Schumer: Senate ‘Very Close’ To Passing SAFE Banking Act -
“The House of Representatives passed the bill for the sixth time earlier this year.”
Why this is important: The passage of the Secure And Fair Enforcement...more
11/21/2022
/ Agribusiness ,
Banking Sector ,
Cannabis-Related Businesses (CRBs) ,
College Athletes ,
Credit Unions ,
Cryptoassets ,
Cryptocurrency ,
Debt Restructuring ,
Decriminalization of Marijuana ,
Dispensaries ,
Environmental Social & Governance (ESG) ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Marijuana ,
Name and Likeness ,
NCAA ,
Regulatory Oversight ,
Small Business
Financial Services Committee Passes Bills to Protect Consumers
"The House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed eight bills to strengthen oversight of our nation’s affordable housing...more
8/11/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptocurrency ,
Fair Lending ,
FDCPA ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Securities and Exchange Commission (SEC)
US Virginia Senate Allows State Banks to Offer Crypto Custody Services -
"Delegate Christopher T. Head introduced the bill back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody...more
Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct -
On March 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all...more
3/10/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Economic Sanctions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Russia ,
Student Loans ,
SWIFT ,
Ukraine
5 Banking Trends to Watch in 2022 -
"Some of the narratives Banking Dive sees taking shape for 2022 — crypto, for example — are carryovers from last year, reaching a logical conclusion or forward motion. Others, such as...more
1/27/2022
/ Banking Sector ,
Certiorari ,
Chapter 11 ,
Commercial Bankruptcy ,
Cryptocurrency ,
Environmental Social & Governance (ESG) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Fossil Fuel ,
SBA
Millions of Consumers have Cut Their Debts, So Why are Financial Experts Sounding Alarm -
"And with stimulus payments a thing of the past and other unusual financial stabilization programs unwinding, the alerts are going...more
11/17/2021
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Cryptocurrency ,
Financial Services Industry ,
Forbearance Agreements ,
Mortgages ,
Payment Systems ,
Stablecoins ,
Student Loans
Top IRS Official Says Marijuana Banking Reform Would Help Feds ‘Get Paid’ -
"IRS’s Cassidy Collins talked about the 'special type of collection challenge' that the agency faces when it comes to working with cannabis...more
11/3/2021
/ Biden Administration ,
Business Taxes ,
Community Banks ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Tax Liability ,
U.S. Treasury
China's Cryptocurrency Ban: What It Means for Bitcoin, Coinbase and the US -
"On Sept. 24, China's Central Bank declared all crypto-related transitions illegal, citing concerns about gambling fraud and money laundering."...more
Biden Administration Extends Student Loan Pause Until January 31, 2022 -
"The Department believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the...more
9/21/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
Interest Rates ,
Military Service Members ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Small Dollar Lenders ,
Student Loans
Why the Overturned Eviction Moratorium May be Too Little, Too Late for Both Renters, Landlords -
"However, the ruling doesn’t mean renters in states without protections will be immediately removed from their homes — an...more
9/7/2021
/ CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Collection ,
Department of Education ,
Eviction ,
Federal Reserve ,
Financial Services Industry ,
Foreclosure ,
HELOC ,
Moratorium ,
Payday Loans ,
Startups ,
Venture Capital ,
Wage Garnishment
Yellen Tells Regulators to ‘Act Quickly’ on Stablecoin Rules -
"New rules would cut into profit margins earned by issuers, but in the long-run should help them attract more users."
Why this is important: The recent...more
Welcome to our fourth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. We hope you are enjoying our monthly publication.
New OCC Chief Signals Greater Caution on Crypto
"'We created...more
Consumer Watchdog Group Issues Policy to Strengthen National Eviction Moratorium -
"Since the eviction moratorium has been in effect, housing advocates and renters have said a lack of enforcement has led to landlords...more
5/19/2021
/ Capital Gains Tax ,
Congressional Investigations & Hearings ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cryptocurrency ,
Eviction ,
FDCPA ,
Moratorium ,
Mortgages ,
Oral Argument ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
TransUnion ,
TransUnion LLC v Ramirez
4 Ways to Boost Blockchain in Consumer Finance -
"Plenty of executives and industry leaders in the blockchain space are looking for clarity on financial regulation."
Why this is important: The recent MIT FinTech...more
Three Ways the Legislature Has Redefined Consumer Litigation in West Virginia -
The regular legislative session recently ended in West Virginia, and once again our Legislature has amended the West Virginia Consumer Credit...more
Consumer Complaints to the CFPB for 2020 Up 54 Percent Over Previous Year -
"The CFPB handled about 542,300 complaints last year – a nearly 54 percent increase over the 352,400 complaints handled in 2019."
Why this is...more
Biden Administration to Cancel $1 Billion in Student-Loan Debt Held by Scammed Borrowers -
“Borrowers who requested loan forgiveness but got only partial relief under former Secretary of Education Betsy DeVos will have...more
3/24/2021
/ Banking Sector ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cryptocurrency ,
Financial Services Industry ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
PayPal ,
Relief Measures ,
Student Loans ,
TCPA