OCC

Participation in the Paycheck Protection Program and other emergency lending during the pandemic has swelled many small banks’ balance sheets. Federal regulators are giving them a temporary pass on supervisory requirements tied to their size.

Some large banks have come under fire from the GOP for curbing services to firms in controversial industries, such as firearms and fossil fuels. A proposal by the Office of the Comptroller of the Currency aims to block banks from taking such stances.

If Congress speeds through Brian Brooks’ confirmation in the waning days of the Trump administration, it could make it harder for President-elect Biden to quickly put his stamp on banking policy.

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.

The proposed regulation would codify a 2018 pronouncement by regulators that guidance does not carry the force of law.

Both developments are part of the company’s strategy of becoming a full-service bank for its young, affluent customer base.

The agency overreached in its proposal to revamp the Community Reinvestment Act when it should have simply required branchless banks to invest more in areas where deposits are taken.

The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.

Ludwig, an ex-banking regulator and CEO of Promontory Financial Group, describes how economic conditions for middle- and low-income Americans have declined and advocates a living wage, investment in infrastructure, smart regulation and other solutions.

The agency's May rule modernizing the Community Reinvestment Act had deferred action on establishing numeric metrics for meeting the law's requirements, but acting Comptroller of the Currency Brian Brooks said banks will soon get more clarity in a follow-up proposal.

USAA Federal Savings Bank’s downgrade shows how customer mistreatment stemming from flaws in internal controls can hurt Community Reinvestment Act scores. Some want consumer compliance to carry more weight in the CRA calculus.