The Supreme Court held in a 7-2 ruling Thursday that the Consumer Financial Protection Bureau’s funding structure — whereby their operating costs are paid by the Federal Reserve subject to a cap — complies with the Constitution’s Appropriations Clause, reversing an opinion by the 5th Circuit Court of Appeals.Bloomberg News The Supreme Court ruled on
The Federal Reserve publicized the results of its climate stress test pilot program Thursday and found that the biggest banks could face higher loan defaults on commercial real estate and residential real estate loans as well as loan defaults related to a decarbonizing economy over the coming decades.Bloomberg Creative Photos/Bloomberg Creative WASHINGTON — The largest banks
A 2023 Colorado law is part of a long-running push in Democratic-led states to stamp out attempts by high-cost nonbank lenders to get around state interest rate caps by partnering with banks.Adobe Stock The Federal Deposit Insurance Corp. is siding with the state of Colorado in its fight with industry groups over a Centennial State
The ongoing political backlash against various companies’ ESG policies repeatedly fails to produce evidence of lowered financial returns, writes Sam Raus.Leonid Sorokin/Leonid – stock.adobe.com This month the State of Texas government terminated an $8.5 billion investment managed by BlackRock, the world’s largest asset management firm, over the company’s continued use of environmental, social and governance
Gate House Strategies, the consulting firm co-founded by Brian Montgomery, the former Housing and Urban Development official, is now offering fair lending and other compliance management services through a new subsidiary. Among the founding partners at the new business, Gate House Compliance, is Michael Waldron who was the founder of Compliability Solutions, and the former
CURO Group lost nearly $267 million last year and $185.5 million in 2022, a sharp reversal from previous years when annual profits topped $50 million.Adobe Stock The high-cost lender CURO Group Holdings, whose loans to subprime consumers have drawn regulatory scrutiny, got a lifeline from its own creditors this week after missing an interest payment.
Rep. Blaine Luetkemeyer, R-Mo., announced Wednesday that he will be retiring from Congress after his current term. Luetkemeyer had been seen as a frontrunner to serve as top Republican on the House Financial Services Committee after committee chairman Patrick McHenry, R-N.C., announced his retirement last month. Bloomberg News WASHINGTON — Rep. Blaine Luetkemeyer, the
The Federal Home Loan banks seem determined to fight a regulator who wants them to live up to their name and support the housing market, writes Barry Zigas.Andy Dean Photography/Andy Dean – stock.adobe.com The Biden administration is taking a hard look at a profit-driven system of government-sponsored banks that has escaped serious scrutiny for many