Policy & Regulation

Fedwire has migrated to ISO 20022, a messaging standard designed to make it easier for digital real-time processing rails to work together. It's a difficult lift for banks, but the agency promises it will be worth it.

Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks' fraud prevention measures useless and warned of an "impending fraud crisis" if banks don't update their processes.

The Treasury's financial crime agency delayed enforcement of a variety of Bank Secrecy Act requirements for investment advisors in order to gain time to revise and tailor regulations.

Private mortgage insurers must accept the FICO alternative as valid collateral before it can be widely adopted by the mortgage industry.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency proposed a rule that would revert the anti-discrimination framework to its 1995 standards.

Supreme Court rulings and provisions in the recently passed budget bill are bolstering the legality of the administration's effort to fire more than 1,000 employees at the Consumer Financial Protection Bureau.

The Federal Reserve governor said the uptick in buy now pay later repayment issues is likely a sign that consumers don't understand the terms of the emerging credit offering.

House Financial Services Committee Chairman French Hill  promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau. 

The Federal Reserve and Office of the Comptroller of the Currency terminated enforcement orders against Industry Bancshares and its subsidiaries. The banks were considered prime examples of interest rate risk management gone awry.

Outgoing Acting Comptroller of the Currency Rodney Hood said in an interview with American Banker that advances can be made in economic inclusion through race-neutral policies, and he intends to keep up that fight as he leaves the Trump administration.