Steven Mnuchin

The Bank Policy Institute said the Current Expected Credit Loss model is a “sea change” from how banks have traditionally set aside reserves.

Craig Phillips, a counselor to Treasury Secretary Steven Mnuchin, said the department is not trying to undermine the role of state regulation of fintechs.

Dodd-Frank authorized the council to designate specific nonbanks for tougher supervision, but the Trump administration has signaled support for "activities-based" designations.

The interagency council voted in favor of the bank's application to remove its designation, though the practical effect of the decision is muted by the regulatory relief law passed this spring.

Maybe political winds or another downturn will spark housing finance reform. But 10 years after the conservatorships began, the companies are still in perpetual limbo.

The agency is seeking public comment on how to reform the Community Reinvestment Act — a big step forward without the Fed or the FDIC on board.

The Treasury Department and the Internal Revenue Service issued a proposal that would allow pass-through businesses like Subchapter S banks to deduct 20% of their business income as part of the new tax law President Trump signed last year.

Treasury, OCC want to make it easier to compete with banks; the two banks will sell notes and other products through a broker network.

The Financial Stability Oversight Council has proposed dedesignating Zions Bancorp. as a systemically important financial institution under the Dodd-Frank Act.

The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.