If you asked the average person on the street if they would like their bank account data to be treated in the same way as data on Instagram or Facebook — that is, shared with advertisers, vendors and service providers — the response would be a resounding: “No! Absolutely not!” Yet every day, millions of
The Consumer Financial Protection Bureau signaled that its embattled consumer financial data rights rule may soon be nullified, according to a legal filing submitted just before Memorial Day weekend. In a filing Friday in the Eastern District of Kentucky, CFPB Chief Legal Officer Mark Paoletta said the bureau leadership aims to table the rule after
Fannie Mae now forecasts mortgage rates to slip back under 6% by the second quarter of 2026 as it elevated its gross domestic product outlook and modified its home sales projections. The origination forecast, while increased over both its March and April projections, other than for rates, remains more conservative than the Mortgage Bankers Association’s
The Consumer Financial Protection Bureau is expected to amend, or rescind and reissue, the rule on consumer financial data rights, potentially throwing out years of work under the Biden administration on a regulation that banks have long opposed, experts say. How the Trump administration will change the open banking rule is still unknown, but there
WASHINGTON — The White House’s proposed budget pitches eliminating Community Development Financial Institution Fund’s discretionary awards. In President Donald Trump’s proposed budget, the White House said that past awards have “made race a determinant of access to loan programs to ‘advance racial equity,’ funded products and services that built so-called climate resiliency,’ and framed American
House Financial Services Committee ranking member Maxine Waters, D-Calif., left, and chair French Hill, R-Ark. Bloomberg News The House Financial Services Committee passed a budget bill Wednesday that eliminates the Public Company Accounting Oversight Board and caps the Consumer Financial Protection Bureau’s budget at roughly $249 million, a drastic reduction from its recent budgets. Committee
The Trump administration moved swiftly to deliver its deregulatory agenda to the mortgage industry in the president’s first 100 days. Some of those many changes could lead to lower housing costs, following President Trump’s day one executive order to address the constrained housing market. Other rollbacks of Biden-era initiatives and politically motivated actions however will
A cohort of Democratic Senate Banking Committee members Thursday demanded answers from the nation’s deposit insurer regarding an ongoing Department of Government Efficiency-led effort to cut over a thousand agency staffers. In the letter to acting Federal Deposit Insurance Corp. Chair Travis Hill, Senators Elizabeth Warren, D-Mass.; Raphael Warnock, D-Ga.; Chris Van Hollen, D-Md.; and
The separation of banking and commerce is becoming untenable. As the user experience becomes more digital, the distinction washes out. It all starts to look like data processing, writes Max Bonici, of Davis Wright Tremaine.Adobe Stock There is a pervasive myth that banking and commerce are — and must be — separate in the United
Even before President Trump unveiled his sweeping new tariffs, many Americans were struggling to afford car purchases, putting their loans in growing danger of default. Now hefty tariffs threaten to inflict further pain on U.S. car buyers, which could have negative consequences for auto lenders. “There are nearly unlimited permutations of the knock-on effects,” UBS