Financial regulations

The agency said federal thrifts must abide by the same rules as national banks pertaining to membership in payment systems and codified policies on acceptable derivatives practices among a slew of technical changes.

In an open letter, industry veteran Thomas Vartanian outlines the steps the administration can take to encourage innovation, better detect cyber threats and modernize regulation.

The former chairman recently butted heads with colleagues over the agency’s budget plans, and the Senate is expected to vote to confirm a successor early next month.

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.

Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field.

The forthcoming measure could override staff opinions that helped certain deposit-gathering companies partner with banks.

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.

The agency's May rule modernizing the Community Reinvestment Act had deferred action on establishing numeric metrics for meeting the law's requirements, but acting Comptroller of the Currency Brian Brooks said banks will soon get more clarity in a follow-up proposal.

A recently introduced bill concerning the Paycheck Protection Program loans could hint at what lawmakers will focus on when the House and Senate reconvene next month.

The credit union regulator will meet for a second time this month when the board holds an open meeting on Wednesday.

The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.