FDIC

National Credit Union Administration regulations make it difficult for banks to buy credit unions, but one Texas bank may have found a partial way around that.

In successive speeches, Joseph Otting and Jelena McWilliams expressed hope for a Community Reinvestment Act rule by early next year, and also said regulators should align their small-dollar lending policies.

Community banks are open to working with innovative financial startups, but regulators must ensure they face the same oversight standards as traditional banks.

Some contracts are not "adequately" defining which party — the bank or the vendor — is responsible for managing risks, the agency said.

Under the plan, large banks would have to hold additional capital if they purchase another bank's "loss-absorbing" debt that is used to contain fallout from a collapse.

Randal Quarles, a senior Fed official and chair of the Financial Stability Board, sparked debate with a speech about the risks and rewards of companies like Amazon, Facebook and Apple entering the financial system.

Four lawmakers are calling on the White House to act quickly to appoint members to Democratic slots on the Federal Deposit Insurance Corp.'s board and on the Securities and Exchange Commission.

Current rules developed in the early 1990s were driven more by politics than facts.

The board of the Federal Deposit Insurance Corp. on Friday made several proposals meant to simplify post-crisis rules, prompting opposition from its most recent former chairman.

Two of three hires announced by the agency come from the Ohio bank, where the FDIC chairman formerly served as a top executive.