American Banker author page, Lalita Clozel
Archived source: American Banker author page, Lalita Clozel. Captured from www.americanbanker.com.
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Lalita Clozel Reporter Lalita Clozel covers fintech regulation, anti-money-laundering, cybersecurity and the Federal Deposit Insurance Corp. in American Banker's Washington bureau. Failures Regulators shutter bank in Kansas Farmers and Merchants State Bank of Argonia, Kan., was the seventh institution to fail this year. By Lalita Clozel October 13 Marketplace lending Could online lending become the next systemic risk? With issuance of marketplace securitizations now exploding — rising 300% cumulatively in the past two years — the idea of online lending as a niche is quickly deteriorating. By Lalita Clozel October 13 ILCs SoFi withdraws bank application in wake of scandal Student loan platform Social Finance has withdrawn its application for deposit insurance, a month after former CEO Mike Cagney retired in the wake of sexual harassment allegations. By Lalita Clozel October 13 ILCs ICBA opposes Square's ILC application The Independent Community Bankers of America is formally opposing a bank charter application by payments processor Square, accusing it of trying to “avoid” certain “legal prohibitions and restrictions.” By Lalita Clozel October 11 Deposit insurance FDIC's Hoenig warns of deposit insurance downside: Moral hazard The Federal Deposit Insurance Corp.'s No. 2 said deposit insurance helps prevent bank runs, but can also make banks more prone to taking on risk that can cost the public. By Lalita Clozel October 11 Payday lending As CFPB closes door on payday, OCC opens one for deposit advance The world of short-term lending was shaken up Thursday as one regulator issued a rule cracking down on payday loans while another made it easier for banks to offer an alternative product. By Joe Adler, Ian McKendry and Lalita Clozel October 5 SIFIs Dem bill would shut down banks over Wells-caliber abuses A bill backed by House Democrats would establish a process to review big banks for patterns of consumer violations, ending possibly in culpable institutions losing their charter. By Lalita Clozel October 4 Finance, investment and tax-related legislation As ex-Equifax CEO testifies, all credit bureaus are on trial Richard Smith came to Capitol Hill this week to speak about the massive breach at Equifax, but it was clear Tuesday that he will be defending the entire credit reporting industry. By Lalita Clozel October 3 Finance, investment and tax-related legislation As ex-Equifax CEO testifies, all credit bureaus are on trial Richard Smith came to Capitol Hill this week to speak about the massive breach at Equifax, but it was clear Tuesday that he will be defending the entire credit reporting industry. By Lalita Clozel October 3 Fintech regulations Can the OCC really grant fintech charter to a Google? Industry observers are skeptical of acting Comptroller Keith Noreika's claims that his agency could grant a fintech charter to a commercial firm like Amazon or Google, arguing that such a move could become "Walmart 2.0." By Lalita Clozel October 3 Fintech regulations Why are Amazon, PayPal meeting with bank regulators? Meetings between bank regulators and technology giants like Amazon and PayPal underscore Silicon Valley's growing involvement in the financial services arena, and may presage pursuit of a bank charter. By Lalita Clozel September 29 Fintech regulations Fintech charter open to commercial firms: OCC's Noreika Acting Comptroller of the Currency Keith Noreika affirmed Thursday that the agency’s fintech charter, if implemented, could be granted to commercial firms like Walmart or Google. By Lalita Clozel September 28 Policymaking IRS bill could reduce need for Equifax, other credit bureaus Rep. Patrick McHenry, R-N.C., plans to reintroduce legislation requiring the IRS to fast-track income verification, which proponents say could reduce the financial industry's dependence on credit bureaus. By Lalita Clozel September 28 Risk-based capital rule Industry skeptical of plan to simplify capital rules The proposal is aimed at a simpler capital regime particularly for community banks, but some industry representatives and regulators themselves questioned whether the plan went far enough. By Lalita Clozel September 27 Fintech regulations Online lending is 'natural evolution of banking': OCC's Noreika Acting Comptroller of the Currency Keith Noreika on Monday gave a ringing endorsement to online lenders seeking to expand into banking, suggesting they should consider taking deposits and seek out national bank charters as they mature. By Lalita Clozel September 25 Enforcement actions CFPB takes action against loan broker for settlement victims The Consumer Financial Protection Bureau on Tuesday filed an enforcement action against Top Notch Funding, accusing it of scamming NFL concussion sufferers and 9/11 victims. By Lalita Clozel September 19 Fintech regulations The story behind Square’s bank charter application The payments processor Square has big plans in banking — but even after filing an application to charter an industrial loan company, it still doesn’t see itself as a competitor to most financial institutions. By Lalita Clozel September 19 ILCs ICBA calls for two-year freeze on new ILCs The Independent Community Bankers of America had initially called for a moratorium in response to SoFi's application, and says now that Square's bid "has significantly increased our concerns." By Lalita Clozel September 15 Fintech CFPB program to encourage innovation has first beneficiary The Consumer Financial Protection Bureau issued its first "no-action letter" to an online lender that uses alternative data to determine creditworthiness and loan pricing. By Lalita Clozel September 14 Law and regulation Banking agencies propose changes to CRA definitions The changes are aimed at aligning requirements with a new Consumer Financial Protection Bureau rule under the Home Mortgage Disclosure Act. By Lalita Clozel September 13
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