Opinions

Setting a tougher tone than Trump-era regulators, acting Comptroller of the Currency Michael Hsu warned against excessive risk-taking during the economic recovery and called for better interagency coordination on fintech standards.

The agency said it will reconsider the controversial regulation to reform the Community Reinvestment Act, and allow banks to halt efforts to comply with key provisions of the framework.

The biggest U.S. banks criticized a pair of proposals designed to help consumers who don’t use their services.

After much anticipation, the Federal Reserve last year finally joined the Network for Greening the Financial System, which develops regulatory best practices for combating climate risks. But all U.S. banking regulators must participate for the effort to succeed, some observers argue.

The agency issued a request for information to gather feedback about how institutions facilitate use of cryptocurrencies and other kinds of assets, and what factors regulators should weigh as they develop supervisory policies.

The Department of Financial Protection and Innovation has tapped Christina Tetreault as the head of the newly created Office of Financial Technology and Innovation.

DMB Financial, a debt-settlement firm near Boston that operates in 24 states, agreed to pay $5.4 million in restitution to consumers for allegedly charging upfront fees before providing any service, the CFPB said.

Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.

During the pandemic-induced lockdowns, the Federal Reserve loosened a rule requiring banks to cap certain savings withdrawals at six per month. Some banks have since dropped ceilings and associated fees, while others have stood pat.

In letters to regulators and lawmakers, bankers and their trade groups argued that deals like Vystar Credit Union's proposed acquisition of a small Georgia bank could result in less community development lending and declines in federal tax receipts.