The state-legal marijuana sector operates in a largely cash-based economy—only about 400 banks and credit unions in the U.S. actively provide financial services to this sector—because marijuana remains illegal under federal law, despite the increasing number of states acting
It has been a tumultuous few days for the Consumer Financial Protection Bureau (CFPB), with dueling acting directors and emergency hearings. But while Office of Management and Budget (OMB) Director Mick Mulvaney is now officially the acting director of
The Consumer Financial Protection Bureau (CFPB)’s long-anticipated rulemaking on small-dollar lending took a surprising turn. The version of the CFPB’s small-dollar regulation proposed in 2016 would have covered a wide array of small consumer loans, and was further accompanied by
Vice President Mike Pence cast a tie-breaking vote in the U.S. Senate on the evening of October 24, 2017 to overturn the arbitration rules proposed in July by the Consumer Finance Protection Bureau. The House of Representatives had already voted
The Consumer Financial Protection Bureau (CFPB)’s Office of Regulations has long offered the public the opportunity to ask the agency questions about specific regulatory provisions and receive informal feedback from CFPB attorneys, although the path for doing so was not
Last week, the Federal Reserve issued proposed guidance that could dial back some regulatory expectations for directors of financial institutions. The proposed guidance, applicable to Fed-supervised entities like bank holding companies and state member banks, would clarify the role of
Every other year, the Texas Legislature convenes for roughly six months in Austin. Given the tight timeframe and biennial nature, sessions of the Texas Legislature tend to be “fast and furious” (and also full of drama). There were a total
On June 15, 2017, the Federal Reserve Board (FRB) published in the Federal Register final amendments to Regulation CC (Availability of Funds and Collection of Checks). The amendments contain a number of changes that will affect financial institutions, such as
The Consumer Financial Protection Bureau (CFPB) proposed Friday to temporarily relax the scope of upcoming changes to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), by raising one threshold for HMDA reporting. Under Regulation C amendments previously finalized
On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) dropped the other shoe and issued final rules prohibiting “providers of consumer financial products and services in the core consumer financial markets of lending money, storing money, and moving or
