California AG defends small business disclosure law opposed by payday merchant lenders

California Attorney General Rob Bonta is defending the state’s recently passed small business disclosure law, which requires merchant lenders, factoring firms and some fintech companies to disclose annual percentage rates to borrowers. Last week, Bonta sent a letter to Rohit Chopra, director of the Consumer Financial Protection Bureau, supporting the agency’s view that the California … Read more

Stupid fintech, federal deposit insurance is for the banks

Few things are as American as Mom’s apple pie and the Federal Deposit Insurance Corporation. Although most Americans understand the utility that comes from a steaming crust containing baked apples, the same level of understanding cannot be said for the protection afforded by the FDIC. In short, the FDIC is one of the main reasons … Read more

Regulators: CRA reforms spur investment in native lands

Proposed changes to the Community Reinvestment Act could create “powerful incentives” for banks to invest in Native American communities, Federal Reserve Vice Chairman Lael Brainard said Tuesday afternoon. During a webinar with a dozen local organizations, Brainard, FDIC Acting Director Martin Grunberg and Acting Comptroller of the Currency Michael Hsu outlined the potential benefits of … Read more