Policy & Regulation

Banks such as TD, Wells Fargo and Bank of America drew attention this year for money-laundering issues. That's one of several top regulatory news items in 2024.

The Federal Reserve is poised to make several key decisions during the year ahead that will impact monetary policy both in the near term and for years to come.

The Bank Policy Institute, the American Bankers Association and others said proposed changes would address "some if not all" of banks' concerns about stress tests, but they are filing the lawsuit to preserve their legal right to do so.

The Federal Reserve will seek comment on the current stress-testing regime with an eye toward increasing transparency and reducing volatility. Modifications would not go into effect until at least 2026.

The two companies continue to tick items off their year-end to-do list, which analysts hope will tee up the merger for finalization in early 2025. Regulatory approval remains a major question.

The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees. Branch said the agency refused to engage in any meaningful way about the matter.

Bank of America must overhaul anti-money-laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.

Releasing the GSEs from government conservatorship is on the agenda for the incoming Trump administration. Doing so could threaten the 30-year fixed rate mortgage.

The U.S. is risking the status of the dollar as the world's reserve currency by delaying the launch of a central bank digital currency. Adopting a "federated" version of a CBDC could answer the concerns of many skeptics.

The OCC's 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income and increasing nonperforming loans.