OCC

The Trump administration said it has picked Brian Brooks, who has led the Office of the Comptroller of the Currency in an acting capacity, to be considered by the Senate for a five-year term. But it is unclear whether he would stay on during the incoming administration of Joe Biden.

Among the core changes in the regulation, more national banks will be able to use the agency's expedited review process to approve certain corporate transactions.

Regulators were receptive to Republican lawmakers' calls to ease burdens on banks that cross new asset thresholds as a result of their participation in the Paycheck Protection Program.

“We’re going to be looking at … what caused us to not be able to close some of these gaps in the past,” Citigroup's new Chief Administrative Officer Karen Peetz says of the effort to fix shortcomings in internal controls that have plagued the company for years.

While national banks have remained strong during the pandemic, they are still navigating risks from a murky credit environment and other potential warnings signs, according to a report by the Office of the Comptroller of the Currency.

The statement comes after multiple small and midsize institutions earlier this year warned the agencies that the secured overnight financing rate was ill-suited to them.

Figure Technologies, the home equity lender founded by the former CEO of SoFi, is seeking a national bank charter so it can offer more products and services while reducing the need for state-by-state licenses.

The company said one of its regulators may impose a civil money penalty related to compliance deficiencies in its advisory business and other areas. The matter echoes a recent fine imposed on Citigroup, one expert says.

A Democratic victory in Tuesday's election would likely produce new leaders at the CFPB and OCC who could take bank regulation in a sharply different direction. Here are some names potentially under consideration.

The effort is the first offshoot of Project REACh, which is designed to bring together business leaders, government officials and advocates to help improve financial services options for disadvantaged communities.