Regulation/Compliance

Acting Comptroller of the Currency Michael Hsu said the banking industry has been largely insulated from crypto winter, but added that bank interest in servicing the crypto industry has waned over the same period. 

The Federal Deposit Insurance Corp.'s guarantee to consumers remains strong despite this spring's bank failures, the agency's chairman, Martin J. Gruenberg, said Tuesday. Gruenberg also noted that the FDIC's research shows persistent disparities in access to banks by class and race, and defended the agency's crackdown on nonbanks that fraudulently claim to be protected by deposit insurance.

"You don't want to land the plane nose down. So we're trying to balance off — can we slow the inflation without sending it into a recession," the Chicago Fed president said.

There are existing ways to authenticate third-party permissioned data access that don't involve screen-scraping or expensive token-based systems.

Dan Berger, chief executive of the National Association of Federally-Insured Credit Unions, weighs in on the collapse of Silicon Valley Bank, how credit unions are working to expand market share and regulatory changes impacting institutions of all sizes.

Rules around what, when, and to whom a bank must report in the wake of a data breach remain a key point of regulatory friction. Some hope a new federal office could help.

The Federal Reserve's vice chair for supervision, in his first appearance before Congress since being confirmed, testified that the banking industry has been spared so far from the chaos in cryptocurrency markets. But he warned that too little is known about nonbank activities that could "blow back" to the regulated financial system.

The agency in charge of regulating cybersecurity incident reports asked firms Monday to give their input on how the developing set of rules should work.

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.

The Consumer Financial Protection Bureau claimed that Hyundai Capital America hurt borrowers by incorrectly reporting they were late on payments.

The two banks, which recently pushed back the deadline for their $2.6 billion merger, pledged Monday to ditch nonsufficient-funds fees, among other more consumer-friendly changes.

In the agreement, the bank denied allegations that it refused to issue a mortgage until one of the applicants returned to work from maternity leave.

Bank-issued prepaid benefits cards were supposed to help state governments deliver these funds more efficiently. But the pandemic scrambled the economics of these programs.

The Federal Deposit Insurance Corp. is the second U.S. regulator to outline strategic planning and other steps banks with more than $100 billion of assets can take to minimize damage from severe weather events and the transition to a low-carbon economy.

The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.

The OCC and CFPB are investigating Bank of America for allegedly failing to protect tens of thousands of cardholders who reported fraud or were blocked from accessing their money at the height of the pandemic, according to sources familiar with the matter.

The Biden administration is poised to specify which cryptocurrency firms will be forced to report reams of customer data to the Internal Revenue Service, said people familiar with the matter.

A Capital One Financial banker was charged with acting as a foreign agent seeking nonpublic U.S. law enforcement information on critics of Egyptian President Abdel Fattah El-Sisi.

Sarah Bloom Raskin, reportedly the Biden administration's top candidate for vice chair of supervision, would toughen the Federal Reserve's stances on the role of banks in combating climate change, capital requirements, the Volcker Rule and other policy areas, experts say.

Biden administration appointees moved quickly to highlight climate change risks and unwind Trump-era regulatory relief and housing finance measures. These regulators and lawmakers will have a seat at the table as the progressive shift in banking policy continues.