Opinions

Organizations representing banks and other financial services firms said implementing the Office of the Comptroller of the Currency's overhaul of the Community Reinvestment Act could be wasteful as regulators discuss a new interagency plan to modernize the law.

The Biden administration may finally be close to naming an acting comptroller of the currency. Whoever gets the interim job or is confirmed to run the agency over the longer term will have a lengthy to-do list, from Community Reinvestment Act reform to deciding the fate of divisive Trump-era rules.

The fintech reached an agreement with California regulators to disclose clearly that it’s not a bank and that its services are provided through bank partnerships.

The Federal Reserve said its regional banks should consider whether nontraditional financial companies meet the requirements of certain federal statutes and present “undue” risk to the financial system before granting access.

Most executives are comfortable crossing over $1 billion of assets, where more frequent exams are the biggest supervisory change. But few are eager to take on the compliance burdens that accompany the jump above $10 billion.

More than a year into the pandemic, with the U.S. economy improving and consumers having paid down debt, bankers are finally loosening the reins in auto lending and credit cards.

Cordray, named this week to lead the Education Department's office of federal student aid, cracked down on banks, student loan servicers and for-profit colleges when he was director of the Consumer Financial Protection Bureau.

The industry has raised concerns about nontraditional bank owners, and some lawmakers have backed limits for industrial loan companies and cryptocurrency firms. But members of the House and Senate have been unable to reach a consensus on legislation.

A senior White House economic aide said the decision on selecting the next central bank chief will come after a thorough “process.”

The online lender was not a party to the lawsuit involving the Federal Trade Commission and a payday lender, but it could emerge as one of the big winners from the Supreme Court’s decision.