Opinions

U.S. Rep. Denny Heck – one of the few members of Congress to have worked in a credit union – is cheering legislation that could ease the process for chartering new CUs, but bemoaned that such legislation could also gut the consumer protections in Dodd-Frank.

During a panel discussion Tuesday, regulators said they are trying not to crack down too hard on sales incentive programs and fix problems that bankers have identified with the exam system.

Freddie Mac is bolstering its relationships with housing finance agencies after it fell short of reaching two affordable housing goals last year.

Though it's too early to have a concrete plan regarding Fannie Mae and Freddie Mac, the administration is creating a set of principles that it hopes to release in a few months.

The Federal Deposit Insurance Corp. said the Deposit Insurance Fund is projected to reach 1.35% of insured deposits next year, well ahead of a 2020 deadline.

Banking regulators on Tuesday called for a raft of regulatory changes, including streamlining capital, reporting and appraisal rules in order to reduce compliance burden.

As the House Financial Services Committee prepares for a hearing on the struggles of chartering new financial institutions, CU observers debate whether or not the credit union movement – amid an ongoing trend of industry consolidation – actually needs any new entrants.

The German lender says that the Justice Department closed a criminal inquiry into its currency-trading activities without action, but regulators are said to be in the final stages of their own reviews of that conduct to determine if any fines are in order.

Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world's largest banks, including Citigroup, Bank of America, and HSBC, the Guardian reported, citing a cache of financial records it reviewed.

David Cotney, former Massachusetts banking commissioner, will guide compliance for the New Jersey bank, a critical partner for many fintech startups.