Key insight: Christopher Phelen, a professor at the University of Minnesota and President Donald Trump’s pick to lead the Council of Economic Advisers, has been a critic of the basic ways that banks across the company take and lend out capital.  Forward look: Phelen is up for a nomination hearing in the Senate Banking Committee

The Consumer Financial Protection Bureau has rescinded a 2020 advisory opinion that addressed criteria surrounding the administration of special-purpose credit programs at for-profit banks and other businesses.  Processing Content The move follows the CFPB’s decision in April to change language in Regulation B, which governs the Equal Credit Opportunity Act of 1974, eliminating the applicability