Brendan Pedersen

An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology.

Community development financial institutions could stand to gain from efforts to modernize the Community Reinvestment Act, but they fear the proposal offered by regulators may end up draining their capital.

The comptroller of the currency stood firm in defense of his agency's proposal, saying skeptics of various parts of the draft framework do not have their facts straight.

The OCC said Citigroup's main bank subsidiary violated the Flood Disaster Protection Act by not ensuring that borrowers with homes in flood hazard areas had insurance coverage.

The two agencies cited geopolitical tensions in issuing the warning and best practices tips, though they stopped short of referring directly to the recent U.S. clashes with Iran.

The House Financial Services Committee chair asked two regulatory agencies about what steps they've taken to prevent fabricated comment letters as they invite the public to weigh in on Community Reinvestment Act changes.

As the regulatory agencies have struggled to reach a consensus, a proposal championed by Office of the Comptroller of the Currency has divided lawmakers and been assailed by community groups.

More than two years after efforts began to modernize enforcement of the Community Reinvestment Act, regulators appear far apart on how to proceed.

Though she stopped short of mentioning the FDIC and OCC by name, Fed Gov. Lael Brainard objected to several key elements of those agencies' proposal.

The prospects of a potential Democratic sweep of the 2020 elections could spur regulators to quickly finalize changes to the Community Reinvestment Act.