The Small Business Administration has stopped approving loans during the partial government shutdown, and some businesses that were counting on receiving SBA-backed loans are struggling. Loans totaling an estimated $2 billion have been delayed.
Consumer Financial Protection Bureau Director Kathy Kraninger is asking Congress to grant the agency clear authority to supervise lending to military members. The Military Lending Act prohibits lenders from imposing an interest rate of more than 36% on loans to service members, but former CFPB acting Director Mick Mulvaney rolled back compliance oversight last year, saying the agency did not have proper authority.
Laurel Road Bank has agreed to sell its digital lending platform to KeyCorp for an undisclosed amount. "Laurel Road's model of focusing on advanced degree professionals is not only consistent with Key's approach but also complements our focus on specific sectors more broadly," says Chris Gorman, vice chairman and president of banking at KeyCorp.
Wells Fargo does not belong on college campuses, based on a Consumer Financial Protection Bureau report that shows the bank has charged students high fees for credit cards and other accounts, Sen. Elizabeth Warren, D-Mass., says in a letter to Wells Fargo CEO Tim Sloan. The bank says it has initiated efforts for consumers ages 17 to 24, such as waiving monthly service fees and offering other benefits.
The partial US government shutdown could derail the Trump administration's plan to ease banking rules because some regulators working jointly on changes have suspended nonemergency rulemaking. Losing a month or more from the rulemaking timeline "could ultimately jeopardize your ability to finish the work you set out to do in a presidential administration," George Washington University research professor Bridget Dooling says.
Vetting of potential nominees for financial regulators reportedly is delayed because of the partial government shutdown. Background checks and paperwork are needed for Securities and Exchange Commission candidate Allison Lee and Federal Deposit Insurance Corp. candidates Graham Steele and Martin Gruenberg, sources say.
President Donald Trump reportedly has not yet decided whether he will renominate Marvin Goodfriend to a spot on the Federal Reserve Board. Goodfriend was approved by the Senate banking committee, but the nomination was never presented before the full Senate and lapsed in 2018.
Self-compassion is a key part of growing one's career, suggests psychologist Kristin Neff, who says it involves three components: being kind to yourself, accepting imperfections and having a realistic vision. It's all about treating yourself with respect, being happier and becoming more resilient, Neff points out.