OAKLAND — California Attorney General Rob Bonta today joined a coalition of 20 attorneys general in submitting letters to the federal Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) urging both banking regulators to ensure that national banks cooperate with investigations being conducted by state attorneys general into violations of state laws. The U.S. Supreme Court has recognized — and Congress codified in the Dodd-Frank Act — that national banks are subject to state consumer protections law. However, these banks often decline to cooperate with investigations conducted by state attorneys general.
According to media reports, CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week. Director Chopra indicated that AI could concentrate “enormous” power within the grasp of a few companies and their top executives. He stated that “it’s the winner-take-all dimension of this that makes it much more pressing.
NEW YORK (AP) — The heads of Wall Street's biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration's proposed changes to how banks are regulated, warning that the new proposals could negatively impact the economy at a time of geopolitical turmoil and inflation.
The Consumer Financial Protection Bureau has sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposal that would require providers of “income-based advances” to register with or obtain a license from the DFPI and comply with the fee and interest rate limits of the California Financing Law (CFL).
A New York judge on Friday agreed to pause a Consumer Financial Protection Bureau lawsuit against fintech MoneyLion, pending the result of a U.S. Supreme Court case that would decide whether the CFPB’s funding apparatus is constitutional.
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