Financial regulations

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.

The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.

The Independent Community Bankers of America has asked NCUA's inspector general to review the agency's decision to change how low-income credit unions receive that designation.

The credit union regulator is adding line items to required quarterly reporting in order to better account for loan forbearance, CUs lending through the Paycheck Protection Program and more.

Banks would be wise to dust off their Great Recession playbook and shed nonperforming loans while growing through M&A.

Comptroller of the Currency Joseph Otting’s regulation reforming the Community Reinvestment Act lacks performance metrics criticized in an earlier proposal. But neither the FDIC nor the Fed is supporting the final plan.

Recent tweaks to Reg D have blurred the line between checking and savings accounts, opening up the possibility for new innovation in those products.

The final regulation will significantly revise a December proposal, responding to concerns from stakeholders. Meanwhile, in a surprising move, the regulator who had championed the reforms is expected to resign this week.

The Independent Community Bankers of America accused the National Credit Union Administration of using the coronavirus to usher in additional changes without the normal amount of scrutiny.

Banks tend to pull back in times of crisis by tightening credit and focusing on collections efforts. But consumers, and not returns, must be the focus during the coronavirus pandemic.