Policy & Regulation

The Consumer Financial Protection Bureau has received more than 11,000 comment letters on its proposal on personal financial data rights, but banks say the agency should ensure that more fintech partners take on their fair share of the rule's compliance burden.

Nine federal regulatory agencies are requesting comment on a rule that would create data standards for supervisory information collected and submitted to financial regulators.

A report by the FDIC Office of the Inspector General found the agency failed to sustain corrective actions, leading to a persistent environment of sexual harassment, distrust of management and fear of retaliation.

The proposal is "significantly flawed" in its approach to corporate governance, the lawmakers said.

In addition to a new rule enabling more active review of large asset managers acquiring shares in FDIC-supervised banks, the FDIC board finalized living will guidance and requested public input on deposits.

The Federal Deposit Insurance Corp. issued proposals Tuesday that would reverse Trump-era rules on brokered deposits and tighten the agency's guidelines for approving applications to incorporate new industrial loan companies.

Changes to the regulatory regime surrounding the Federal Home Loan banks should be carefully calibrated so as to do no damage to their successful support for housing and the provision of liquidity to members.

The siren song of greater regulatory uniformity will lead the industry to disaster, as the kind of innovation that benefits consumers is stifled.

Federal Deposit Insurance Corp. Vice Chair Travis Hill has called for a full reproposal of the Basel III endgame capital standards, emphasizing the need for joint advancement by all three major federal banking agencies and an additional comment period for industry feedback.

The Consumer Financial Protection Bureau reversed itself, declaring that earned wage access programs, which conduct no underwriting and charge no interest, are loans. This is a disservice to the industry and consumers.