Policy & Regulation

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

Executives from U.S. banks continue to play down near-term expectations, but they say customers are growing more confident ahead of the rollout of coronavirus vaccines, and that key commercial lending segments could drive an economic rebound.

A number of top Wells executives privately expect it won’t be able to escape the limit on assets until late next year at the earliest, while key Fed officials see the process dragging into 2022 or beyond, according to people familiar with their thinking.

Brooklyn-based federal prosecutors will staff a new task force to investigate and charge corporations and individuals who use the U.S. banking system to launder money, setting up a bigger role in white-collar cases that have historically been dominated by their Manhattan counterparts.

On the same day that Mr. Cooper announced a settlement with state and federal authorities over its servicing practices, the Dallas company, U.S. Bank and PNC reached separate agreements with DOJ regarding bankrupt borrowers.

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.