Lawsuits and bureaucracy will stall an effort to change the Consumer Financial Protection Bureau's small-dollar lending rule, experts say. Rescinding the rule would be harder than amending it, lawyers say.
Eighteen attorneys general have signed a letter encouraging Congress to make it easier for banks to serve marijuana businesses. Marijuana is legal in several states, but banks have shied from the industry, fearing criminal liability.
Plans to double the supply of US government bonds may cause demand to be exceeded and prompt adverse effects, such as wider credit spreads and falls in the dollar and stock market, warns Deutsche Bank economist Torsten Slok. Other market watchers do not share this view, pointing instead to numerous bullish indicators, including significant retail appetite for bonds.
The Pentagon has sent a draft strategy to the White House that would expand the conditions under which the US might launch a nuclear strike. The Nuclear Posture Review would allow for the use of nuclear weapons to counter non-nuclear threats, such as cyberattacks on critical US infrastructure.
President Donald Trump says he wants banks to have greater latitude in lending to customers who would be considered too risky under Dodd-Frank Act rules. Larger banks have adapted to the stricter lending standards enacted after the recession, but industry supporters say smaller banks don't have the resources to comply with the regulations.
The Consumer Financial Protection Bureau will reconsider a rule on small-dollar lending that was issued in the fall, a move that is "welcomed news for the millions of American consumers experiencing financial hardship and in need of small-dollar credit," said CBA President and CEO Richard Hunt. The rule prevents many banks from offering small, short-term consumer loans.
Comptroller of the Currency Joseph Otting says he is comfortable with banks offering small-dollar loans, five years after banks exited the market because of stricter loan standards. People should submit business models on how to serve the market, Otting says.