The House Financial Services Committee advanced the Close the Industrial Loan Company (ILC) Loophole Act, which drew praise from the Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU).© Shutterstock The bill, H.R. 5912, would close a loophole that allows firms to get an FDIC-insured bank charter without the regulation […]

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The Consumer Financial Protection Bureau (CFPB) issued a final rule to financially help survivors of human trafficking. © Shutterstock Survivors often find that their credit reports reflect financial obligations and negative information resulting from the financial abuse they endured while being trafficked. Traffickers employ financial abuse as both a source of income and a method […]

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The Securities and Exchange Commission (SEC) recently adopted amendments focusing on electronic filing requirements for investment advisers and institutional investment managers.© Shutterstock “In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well,” SEC […]

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U.S. Sen. Pat Toomey (R-PA) is urging Congress to seek long-term reauthorization of the National Flood Insurance Program (NFIP) to benefit taxpayers and homeowners.© Shutterstock Officials said Toomey encouraged the action during a recent Senate Banking Committee hearing and commended the Federal Emergency Management Agency (FEMA) for recognizing the NFIP must be financially stable to […]

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Mortgage Bankers Association (MBA) and National Fair Housing Alliance (NFHA) officials are touting the launch of an online toolkit to aid in addressing the racial homeownership gap.© Shutterstock The resource is for mortgage lenders interested in developing Special Purpose Credit Programs (SPCPs), which authorities noted permit lenders to offer mortgage credit to economically and socially […]

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The Independent Community Bankers of America (ICBA) has joined other groups in requesting the Federal Deposit Insurance Corporation (FDIC) reconsider its decision to eliminate the Office of Supervisory Appeals (OSA).© Shutterstock The ICBA, as well as the American Association of Bank Directors, American Bankers Association, Bank Policy Institute, Consumer Bankers Association, and Midsize Bank Coalition […]

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U.S. Reps. Patrick McHenry (R-NC) and French Hill (R-AR) recently sent correspondence to House Committee on Financial Services Chair Maxine Waters to call on Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson to testify before the Committee during its housing hearing on June 29. © Shutterstock McHenry, the top Republican on the House Financial […]

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The House Financial Services Committee advanced 10 bills last week that reduce housing costs, help small businesses, and protect whistleblowers, among others. © Shutterstock Among the legislation advanced is the Downpayment Toward Equity Act (H.R. 4495), sponsored by Committee Chair Maxine Waters (D-CA). This bill would authorize $100 billion for a new HUD grant program […]

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A group of state attorneys general, including California Attorney General Rob Bonta, are urging Congress to enact legislation allowing food and candy makers to enforce their trademarks against copycat cannabis-infused edibles. © Shutterstock Bonta, along with attorneys general of Virginia, Nevada, Alaska, Arkansas, Colorado, Connecticut, Florida, Kentucky, Indiana, Iowa, Maine, Nebraska, New Mexico, New York, […]

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The Senate Finance Committee unanimously advanced the Retirement Security and Savings Act, sponsored by U.S. Sens. Rob Portman (R-OH) and Ben Cardin (D-MD).© Shutterstock The bill, S. 1770, would help small businesses offer retirement plans, expand access for low-income Americans, and allow people to save more for retirement. It passed in the committee 28-0 and […]

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