Policy & Regulation

Three banking trade associations told the FDIC that Rakuten Bank America, even after revisions to its earlier application to the agency, would still violate the separation of banking and commerce as well as present consumer privacy concerns.

The Trump administration is accelerating its restrictions on immigration, including a ban on skilled workers that will make it harder for fintechs to hire people from outside the U.S.

Participation in the Main Street Lending Program for midsize companies is partly about public service, but the core business rationale is building "a banking relationship that continues on for some time," the Boston Fed chief says.

Former Comptroller of the Currency Gene Ludwig says making online lenders, credit unions and other nonbanks comply with the Community Reinvestment Act would be a powerful tool in addressing racial and economic injustices.

The Consumer Financial Protection Bureau plans to change the definition of what constitutes a qualified mortgage from a 43% debt-to-income limit to a price-based threshold, and further extend a temporary exemption given to Fannie Mae and Freddie Mac.

The Office of the Comptroller of the Currency will use year-end 2019 asset totals in its calculating its next assessment, saying national banks "should not be penalized" for adding emergency loans to their books during the pandemic.

Sens. Sherrod Brown and Elizabeth Warren are asking three federal agencies to reverse changes that allow banks to exclude certain items from their supplementary leverage ratio.

Though the agenda is unclear, the National Credit Union Administration's board meeting could include the long-awaited credit union version of the Community Bank Leverage Ratio.

Big banks will need to show how well they can withstand three different scenarios before they can pay dividends; the German payments company is still looking for $2 billion of missing funds.

CBTX in Houston must develop policies and procedures, along with a training program, to address deficiencies in its bank's compliance with the Bank Secrecy Act.