Law and regulation

Presumptive Republican presidential nominee Donald Trump has told would-be donors that he wants former Goldman Sachs banker Steven Mnuchin to serve as his Treasury secretary, according to a Tuesday report in Fortune.

Congress appears to have reached an overwhelming consensus of support for small bank carve-outs with 70% of the Senate called for the CFPB to exempt credit unions and community banks from certain regulations. Whether signing a letter of support will make a difference in the debate is unclear.

Federal Housing Administration borrowers have been refinancing faster than expected, creating a drag on efforts to build up the capital reserves of the agency's mortgage insurance fund.

Over the past two years, regulators have issued several proposals as part of efforts to make capital rules simpler, but the initiative should be more streamlined and allow more public input.

The Mortgage Partnership Finance Direct program will now accept larger jumbo mortgages and a wider variety of products including hybrid adjustable rate mortgages, the Federal Home Loan Bank of Chicago and Redwood Trust said Monday.

WASHINGTON — The Federal Deposit Insurance Corp. on Wednesday will hold a meeting of its advisory committee on community banking, the agency announced.

Paul Manafort, the campaign manager for the presumptive Republican presidential nominee, said Monday during a press briefing that reinstating the law, which separated commercial and investment banking, was one of the few changes Trump is proposing in the GOP platform.

The financial reform alternative proposed by Rep. Jeb Hensarling would allow bankers to be bankers rather than be so focused on regulatory compliance.

The fragmentation of the U.S. regulatory system and uncertainty around what agencies will regulate fintech firms could slow down innovation.

The Consumer Financial Protection Bureau is expected to unveil a proposal on July 28 that would regulate debt collection practices.

Regulators on Friday issued a package of long-awaited modifications to Community Reinvestment Act guidance that are designed to address the changing nature of banking products.

The Senate approved a bill Thursday by unanimous consent that includes major reforms to the Federal Housing Administration condominium loan program and the Rural Housing Service loan program.

Upcoming risk retention requirements may be the proverbial straw that breaks the back of the commercial mortgage-backed securities market.

Risk management is not limited to assessing potential successes and failures of everyday business. Strategic risk management is just as important.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

The selection of Indiana Gov. Mike Pence as Donald Trump's running mate could clarify the presumptive Republican nominee's banking policy views, adding a policymaker to the ticket who has been outspoken about the Dodd-Frank Act, "too big to fail" and the CFPB.

The U.K.'s mobile-first Starling Bank has received a banking license from the Financial Conduct Authority and Prudential Regulation Authority.

House Republicans raked Federal Deposit Insurance Corp. Chairman Martin Gruenberg over the coals during a hearing on Thursday, repeatedly calling into question his knowledge of the agency's cybersecurity problems and the handling of those concerns.

Santander Bank will pay a $10 million fine for charging illegal overdraft fees and for signing up consumers for overdraft services without their consent, the Consumer Financial Protection Bureau said Thursday.

Lobbyists for the credit union industry are decrying a proposal to limit forced arbitration clauses despite ample evidence that credit unions don’t use such clauses in the first place.