Policy News from American Banker

We should consolidate federal oversight of the banking industry within the Office of the Comptroller of the Currency. It would rationalize a system that has grown increasingly unwieldy over generations.

From mail theft to video games, a variety of trends shaped scams and fraud in 2024 — and made the schemes more expensive for everyone.

An industry lawsuit seeks to undermine a rule put forward by the Consumer Financial Protection Bureau that would make it much easier for consumers to manage their own financial health.

The Canadian bank received approval from the Federal Reserve to increase its ownership stake in KeyCorp to up to 14.9%. The investment is expected to close by the end of this month.

Brian Brooks, former acting Comptroller of the Currency in the first Trump administration and advisor to the President-elect's transition team, said new agency heads will open up commercial real estate lending, approach credit risk management differently and privatize Fannie Mae and Freddie Mac.

The Consumer Financial Protection Bureau issued a final rule that would allow banks to either charge $5 for overdraft fees. Alternatively they can charge a courtesy fee to cover costs, or charge higher fees but send annual percentage rate disclosures to the consumer. Bank trade groups sued the bureau to stop the rule.

A report by the Federal Deposit Insurance Corp.'s Office of Inspector General revealed deficiencies in the agency's preparedness for large bank failures.

In testimony before the Senate Banking Committee, Consumer Financial Protection Bureau Director Rohit Chopra said he has no plans to resign ahead of President-elect Donald Trump's inauguration, suggesting he will wait to be fired instead.

Misconceptions about the risks of private credit must not be allowed to affect important policy decisions about an industry that provides vital support to a vast swath of the American economy.

Annualized inflation increased to 2.7% in November from 2.6% the previous month, providing further evidence that the economy remains strong despite restrictive monetary policy.

President-elect Donald Trump may opt to bypass Democratic suggestions for minority party seats on the Federal Deposit Insurance Corp.'s board of directors, setting up potential conflicts with Senate leadership over regulatory appointments.

The top executives at some of the nation's largest banks spoke Tuesday about their expectations for the second Trump administration. Deregulation, capital rules, tariffs and inflation were all prominent topics.

Allegations of regulators pressuring banks to drop clients and customers because of political views or ties to legal-but-disfavored industries have sparked outrage among conservatives. But requiring banks to serve absolutely everyone would change the nature of banking in ways that aren't conservative.

A new question field on the Consumer Financial Protection Bureau's consumer complaint form is tied to an advisory opinion on customer service related to customers' requests for information, industry experts say.

These regulatory announcements in the banking industry are currently open to public comment.

The company said the P2P payment service the bureau seeks to supervise presents no risk to consumers because it is no longer offered in the U.S.

Americans for Financial Reform wants investigations into the directors and executives of Silicon Valley Bank, Signature Bank and First Republic Bank released before the Jan. 20 inauguration.

The chairman of the Federal Reserve presided over the worst inflation in 40 years, generating public outrage that paved the way for Donald Trump's victory in last month's election.

The industry hopes that the bigger hurdles to bank mergers under President Biden will fade in the new administration. But populist opposition to consolidation in the tech sector could spill over into banking.

The Consumer Financial Protection Bureau said that, although the Google Pay app has been discontinued, the bureau can make the determination based on past behavior, and that the tech giant could decide to reenter the person-to-person payment space.