IMF Urges Strict Public-Bank Controls
The IMF today took strong issue with the concept of public banks, concluding that deposit-taking public banks directly competing with private banks should be subject to the same rules and supervision as private banks. As we have noted, progressives in the U.S. have proposed various forms of public banks at the federal and state level, but only a few of these have advanced.
CFPB Report Highlights Violations re Mortgage Origination, Deposits, Credit Cards, Remittances
Today the CPFB issued its Supervisory Highlights report, highlighting issues the agency is now prioritizing. These pose significant risk not only for companies clearly under the CFPB’s jurisdiction (see FSM Report CONSUMER39), but also for nonbanks that considered themselves exempt (see FSM Report CONSUMER41).