The U.S. Government Accountability Office (GAO) recently issued a report recommending that the federal banking agencies adopt a more rigorous and transparent process for identifying and eliminating outdated, unnecessary, or unduly burdensome banking regulations. Although the report focuses on improving the agencies’ review process rather than recommending the repeal of any specific regulations, its conclusions align closely with the Trump Administration’s broader effort to reduce regulatory burdens throughout the federal government.… Continue Reading
GAO report
GAO report on household access to banking services finds limited availability of small-dollar loans from banks and credit unions
By Alan S. Kaplinsky on
Posted in Small-dollar loans
In opposing efforts by federal and state lawmakers to impose rate caps on small-dollar loans, industry representatives have pointed out the harm that a rate cap can create for consumers, particularly those with less than perfect credit, by reducing access to credit. These concerns are often dismissed by consumer advocates with the argument that banks and credit unions will increase their small-dollar lending if other providers leave the market due to interest rate caps.… Continue Reading
CFPB’s information security systems worry Senators
By Alan S. Kaplinsky on
Posted in CFPB General, Regulatory and Enforcement
Five U.S. Senators have sent a letter to CFPB Director Cordray asking how the CFPB plans to address the problems with the CFPB’s internal controls and accounting systems identified in the Government Accountability Office’s report issued on May 21.
One of those problems was the absence of an agency-wide information security program for the information and information systems that support the CFPB’s financial reporting, operations, and assets. … Continue Reading