Financial regulations

As the health crisis upends the United States, credit union trade groups have called for lawmakers and regulators to provide relief for institutions dealing with the pandemic's impact.

Acting Deputy Director Leonard Chanin formerly was a deputy general counsel at the Cincinnati bank that is now in the bureau's crosshairs for allegedly opening unauthorized accounts.

The Consumer Financial Protection Bureau says the Cincinnati bank engaged in aggressive sales practices and open bank and credit card accounts without consumers' authorization in order to meet sales targets.

Leonard Chanin, a senior official at the Federal Deposit Insurance Corp., has been tapped to serve on a part-time basis as the No. 2 official at the Consumer Financial Protection Bureau, according to a news report.

Recent political controversies are forcing credit unions and industry groups to reconsider their support for lawmakers they previously endorsed.

Debt collectors would have to tell consumers upfront that they cannot sue to recover "time-barred" debt under a proposal issued Friday by the Consumer Financial Protection Bureau.

There's much bank executives can learn from the 737 Max and Deepwater Horizon catastrophes, which could have been averted if regulators had been notified sooner.

The inspector general also said high turnover at the chief information officer position has limited the agency's ability to modernize its technology.

Each of the half-dozen institutions has $15 million or less in assets and has filed its 5300 late at least once before.

Verdict on OCC’s supervision of Wells Fargo expected in late spring; TD Bank names Matt Boss its new consumer products chief; CenterState and South State plan $3.2B merger with operations stretching from Virginia to Florida; and more from this week’s most-read stories.

Comptroller of the Currency Joseph Otting upset some House Democrats when he was a no-show at a previous oversight hearing. They will now get a chance to question him about the future of the Community Reinvestment Act.

In the past, the agency cited the legal term in enforcement actions without stating what it meant, but Director Kathy Kraninger has sought to give the industry clearer guidance.

The National Credit Union Administration plans to unveil new capital proposals on Thursday. It's a given that bankers won't like them, but credit unions could also find themselves disappointed.

The National Credit Union Administration plans to unveil new capital proposals on Thursday. It's a given that bankers won't like them, but credit unions could also find themselves disappointed.

The comptroller of the currency stood firm in defense of his agency's proposal, saying skeptics of various parts of the draft framework do not have their facts straight.

The National Credit Union Administration promised qualified credit unions under $1 billion in assets would be on an 18-month exam timeline by the end of 2019. A recent report says that hasn't happened.

Alan Kline, a 22-year veteran of American Banker, has previously served as editor-in-chief of US Banker.

The Bay State is the latest to push its lawmakers to modernize how CUs do business in order to help state charters remain competitive with federal charters.

Lawmakers advanced legislation that would require financial regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.

Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.