Ebrima Santos Sanneh

New standards forwarded by the Public Company Accounting Oversight Board and approved by the Securities and Exchange Commission bolster auditor responsibilities and introduce enhanced technology use, impacting over 350 publicly traded banks.

The industry-led legal challenge to new anti-redlining rules is opposed by some banks and consumer protection groups, who say the changes are necessary.

An amicus brief filed in a lawsuit challenging newly finalized implementing regulations for the Community Reinvestment Act argues that the court was chosen because plaintiffs believe the court is more likely to rule in their favor.

A bipartisan group of ex-inspectors general is pushing Senate leaders to quickly confirm Christy Goldsmith Romero to chair the Federal Deposit Insurance Corp. despite scheduling delays and the upcoming election.

Beneficial State Bank — which was joined by various civil rights groups — said in an amicus brief that the regulatory reforms are much-needed and that banking groups' legal challenge to the Community Reinvestment Act rules should be dismissed.

Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.

Industry experts argue that the Federal Deposit Insurance Corp.'s recent brokered deposit proposal, which would expand the classification of brokered deposits and reverse key elements of a 2020 rule, reflects outdated thinking and may discourage banks from holding such deposits.

Governor Tim Walz, whom Vice President Kamala Harris selected as her running mate Tuesday, has a slight but progressive record on financial policy, suggesting a potential leftward shift in banking policy in a prospective Harris administration.

Judge Martin Glenn of the Federal Bankruptcy Court of the Southern District of New York greenlighted SVB Financial's bankruptcy plan Monday, but $1.93 billion in FDIC-held deposits remain contested pending further litigation.

A report by the FDIC Office of the Inspector General found the agency failed to sustain corrective actions, leading to a persistent environment of sexual harassment, distrust of management and fear of retaliation.

In addition to a new rule enabling more active review of large asset managers acquiring shares in FDIC-supervised banks, the FDIC board finalized living will guidance and requested public input on deposits.

The Federal Deposit Insurance Corp. issued proposals Tuesday that would reverse Trump-era rules on brokered deposits and tighten the agency's guidelines for approving applications to incorporate new industrial loan companies.

While the federal banking agencies are not changing any current rules, they issued a joint statement Thursday cautioning banks about risks in third-party deposit partnerships. They are also seeking public input on bank-fintech partnerships more generally.

Federal Deposit Insurance Corp. Vice Chair Travis Hill has called for a full reproposal of the Basel III endgame capital standards, emphasizing the need for joint advancement by all three major federal banking agencies and an additional comment period for industry feedback.

The Biden Administration firmly rejects proposed cuts to key financial oversight and consumer protection agencies in the Republican-backed financial services appropriations bill for fiscal year 2025.

Federal banking agencies asked the Fifth Circuit to lift an injunction on new community lending regulations, arguing that the court misinterpreted the scope of the Community Reinvestment Act's reach.

Two recent Supreme Court rulings, Loper Bright and Cantero, are likely to upend the Office of the Comptroller of the Currency's long-standing approach to federal preemption of state banking laws, experts say.

Acting Comptroller of the Currency Michael Hsu said the OCC will review its 2020 interpretation of preemption under the Dodd-Frank Act and explore more direct engagement, tailored federal regulation and supervision of nonbank fintechs.

Federal Deposit Insurance Corp. Board Members Jonathan McKernan and Rohit Chopra agreed on the value of clearer bank-fintech guidance to enhance regulatory clarity, foster innovation and ensure fair competition in the financial services sector.

Republican lawmakers want the Treasury secretary to extend the deadline for U.S. businesses to submit beneficial ownership information to the agency's Financial Crimes Enforcement Network. She emphasized that the agency is focused on penalizing willful non-compliance rather than enforcing 'gotcha' penalties against small businesses.