Bipartisan Senators See More ILC Charters
Led by Sen. Romney (R-UT), bipartisan senators generally from states with large ILC presence or interest urged the agency to advance pending ILC charters and consider new ones. The Senators oppose regulatory actions that may “target” ILC charter applications, expressing concerns about delays in the FDIC’s decision process.
Global Supervisors Target Mortgages, BNPL, Fintech as Top NBFI Systemic Priorities
An FSI report today recommends a holistic approach to regulating NBFI retail lenders, urging a policy mix increasing NBFI oversight. This may well be right, but it will take statutory change in nations such as the U.S. to achieve it.
New Open-Standard-Setting for Open-Banking Set for Stringent Eligibility Standards
CFPB Director Chopra now states that the open-banking regulation regarding consumer data rights (see FSM Report DATA4) will be finalized in the fall, with proposed new standards for standard-setters released ahead of time so that the final rule addresses both issues. Mr. Chopra is concerned that some forms of standard-setting organizations “weaponize” data to enhance their competitive position.