The American Fintech Council (AFC) has expressed its support for a bipartisan Congressional letter addressing the Consumer Financial Protection Bureau’s (CFPB) proposed rule on personal financial data rights. AFC CEO Phil Goldfeder released a statement highlighting the organization's alignment with concerns raised by members of both parties.
Only a week ago, stronger-than-expected second-quarter economic growth was a top headline in the financial media. The major stock market indexes were near all-time highs, and with inflation trending lower, expectations had the Federal Reserve beginning an orderly easing of short-term interest rates as soon as September. A rare economic soft landing seemed like a sure thing.
As the Office of the Comptroller of the Currency (OCC) considers changes to banks' recovery planning requirements, it should tailor such requirements to banks' distinctive business models and risk profiles, according to a letter filed today by the Bank Policy Institute (BPI) and the American Bankers Association (ABA).
Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at the American Fintech Council (AFC), issued a statement on August 2, 2024, expressing concerns over the Federal Deposit Insurance Corporation’s (FDIC) proposed rulemaking on brokered deposits.
Over eight months after initially calling for his resignation, and following the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) report detailing the agency’s failure to implement an effective sexual assault prevention program, Ranking Member Tim Scott (R-S.C.) issued a statement reiterating demands for FDIC Chairman Martin Gruenberg to step down from the agency. The Ranking Member noted that Gruenberg is overseeing the creation of new offices to handle employee complaints while continuing to advance his own regulatory agenda.
Today, the Republican Environmental, Social, and Governance (ESG) Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—released its final staff report. This report is the culmination of the Working Group’s comprehensive examination of the factors contributing to the rise of ESG initiatives and the consequences for everyday investors, in addition to recommendations to protect American capital markets from the threats posed by these politically motivated mandates.
The Bank Policy Institute and the Consumer Bankers Association have urged the Consumer Financial Protection Bureau (CFPB) to adhere to the Administrative Procedure Act (APA) in its regulation of buy-now-pay-later (BNPL) providers. In a letter sent today, the associations argued that the CFPB’s recently issued “interpretive rule” violates the APA due to its substantive nature.