Financial regulations

President-elect Joe Biden’s victory has cleared uncertainty over White House policies that impact fintechs and payment firms, revealing clues as to how the regulatory environment will be different in 2021.

Thomas Pinder held jobs at the Justice Department and FDIC before coming to the American Bankers Association in 2012.

Myra Toeppe, who had been serving as acting director since January, will take on that role permanently.

Businesses are looking for banks to help them shed paper and automate transactions, says FISPAN's Clayton Weir.

The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.

The New York State Department of Financial Services says banks and credit unions under its supervision should limit loan concentrations in vulnerable geographic areas, avoid overexposure to fossil fuel and other legacy businesses and develop financial disclosures detailing climate-related risk.

The rule, which will go up for a 60-day comment period, codifies existing NCUA policies and is not expected to change how the agency operates.

The industry called for modifications to the regulator's phase-in proposal on the new credit loss standard while acknowledging the broader changes it wants are up to the Financial Accounting Standards Board.

A 2019 decision by Amy Coney Barrett, then a 7th Circuit judge, cited an earlier Supreme Court ruling suggesting a high bar for plaintiffs to claim harm. But other jurists have favored a less onerous standard.

Ludwig, an ex-banking regulator and CEO of Promontory Financial Group, describes how economic conditions for middle- and low-income Americans have declined and advocates a living wage, investment in infrastructure, smart regulation and other solutions.