AB – Policy & Regulation
- Banking
Could stablecoin regulation re-risk the banking system?
WASHINGTON — As far as major market turmoil goes, banks escaped last week’s TerraUSD collapse largely unscathed. Terra and its…
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Bipartisan crypto plan would create oversight body for fintech
WASHINGTON — Sen. Cynthia Lummis, R-Wyo., wants to create a new oversight body for emerging financial technologies that do not…
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John Ryan, fierce defender of dual banking system, is dead at 58
John Ryan, a passionate defender of the dual banking system and a driving force as the president and chief executive…
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Fed’s balance sheet runoff raises uncertainty for capital rules
The Federal Reserve’s next monetary policy shift could have an unexpected conflict with the central bank’s supervisory mandates for banks…
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FDIC, CFPB target crypto firms that make false claims of deposit insurance
Two financial regulatory agencies are threatening to crack down on cryptocurrency and other fintech firms that falsely suggest their institutions…
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Ex-FHFA Chief Calabria warns of Fannie, Freddie risk
Mark Calabria, who oversaw government-controlled mortgage giants Fannie Mae and Freddie Mac under the Trump administration, is sounding alarm bells…
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Four ways cannabis banking could cross the finish line in 2022
WASHINGTON — The legalization of cannabis banking looks as likely as ever, but the road lawmakers will take to get…
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CFPB ramps up enforcement hiring
The Consumer Financial Protection Bureau is hiring 20 additional enforcement attorneys as the bureau ramps up investigations of repeat offenders…
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JPMorgan, Goldman exploited ‘loophole’ in Russia sanctions: Lawmakers
A pair of Democratic lawmakers, Sen. Elizabeth Warren of Massachusetts and Rep. Katie Porter of California, are questioning whether Goldman…
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Chopra’s expansive vision for CFPB authority is facing industry pushback
A dizzying number of policy changes and enforcement actions by the Consumer Financial Protection Bureau in recent weeks has prompted…
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Senators call for Fincen to accelerate money laundering reforms
WASHINGTON — A bipartisan group of senators urged the Treasury Department and Financial Crimes Enforcement Network to implement the Corporate…
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CFPB issues advisory opinion on fair lending laws
WASHINGTON – The Consumer Financial Protection Bureau on Monday issued an advisory opinion affirming that the federal prohibition against discrimination…
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SEC extends comment period for climate rule to June
WASHINGTON — The Securities and Exchange Commission will extend the public comment period for its landmark climate disclosure proposal by…
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Fed: falling market confidence, profitability among top risks for banks
WASHINGTON — Key indicators of the banking industry’s health fell to their lowest levels in more than a year during…
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Lawmaker scrutiny of overdraft intensifies as industry urges caution
WASHINGTON — Congressional Democrats’ scrutiny of banks and their overdraft fee programs is intensifying, even as industry representatives ask lawmakers…
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CFPB orders BofA to pay $10M for illegal garnishments
Bank of America has agreed to pay a $10 million fine to the Consumer Financial Protection Bureau for allegedly processing…
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6 congressional races for bankers to watch in 2022
WASHINGTON — Congress could be poised for a legislative shakeup in financial policy after the 2022 midterms, with key Democratic…
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Quarles: U.S. doesn’t need CDBC to compete with China
Just because China is developing a central bank digital currency, doesn’t mean the U.S. needs one too, former Federal Reserve…
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Republicans call for U.S. Senate to terminate Citi contract over abortion policy
WASHINGTON — Republican lawmakers demanded that the U.S. Senate end its business relationship with Citigroup in retaliation for the bank’s…
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Bankers cry foul over CFPB’s crack-down on “junk fees”
A proposal by the Consumer Financial Protection Bureau to crack down on so-called “junk fees” has raised the ire of…
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Pandemic shows risks posed by nonbanks: Yellen
WASHINGTON — In a speech defending the Biden administration’s deployment of pandemic aid, Treasury Secretary Janet Yellen highlighted the risks…
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CFPB plans to revisit the Card Act, older regulations: Chopra
Consumer Financial Protection Bureau Director Rohit Chopra told lawmakers Wednesday that the bureau plans to revisit and update older regulations…
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Democratic senators take aim at Zelle and its bank owners amid growing fraud scrutiny
WASHINGTON — Two top Democrats on the Senate Banking Committee are demanding information from the bank-owned parent company behind Zelle…
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Toomey’s quest to end Fed ‘mission creep’ could have legs
Sen. Pat Toomey, R-Pa., wants to reform the Federal Reserve Banks if it’s the last thing he does as an…
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Senate Republicans are not over last year’s FDIC board fracas
If there was any hope that a change in leadership at the Consumer Financial Protection Bureau would help build a…
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Beneficial ownership regulatory relief is far from assured
WASHINGTON — The Corporate Transparency Act was supposed to make banks’ anti-money-laundering compliance burdens lighter, but more than a year…
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Bank associations call for more clarity, oversight for Fed master accounts
Six leading bank associations are unsatisfied with the Federal Reserve’s latest proposed guidelines for granting master accounts to non-traditional banking…
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Fed turns to private sector to beef up tech staff
Jerome Powell wants to put the Federal Reserve at “the forefront of technological changes” in the financial sector. The central…
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Why the OCC is creating fintech supervision specialists
A lot had changed in the decade since the Office of the Comptroller of the Currency last overhauled its supervision…
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Biden will nominate Michael Barr as Fed’s banking supervisor
President Joe Biden will nominate Michael Barr, a Treasury Department veteran and one of the architects of the Dodd-Frank Act…
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Bankers fear CFPB will lower cap on credit card late fees
The Consumer Financial Protection Bureau is expected to seek to lower the cap on credit card late charges to safeguard…
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States take different paths on small-business loan disclosures
Small businesses in Virginia and Utah will soon get clearer disclosures about the money they borrow from merchant advance companies.…
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CFPB says TransUnion, former executive repeatedly broke law
Consumer Financial Protection Bureau Director Rohit Chopra followed through Tuesday on a recent warning that he would penalize individual executives…
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Without a supervision chief at Fed, full board owns regulation
With the prospect of adding a new vice chair for supervision this year growing more remote by the day, the…
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Fannie Mae chair Sheila Bair leads trio of departures from the GSE’s board
Three members of Fannie Mae’s board of directors will depart the government-sponsored enterprise next month. Chair Sheila Bair announced Friday…
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FDIC says banks pursuing crypto projects should check in with it first
WASHINGTON — The Federal Deposit Insurance Corp. is telling its banks to check in with the agency if it’s currently…
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Brown calls on Fed, OCC to join FDIC on merger reform
WASHINGTON — The chair of the Senate Banking Committee called on the Federal Reserve and Office of the Comptroller of…
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CFPB says payday lenders steer customers from no-cost payment plans
The Consumer Financial Protection Bureau has set its sights on payday lenders who steer borrowers into costly rollovers rather than…
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Toomey unveils stablecoin bill granting OCC authority for payments charter
WASHINGTON — The top Republican on the Senate Banking Committee unveiled legislation that would create a new federal license for…
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Banks change their tack in navigating the culture war
WASHINGTON — After years of mounting concern over the politicization of American finance, the banking industry appears to be making…
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Fed bans six bankers from industry for CARES Act fraud
The Federal Reserve Board has barred six former bank employees from the banking industry for bilking pandemic relief funds. The…
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Federal Home Loan Banks’ purpose called into question by drop in advances
As banks rack up record levels of deposits, the Federal Home Loan banks’ core business of providing liquidity to member…
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Thompson says FHFA is preparing GSEs for end of conservatorship
The Federal Housing Finance Agency is preparing the government-sponsored enterprises for life after conservatorship, acting director Sandra Thompson said Thursday.…
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OCC’s Hsu zeroes in on large regional banks as source of systemic risk
Large regional banks could become the country’s next too big to fail firms, acting Comptroller Michael Hsu said, and the…
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CFPB’s questions to banks suggest new frontiers in fair-lending scrutiny
Banks have recently gotten hints about specific types of fair-lending cases the Consumer Financial Protection Bureau may be interested in…
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Lawmakers spar over government intervention in overdraft
WASHINGTON — Lawmakers clashed Wednesday over the government’s role in the future of overdraft programs — specifically, whether reining them…
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OCC overhauls community, midsize bank supervision
The Office of the Comptroller of the Currency will overhaul its supervision of community and midsize banks, including designating one…
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FDIC advances bank merger proposal
The agency submitted its request for information — which asks whether banks should bear the burden of proof in merger…
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Fed watching red-hot housing market for financial stability risks
It’s beginning to look a lot like 2007 in the U.S. housing market, and the Federal Reserve Board has taken…
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USAA fined $140 million over ‘willful’ Bank Secrecy Act lapses
USAA Federal Savings Bank will pay a combined $140 million to the Office of the Comptroller of the Currency and…
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