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But some industry watchers are tempering expectations, saying that the language is too vague to know for sure if China is serious about introducing more foreign competition.

The OCC and FDIC have moved in the right direction by proposing reforms to the Community Reinvestment Act. Now it’s time for the Federal Reserve to join.

The lawmakers sent a letter to the comptroller of the currency requesting his appearance before the Senate Banking Committee after he was unable to attend a hearing last week.

Muneera Carr, who will become the San Francisco bank's controller on Jan. 6, is the newest addition to a team being assembled by CEO Charlie Scharf.

Comptroller of the Currency Joseph Otting explains why his agency and the Federal Deposit Insurance Corp. have moved forward with a proposal to change the 42-year-old CRA.

Regulators’ sweeping proposal to reform implementation of the Community Reinvestment Act has drawn strong opinions on both sides.

Corporate debt swelled to $15.987 trillion in the third quarter after borrowing increased by nearly 6%, according to the Federal Reserve.

The proposal comes after years of criticism that the current policy stifles innovation and hamstrings banks' ability to raise funds.

The long-awaited proposal by the OCC and FDIC to modernize the Community Reinvestment Act would seek to make grading simpler and more transparent while allowing banks to spread loans and investments across a broader geographic area.

In a rare move, the House Financial Services Committee chairwoman will lead a congressional delegation to a public FDIC board meeting as it considers releasing a proposal to rework the Community Reinvestment Act.

The Fed chairman said he has not given up on the central bank agreeing with other regulatory agencies on a plan to modernize the Community Reinvestment Act, but admitted, "I don’t know whether that will be possible or not.”

Chairman Jelena McWilliams previewed a proposal to update the agency’s definition of brokered funds, but also suggested steps lawmakers could take to improve the rule’s underlying statute.

The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate.

The banking industry could finally have answers soon on the degree of agreement between regulators reforming the Community Reinvestment Act, how they envision CRA zones of the future and other key matters.

Citizens Bank's Bruce Van Saun is our Banker of the Year; shake-up continues at Wells Fargo with poaching of Santander's CEO; the Navy commander behind the credit union banks love to hate; and more from this week's most-read stories.

Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.

The two Democratic senators said the bureau's policy could allow companies to circumvent consumer finance laws.

The meeting scheduled for Dec. 12 will also include discussion of a proposal on the agency's definition of brokered deposits.

Thursday's hearing brought Brown and NCUA Chairman Rodney Hood face to face for the first time since an October letter in which the senator slammed some of Hood's political activities.

A day after House Democrats urged the banking agencies to unite behind a joint plan to update the Community Reinvestment Act, Senate Democrats worried that an impending proposal from the OCC and FDIC will reduce access to credit.