Policy & Regulation

The legislation would extend the Paycheck Protection Program for two months and give the Small Business Administration more time to remedy persistent system glitches that have delayed the processing of thousands of loan applications.

The agency's new leadership, which has already unwound numerous actions from the prior administration, said the January 2020 guidance implementing criteria for punishing firms that mistreat customers was “inconsistent with the bureau’s duty to enforce Congress’s standard.”

The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history.

Some bank regulators are allowing companies that offer digital currencies to apply for a charter, potentially giving them a path to the Federal Reserve system without proper oversight.

Many in Washington have been in suspense about whether the Biden administration would favor a former Obama official or a financial inclusion advocate for comptroller of the currency. Mehrsa Baradaran, the candidate preferred by community activist groups, appears to have the edge.

Credit scores have an effect on almost every aspect of a person's financial life. A less-than-ideal credit score can make it much harder to get a house or car loan, start a business, or even get a job. President Biden plans to change credit reporting So what does the new administration's plan mean for consumers and lenders? In this episode, we explore the pros and cons of the Biden proposal, what it means for consumers, and how it will impact lending institutions' strategy and operations.

The nomination of Gary Gensler as chairman of Securities and Exchange Commission will now be voted on by the full Senate, but Rohit Chopra's nomination to head the Consumer Financial Protection Bureau remains held up in the Senate Banking Committee.

The House Financial Services chair joined other Democrats to warn the federal agencies against further easing of the supplementary leverage ratio, a key capital requirement for large banks.

“Supervised firms that are not making adequate progress in transitioning away from Libor could create safety and soundness risks for themselves and for the financial system,” a Fed division director said.

Banks need to adjust their money laundering protections to comply with tough new rules in the U.S., says Genpact's Manish Chopra.