OCC chief, N.Y. regulator dig in on fintech chartering, preemption
Acting Comptroller of the Currency Brian Brooks and Department of Financial Services Superintendent Linda Lacewell stuck to opposing scripts on whether federal or state regulators are best equipped to protect consumers and supervise new entrants into the banking system.
The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.
Why banks are reinstating share repurchase programs
Several community banks that put buybacks on hold during the pandemic's earliest days have recently authorized new plans, signaling an easing in regulatory pressure and greater comfort with capital levels.
Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief measures.