Brendan Pedersen

Directors can urge executives to move more quickly in gauging their institutions’ vulnerability to extreme weather events, said acting Comptroller of the Currency Michael Hsu. He offered a list of five questions every board member should ask senior leaders about their progress.

Fearing government intrusion, financial institutions’ own clients rallied against the Biden administration plan for their account information to be shared with the IRS. Their involvement added weight to the industry’s opposition.

Senior congressional Democrats are concerned that the Financial Crimes Enforcement Network — an arm of the Treasury Department — is dragging its feet on a rulemaking to require corporations to report their beneficial owners.

Acting Comptroller of the Currency Michael Hsu previewed but provided little detail about the “high-level … supervisory expectations” for large institutions. His statement was one of several by regulators to coincide with an international climate change summit.

A report by the agency found that consumers in majority Black neighborhoods were more than twice as likely as those in white neighborhoods to lodge complaints with the credit bureaus over information in their files. Meanwhile, disputes were less common among older borrowers.

Twenty-one centrist Democratic lawmakers raised concerns about the provision, which banks have fought to keep out of the social policy package. Meanwhile, the White House made no explicit mention of it in a draft summary of the bill.

A proposal that would enlist financial institutions’ help in raising tax revenue to pay for President Biden’s social policy agenda lost steam after objections from a key senator. The administration was said to be narrowing the plan’s scope to preserve its chances.

The agency said the risk management program for Cenlar FSB, which performs servicing functions for financial institution clients, was inadequate for the bank's size.

Sen. Joe Manchin of West Virginia, a swing Democratic vote in deliberations over President Biden's social spending bill, signaled opposition to requiring financial institutions to report customer account information to help catch tax evaders. The measure "is going to be gone," he predicted.

In their first direct appeal to President Biden, financial institutions and other industries' trade lobbies called on the administration to abandon its proposal that would give the Internal Revenue Service new information on customer accounts.