Regulation/Compliance

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.

Maxine Waters, the House Financial Services Committee chair, is questioning Federal Deposit Insurance Corp. chief Jelena McWilliams's claim that board Democrats' request for comment on merger policy was invalid without her support.

In attempting to advance a measure dealing with bank merger policy, the three Democratic board members at the Federal Deposit Insurance Corp. were really trying to "wrest control" of the agency, Chair Jelena McWilliams said in a Wall Street Journal op-ed.

The nomination hearing for Saule Omarova featured sharp questioning from members of both parties, raising further doubts about her chances of getting confirmed. The industry views her as too anti-business to lead the Office of the Comptroller of the Currency.

The industry opposes expanded IRS reporting and other tax-related provisions that Congress would use to pay for the overhaul. But the bill could also boost funding for small businesses and affordable housing.

Bankers worry the proposed reporting requirements on small-business loans will be used to shame lenders for neglecting minority-owned firms. Community groups are already preparing to use the data to point out racial disparities.

Ex-Director Kathy Kraninger became vice president of regulatory affairs at Solidus Labs as the crypto market comes under increased scrutiny in Washington.

Regulators must urgently usher the unbanked or underbanked individuals into the wider financial ecosystem as they continue to craft open banking rules, says FISPAN's Clayton Weir.

A proposal still in the early stages to have banks report on customers’ account activity to help the government nab tax evaders is being panned by the industry as overly burdensome and a privacy threat.

Over half of all credit unions with less than $250 million of assets are run by women, but those institutions continue to be merged out of existence. A group of 13 women who lead such organizations have banded together in an effort to ensure their survival.

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.

The fees banks charge to merchants have skyrocketed because people are making more purchases using their credit cards during the pandemic. Lawmakers can cap these fees before they further eat into retailers' profits.

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.

The latest cyberattacks pointing to the Russian government show that U.S. federal agencies and banks still lack a clear, collaborative game plan.