Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act. A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this.
The regulator is expected to finalize a rule this week allowing credit unions to issue subordinated debt to outside institutional investors. That's bad public policy, the American Bankers Association writes.
A decision that expands the low-income definition to all active-duty military personnel will only enable large credit unions to push out smaller competitors, removing choice for people in the military.
Contrary to doom-and-gloom attitudes of some about banks' ability to compete for millennials' business, the industry will build on its history of innovation to meet the technology needs of future customers.
Banks are enthusiastic about innovation that involves both traditional institutions and nonbanks, but a more cohesive regulatory landscape is needed for cooperation between banks and fintech to grow even more.