FDIC

Regulators are working intently on a proposal to reform how they apply the Community Reinvestment Act after previous attempts to modernize CRA policy drew mixed reviews.

The major prepaid card issuer agreed to the penalty to settle allegations that it had charged higher fees than what was disclosed to customers.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Tuesday that he is on the fence about whether to serve on the agency's board for the remainder of the year even after he is replaced as head of the agency.

The tax reform law passed late last year, which significantly cut the corporate tax rate, has been widely popular among banks, but a one-time hit to the value of their deferred tax assets was felt far and wide.

The quarterly earnings decline from a year earlier was largely due to a one-time hit to the value of banks’ deferred tax assets, according to the agency’s Quarterly Banking Profile.

A decision by the Federal Deposit Insurance Corp. — soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers.

The Treasury Department struck a middle ground in recommendations for Dodd-Frank Act wind-down powers, resisting calls to repeal those powers but still addressing concerns that they are too generous to large firms.

The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse.

The Trump administration on Wednesday refrained from proposing the elimination of authority to clean up failed financial behemoths, but the Treasury Department still wants substantial reforms to the resolution powers.

The full Senate will now consider the nomination of Jelena McWilliams to lead the FDIC, as well as nominees to sit on the Federal Reserve Board and the Financial Stability Oversight Council.

The plan would harmonize a 2015 rule establishing swap margin requirements with a later policy that imposes restrictions on certain qualified financial contracts.

AriseBank said it was the first crypto platform to buy a traditional bank. But there’s no evidence it did anything of the kind — and its founder now says it has been raided by the FBI.

Regulators said they were taking steps to recognize contributions to the recovery made by banks anywhere in the nation.

Three Trump administration nominees faced thorough questioning from the Senate Banking Committee, although Democrats reserved much of their fire for the president’s nominee to the Federal Reserve Board.

Three nominees for financial regulatory posts, including the administration's choice to run the FDIC, will face questions by the Senate Banking Committee.

Attorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision.

The Senate Banking Committee is expected to consider the nominations of Jelena McWilliams to be FDIC chair and Marvin Goodfriend as a governor of the Federal Reserve Board.

The payments resolve a number of cases that date back to 2011 and were among the largest coordinated U.S. enforcement efforts in the years following the crisis.

Northern Trust, which along with 16 other organizations had the public portion of its resolution plan released, said it made changes to its living will as a result of criticism by regulators.

More than 100 pending Trump administration nominees, including Fed Chair-designate Jerome Powell, must update their financial disclosures and have the White House resubmit their names for consideration by the Senate.