public companies to disclose their climate risks and their emissions figures to investors, as it pursues legal action to determine legality....