Policy & Regulation

The Office of the Comptroller of the Currency finalized a rulemaking Thursday morning opposed by the industry that forces the largest banks to provide services to gun businesses and other sectors to which banks have curtailed lending.

Brian Brooks may be remembered as one of the most controversial interim regulatory chiefs in recent memory, taking positions on the pandemic response, fintechs’ banking ambitions and other issues that won him supporters and critics alike.

U.S. economic activity increased modestly at the end of 2020 while hiring slowed amid resurgent infections and new restrictions, even as vaccinations got underway, the Federal Reserve said.

A co-founder of Anchorage Trust Co. said its digital bank, which will not take insured deposits, will enable the company to strengthen partnerships with financial institutions that offer custody services for clients’ cryptocurrency assets.

Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act. A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this.

A Democratic majority in Washington may help advance a number of key legislative issues for the industry, such as passage of a national data security standard. However, it could also lead to a renewed focus on consumer protection laws.

Brian Brooks is planning to leave the Office of the Comptroller of the Currency within days, according to a published report and a source familiar with the situation.

The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.

Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.