Joseph Otting

The head of the agency developing the special-purpose federal license said the process is moving forward “independent” of legal challenges mounted by state regulators.

One of the biggest sticking points as regulators try to reform the Community Reinvestment Act is expanding the assessment footprint but ensuring banks continue to serve their direct communities.

“We have actually discouraged banks from innovating,” FDIC Chairman Jelena McWilliams said in announcing a move that other agencies have made.

The heavy workload is not limited to implementing the financial regulatory reform bill enacted last spring, as the agencies also work to craft reforms of the Community Reinvestment Act and adjust key capital measures for the biggest banks.

Seven Republican senators urged regulators on Monday to consider additional changes to the Volcker Rule's "covered funds" definition.

The senator’s bill to reform the 40-year-old law and expand housing investments could gain clout as Democrats look to pick up congressional seats and she eyes a presidential run.

The comptroller of the currency argues that special-purpose fintech charters will benefit consumers and businesses, despite opposition.

The Office of the Comptroller of the Currency has been taking the lead on a federal license for fintech firms, but the central bank will decide if such companies can access the payments system and other benefits.

The comptroller of the currency argues that special-purpose fintech charters will benefit consumers and businesses, despite opposition.

The state's banking regulator and the Conference of State Bank Supervisors are reviving litigation after the Office of the Comptroller of the Currency said it would accept charter applications.