Best Banks to Work For, Comerica's scramble, pot banking: Top stories of the week

There's no harm in OCC's single-agency approach on CRA — for now

Comptroller of the Currency Joseph Otting

Former OCC chief Joseph Otting's CRA proposal was finalized in 2020. However, acting Comptroller Michael Hsu rescinded that in favor of the joint proposal.

Andrew Harrer/Bloomberg

Unilateral approaches to bank regulation are risky, but the OCC's plan to seek public comment independent of the other agencies could help shed light on a CRA debate that is now being waged internally.

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OCC to take preliminary step in CRA overhaul plan

Joseph Otting, comptroller of the U.S. currency, arrives to a swear-in ceremony at the U.S. Treasury in Washington, D.C., U.S., on Monday, Nov. 27, 2017. Otting, a former OneWest Bank Group chief executive officer, won Senate approval this month to lead a key U.S. bank regulator, further clearing the way for the Trump administration to roll back Wall Street regulations. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

The agency says it will act independently of other regulators to release a notice asking for public input on revamping the decades-old law.

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Chase Bank hit with downgrade over jumbo mortgage underwriting, fintech gaps

Signage is displayed outside of the JPMorgan Chase & Co. headquarters in New York, U.S., on Wednesday, Oct. 13, 2010. JPMorgan said profit rose 23%, exceeding analystsÕ estimates, as provisions for bad loans shrank. Photographer: JB Reed/Bloomberg

JB REED/Bloomberg

Moody's Investors Service downgraded JPMorgan Chase's prime jumbo mortgage originator assessment to its second-highest rating, citing the bank's growing reliance on correspondents with delegated underwriting authority and shortcomings in its technology infrastructure.

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CFPB's student loan ombudsman resigns in scathing letter to Mulvaney

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB ), listens during a Senate Banking, Housing & Urban Affairs Committee hearing in Washington, D.C., U.S., on Thursday, April 12, 2018. Senator Elizabeth Warren clashed with Mulvaney, accusing the former GOP congressman of putting politics ahead of protecting consumers. Photographer: Toya Sarno Jordan/Bloomberg

Toya Jordan Sarno/Bloomberg

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law."

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Comerica scrambles to address fraud in prepaid benefits program

Signage is displayed on the exterior of Comerica Inc. Bank headquarters in Dallas, Texas, U.S., on Monday, July 10, 2017. Comerica Inc. is scheduled to release earnings figures on July 18. Photographer: Cooper Neil/Bloomberg

Cooper Neil/Bloomberg

The Texas bank, which partners with the U.S. Treasury to dispense federal benefits via prepaid cards, is alleged to have dropped the ball as hundreds of cardholders say their money was forwarded to fraudsters posing as them.

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