Policy & Regulation

The Department of Justice in the Trump administration hatched a plan to consider reforming its bank-merger review process, raising industry hopes about overhauling the outdated regime. But progressives want the agency to give more thought to the harm bank combinations cause consumers, including further branch closings.

The consumer bureau is proposing to give companies until January 2022 to comply with one rule regarding communications from collectors and another clarifying disclosure requirements.

Like their counterparts in the U.K., U.S. regulators should be working closely with the private sector to establish principles and guardrails to direct and focus tech advancements in ways that will protect consumers and financial stability.

President Biden said he hasn’t spoken with Federal Reserve Chair Jerome Powell since taking office more than two months ago, citing respect for the central bank’s independence and marking a sharp turn from his predecessor, Donald Trump.

Policymakers have scrutinized social disparities in the financial system and banks' climate-change risks. That has led to a new line of attack from Republicans who say agencies such as the Federal Reserve should stay in their lane.

The 9-0 ruling markedly diminishes the threat of lawsuits involving automated calls and text messages to consumers.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

One official at the bureau said this fall could be an “unusual point in history” for the mortgage market as delinquent borrowers exit forbearance plans. The agency proposed new steps for servicers to help consumers stay in their homes.

Regulators are likely to scrap the Office of the Comptroller of the Currency’s divisive rule and instead pursue an interagency framework. But stakeholders commenting on a Federal Reserve draft plan say several aspects of the OCC regulation are worth keeping.

Proposed legislation would amend language in the Federal Credit Union Act to make it easier for credit unions to expel disruptive or abusive members.