OCC

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.

Delaying a proposed benchmark for grading banks' performance in Community Reinvestment Act exams to appease critics of its initial proposal will make it harder to gauge the final rule’s impact.

Agility Bank, one of two women-led groups seeking charters, is looking to open next spring.

National banks just got the OCC's go-ahead this summer to hold and transfer digital assets like bitcoin for customers, but the Paris-based bank has already vetted the technology needed to do the job.

Regulators said they will allow banks to deduct Treasury securities — a source of market volatility in the pandemic — from the net stable funding ratio on the same day they provided relief from auditing requirements.

House Democrats had already approved a measure blocking the regulation reforming the Community Reinvestment Act, but the resolution faced more resistance in the upper chamber.

Lawmakers’ attempt to stall the OCC’s final rule, preventing regulators from reforming a 1977 law meant to help underserved communities, does far greater harm than any changes that are raising objections, says the acting comptroller.

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

The regulator found that the financial services company failed to take precautions in disposing of hardware that contained sensitive customer information.