Policy & Regulation

It includes simpler Paycheck Protection Program forgiveness and a consistent approach from federal regulators to reforming the Community Reinvestment Act, says Bank of America's Christine Channels, who chairs the Consumer Bankers Association's board.

The Maryland Democrat served five terms in the U.S. Senate, a 30-year tenure in which he was chairman of the Senate Banking Committee when it responded to a rash of accounting scandals. He didn’t seek a sixth term and retired on Jan. 3, 2007.

House Financial Services Committee Chairwoman Maxine Waters urged the incoming administration to overhaul policies on payday lending and the Community Reinvestment Act and make personnel changes at two agencies.

This could be the final opportunity for Congress to extend a pair of key measures for credit unions that took effect earlier this year.

Banking trade organizations are usually cautious about making endorsements. But with Democrats winning the White House and control of Congress on the line in the two races, some groups are pouring in cash for the GOP candidates.

The Consumer Financial Protection Bureau alleges that the online lender made loans that exceeded a federal cap on interest rates for active-duty service members.

Adolfo Marzol came to the agency after a stint at HUD and a 30-year career in the mortgage industry. He will depart on Dec. 18.

The end date for the Paycheck Protection Program Loan Facility was moved from Dec. 31 to March 31, giving lenders more time to line up the liquidity needed to buy and sell portfolios.

Fannie hasn't completed any credit risk transfers to private investors since the second quarter. Some experts worry the decision — likely spurred by the company’s concerns about a recent capital regulation — could put the mortgage giant on unsteady footing.

The initiative is the latest offshoot of Project REACh, which was developed by the OCC over the summer to bring together bankers, community leaders and civil rights organizers in an attempt to expand access to credit.