Opinions

The Office of the Comptroller of the Currency made good on a promise to rescind Community Reinvestment Act reforms finalized by ex-Comptroller Joseph Otting as part of talks with other regulators on an interagency overhaul of the law.

Net income significantly recovered compared with a year earlier, totaling $70.4 billion. But the average net interest margin fell to another record low as lending remained sluggish, the FDIC said in its quarterly update.

The agency’s enforcement action against Better Future Forward says the nonprofit’s income-share agreements — an alternative education finance product — must follow the Truth in Lending Act just like other forms of student loans.

Some progressive lawmakers argue the Federal Reserve’s deregulatory moves under Jerome Powell should disqualify him for a second term as chair. But the Biden administration could let him keep his job because of monetary policies that helped low-income workers.

“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” the acting director of the FTC’s Bureau of Competition said.

The agency proposed reporting standards for any institution that originates 25 or more small-business loans a year. The measure would be especially burdensome for very small lenders and could limit credit access in underserved communities, critics say.

The White House and the Federal Housing Finance Agency announced steps to help nonprofits and public agencies buy foreclosed properties, among other initiatives, as part of a plan to boost supply over the next three years.

The European Central Bank is stepping up pressure on lenders to prepare for stress tests next year that will show just how vulnerable the industry is to climate change, according to people familiar with the process.

The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13.

Five years into scandals that have already cost Wells Fargo more than $5 billion in fines and legal settlements, regulators are privately signaling they’re still not satisfied with the bank’s progress in compensating victims and shoring up controls.