FDIC orders bank to plan termination of relationships with “significant” fintech partners
The Tennessee bank must also engage an independent firm for completion of a comprehensive Banking-as-a-Service Risk Assessment Report.
VA addresses loan holder fees on assuming a VA-guaranteed loan
The guidance addresses assumption fees, specifically permitting a loan holder to charge an additional assumption-related fee based on the location of the relevant property when the assumption of a VA-guaranteed loan closes.
Minnesota AG settles with tribal company over high interest rates
Under the terms of the settlement, the entity and its subsidiaries can no longer lend to Minnesota residents nor advertise or market those loans.
U.S. Attorney General taps professor to lead new technology-focused roles
Jonathan Mayer will head the DOJ’s first Chief Science and Technology Advisory and Chief Artificial Intelligence Officer roles.
FSB addresses financial topics for upcoming G20 meeting
Topics include financial system vulnerabilities, nonbank financial intermediation, digitalization of finance, climate change effects, and cross-border payment efficiency.
White House orders DOJ and CFPB to better protect citizens’ sensitive personal data
The executive order was preceded by a fact sheet which included provisions to protect data on genomic and biometric information, personal health, geolocation, and finances, among others.
CFPB claims special, risk-based oversight over lender
This is the first time the CFPB has used its authority under the CFPA to designate a company for supervision based on a determination that the company’s conduct poses “risk to consumers” after a contested proceeding.
CT Adds New Private Education Loan Creditor Registration to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.