The CFPB's proposed update to debt collection rules needs clarifications.
Weekly Stories in State Supervision
Aug 16, 2018
News impacting state supervisors this week:
- OCC Fintech Charter - As the OCC begins accepting financial technology company charters, the agency has announced fintech office hours. State regulators firmly oppose the new OCC Fintech Charter, with CSBS President and CEO John Ryan penning an op-ed in the American Banker arguing the charter is harmful to innovation.
- Federal Agency Nominees - The Senate Banking Committee has scheduled votes on leadership for several federal financial agencies. The committee will vote on Kathy Kraninger to head the CFPB, Kimberly Reed to lead the Export-Import Bank, and Michael Bright to head Ginnie Mae. The CSBS Examiner keeps track of these nominations. You can see the status of other nominees here.
- Extraordinary Situation Proclamation in California - Due to dangerous wildfires throughout the state, California Commissioner Jan Lynn Owen issued a proclamation allowing state-chartered banks to close any or all of their offices in affected areas until the Commissioner determines the extraordinary condition has ended.
- California Supreme Court on Usury - The California Supreme Court ruled that interest on certain loans greater than $2,500 can still be illegal, even if exempt from usury laws. JD Supra provides analysis on what that might mean for supervision of these loans going forward.
- House and Senate Candidates Receiving Campaign Funds from Bankers - The American Banker Reports that, although the top five recipients of donations from banks in the House are all Republican (Blaine Leutkemeyer [MO], Patrick McHenry [NC], Kevin McCarthy [CA], French Hill [AR], Andy Barr [KY]), four of the five top recipients in the Senate are Democrats (Jon Tester [D-MT], Heidi Heitkamp [D-ND], Dean Heller [R-NV], Joe Donnelly [D-IN], Claire McCaskill [D-MO]).