The rate of federal enforcement activity against financial institutions in the third quarter of 2016 dropped below 7 percent for the first time since 2013, according to industry watchdog organization Continuity.
Consumer-friendly fintech innovation “has enormous potential” but “cannot skirt the need for sufficient oversight and consumer protection,” according to a report from the Consumer Financial Protection Bureau.
Stacy Canan was named assistant director for the Office for Older Americans, John Coleman was named deputy general counsel for litigation and oversight, and Sonya White was named deputy general counsel for general law and ethics.
The three judge panel of the U.S. Court of Appeals for the D.C. Circuit called the Bureau’s governance model a “gross departure” from the checks and balances normally imposed on regulatory agencies.
On October 5, the Consumer Financial Protection Bureau released its final rule extending an array of new substantive restrictions, upfront and ongoing disclosure obligations, and government reporting requirements on prepaid cards and a range of electronic non-bank accounts.