Policy & Regulation

Banking Committee Chair Sherrod Brown told acting Comptroller of the Currency Michael Hsu that the cryptocurrency firms approved to operate national trusts under prior agency leadership “seek access to the benefits of a bank charter” without meeting certain regulatory standards.

The Massachusetts bank, which traditionally In contrast to its typical strategy of supporting low-income housing, the invested $500,000 in CEI Ventures’ Coastal Ventures V fund to support small businesses in disadvantaged communities.

During a House Financial Services Committee hearing, Democrats largely praised the policy decisions of acting regulators named by the Biden administration and knocked their predecessors. But Republicans warned that moves to reverse Trump-era policies would leave financial institutions without a clear road map.

Federal Reserve Vice Chair Randal Quarles has made it clear that banks failing to make the transition away from the benchmark rate could face supervisory consequences.

Setting a tougher tone than Trump-era regulators, acting Comptroller of the Currency Michael Hsu warned against excessive risk-taking during the economic recovery and called for better interagency coordination on fintech standards.

The agency said it will reconsider the controversial regulation to reform the Community Reinvestment Act, and allow banks to halt efforts to comply with key provisions of the framework.

The biggest U.S. banks criticized a pair of proposals designed to help consumers who don’t use their services.

After much anticipation, the Federal Reserve last year finally joined the Network for Greening the Financial System, which develops regulatory best practices for combating climate risks. But all U.S. banking regulators must participate for the effort to succeed, some observers argue.

The agency issued a request for information to gather feedback about how institutions facilitate use of cryptocurrencies and other kinds of assets, and what factors regulators should weigh as they develop supervisory policies.

The Department of Financial Protection and Innovation has tapped Christina Tetreault as the head of the newly created Office of Financial Technology and Innovation.