Some large banks have come under fire from the GOP for curbing services to firms in controversial industries, such as firearms and fossil fuels. A proposal by the Office of the Comptroller of the Currency aims to block banks from taking such stances.
Why PNC spent its war chest on BBVA; Trump’s 11th-hour nomination of Brian Brooks to run OCC complicates Biden regulatory agenda; Senate may not flip but Banking Committee is poised for shake-up; and more from this week’s most-read stories.
The Partnership for Carbon Accounting Financials recently released a methodology for measuring the environmental impact of loans and investments, a key hurdle to the banking industry's long-term goal of net-zero emissions tied to its portfolios.
Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package.