Financial regulations

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

California Gov. Gavin Newsom plans to ask the legislature to revamp the current Department of Business Oversight and rename it the Department of Financial Protection and Innovation, modeled after the federal CFPB.

Some analysts warn the loosening of bank regulations may be hiding risks; watchdogs are demanding proof that financial institutions are ready for 2021.

After declining to support the proposal drafted by the OCC and FDIC, the Federal Reserve could issue its own framework or just keep the current CRA regime.

By adding strong authentication to the “tap,” consumers can benefit from greater security without harming the user experience of contactless. Or slowing throughput time for merchants, says Fingerprints’ Lina Aondolf-Orup.

The two agencies have delayed the deadline for the public to respond to a request for information on the rating system used to score banks' overall health.

Many large lenders pointed regulatory restrictions on their balance sheets and reduced risk appetite to explain why they stood on the sidelines during the September spike in overnight funding rates, according to a Federal Reserve survey of senior credit officers.

Banks and public advocacy groups agree that the Community Reinvestment Act needs to change. But is the latest proposal moving in the right direction?

The National Credit Union Administration is widely expected to approve another budget increase during its December board meeting, but that doesn’t mean the industry is happy about it.

Dennis Nixon and Gerry Schwebel at International Bancshares share their views on the U.S.-Mexico-Canada trade deal, immigration policy, and a border wall.

Thursday's hearing brought Brown and NCUA Chairman Rodney Hood face to face for the first time since an October letter in which the senator slammed some of Hood's political activities.

CEO Charlie Scharf said in a letter to Congress that a review is underway to determine how many customers were affected by confusion over monthly fees and that the bank will begin issuing refunds next year.

The agency said it plans to make its cost-benefit process “more structured” and incorporate “a number of analytical practices identified in standard references.”

The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending.

In a sit-down interview, Cleveland Fed President Loretta Mester discusses how the FedNow real-time payment system will work alongside a big-bank one.

A recent bill would require financial institutions to provide data on suspicious firearms transactions as part of anti-money laundering efforts.

A recent bill would require banks to provide data on suspicious firearms transactions as part of anti-money-laundering efforts.

A new National Credit Union Administration proposal would raise the threshold for residential mortgages that require appraisals. However, the final rule is by no means a done deal.

In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.