FSR is among industry groups that have submitted comments regarding the Office of the Comptroller of the Currency's plan to offer national charters to fintech firms. Richard Foster, FSR's senior counsel for regulatory and legal affairs, and Christopher Feeney, president of BITS, FSR's technology and policy division, wrote that fintechs should be made to follow requirements "consistent with standards applicable to full-service national banks and federal thrifts."
The debit card fee controls of the Durbin Amendment do not strengthen the free market, and retailers who support the controls are just looking out for their own interests, writes Jason Kratovil, FSR's vice president for payments. Kratovil points to multiple examples of fee structures that work well, citing Uber, Airbnb and Google advertising.
Citibank and Cardtronics announced an agreement Tuesday to replace Chase ATMs with Citi-branded versions at retailers including Walgreens and Duane Reade. The deal will almost double the number of surcharge-free ATMs for Citibank customers, adding 30,000.
Republicans have stepped up their efforts to remove Consumer Financial Protection Bureau Director Richard Cordray with the release of a report saying he may have violated federal law as the CFPB developed a 2015 rule on auto lending. The agency is reviewing the report and defends its efforts to abide by all laws in undertaking its mission, a spokesman said.
The Consumer Financial Protection Bureau has sued Navient Solutions, accusing the former Sallie Mae department of violating the rights of student-loan borrowers by giving false information, improperly processing payments and failing to address complaints. Navient calls the allegations unfounded.
The Consumer Financial Protection Bureau faces a precarious future, with Republicans threatening to dismantle it and President-elect Donald Trump appearing to want former Rep. Randy Neugebauer, R-Texas, as a replacement for Director Richard Cordray. Sen. Elizabeth Warren, D-Mass., and other Democrats are pushing to retain the agency, and a CFPB spokeswoman says Cordray plans to remain in office until July 2018.
The banking industry hopes to work with the next administration on perfecting the Dodd-Frank Act and the Consumer Financial Protection Bureau, and President-elect Donald Trump should take a collaborative approach toward governing, CBA President and CEO Richard Hunt said after speaking at a Women in Housing & Finance forum.
Leaders should leverage communication structures to ensure conversations are clear, concise and informative, writes Matt Abrahams. Asking "what," "so what" and "now what" encourages conversations with "starting points, transitions, and clear endings," Abrahams notes.
Consumer Financial Protection Bureau Director Richard Cordray will sue the Trump administration if he is removed from his position, ranking Democratic Sens. Chuck Schumer, Sherrod Brown and Elizabeth Warren said in a conference call this week.
Financial industry groups that hope the Trump presidency will mean less aggressive regulation may have to wait. Several independent regulators nominated under President Barack Obama plan to remain in their roles, including Federal Reserve Chair Janet Yellen.
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