Federal regulation is needed for data privacy, earned wage access products and artificial intelligence, industry experts say. But states may end up carrying the ball on some of these issues plus others.
The next round of improvements is expected to go live during the third quarter and will include a new FBI identity verification requirement for some users.
A California law requiring interest to be paid on escrow account balances doesn’t “significantly interfere” with the powers of national banks, state regulators argue.
A potential slowdown of regulations and actions taken by the CFPB during the second Trump administration could alleviate regulatory pressure on financial service providers.
The Seattle-based bank attributed its decision to exit the mortgage business in part to burdensome CRA requirements. The bank received a “need to improve” CRA rating on its lending to low- and moderate-income borrowers. WaFd said it plans to appeal the rating.
Regulators in some states controlled by Democrats are poised to increase their oversight of consumer protection laws as the CFPB’s focus is expected to shift under the incoming Trump administration.
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