Proposed changes to the Consumer Financial Protection Bureau's small-dollar lending rules are an "abuse of discretion," several labor and consumer groups said in a 220-page document filed with the bureau. The groups are asking the CFPB to abandon plans to change regulations dealing with underwriting standards.
The debt collection firm Forster & Garbus, of Commack, N.Y., misled consumers into thinking it was actively processing lawsuits against them and may have collected money on debts the consumers no longer owed, according to a lawsuit filed against the company by the Consumer Financial Protection Bureau.
The American Securities Association, a trade organization that speaks for regional broker-dealers, is asking the New Jersey Bureau of Securities to hold new public hearings on the proposed fiduciary rule. Christopher Iacovella, the group's chief executive officer, said the rule "would fundamentally alter the relationship that currently exists between broker-dealers and their retail clients in the state of New Jersey and this could have a negative impact on the state's finances."
Financial regulators should pay attention to whether Facebook's proposed cryptocurrency system would comply with rules on consumer protection and privacy, says Sen. Mike Crapo, R-Idaho, chairman of the Senate banking committee.
Deposit rates could decline if the Federal Reserve lowers interest rates this year, though reduced interest rates would be good news for borrowers, says David Turner, chief financial officer at Regions Financial. Competitive pressure has eased in deposit pricing, slowing movement, says Darren King, chief financial officer at M&T Bank.
Transportation Undersecretary Derek Kan is under consideration for a seat on the Federal Reserve Board, sources say. However, another source says Kan, a former adviser to Senate Majority Leader Mitch McConnell, R-Ky., and a former Lyft executive, is not a candidate.
The relationship between inflation and labor, as well as other resource markets, has broken down and could be problematic if the Federal Reserve cannot bring inflation closer to a 2% target, said Fed Governor Lael Brainard. Eventually, Americans could lose faith that inflation will ever meet the target, she said.
Congress should take action if the Financial Accounting Standards Board moves forward with new loan loss standards for banks, said Rep. Brad Sherman, D-Calif. The rules are scheduled to take effect in 2020, but Sherman is calling for a delay.
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