Policy & Regulation

The Japanese e-commerce giant is taking another run at a U.S. banking charter after receiving feedback from the Federal Deposit Insurance Corp. about its initial application, which was withdrawn earlier this year.

The closure of IBEW Local Union 712 Federal Credit Union marks the first CU to shut its doors in the wake of the coronavirus.

The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.

Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs.

Chairman Jerome Powell said the Federal Reserve's actions during the coronavirus outbreak have been aimed squarely at helping U.S. workers, not Wall Street or wealthier Americans. He also said Friday that a new lending program geared toward middle-market firms is "days away" from getting up and running.

The Independent Community Bankers of America has asked NCUA's inspector general to review the agency's decision to change how low-income credit unions receive that designation.

The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines.

Even after the Fed eased some limitations in April to promote emergency lending, the bank has had to make some “tough choices” to heed the $1.95 trillion growth ceiling set by regulators in the aftermath of its phony-accounts scandal.

The takeaway from the PPP rollout is that bankers must protect their reputations and limit their risk appetites as they participate in further government-backed rescue programs.

The bill, which now goes to the Senate, would give small businesses greater flexibility in how they use the funds; not everyone's on board with Otting's signature achievement.