Policy & Regulation

The financial industry has been bracing for the Trump administration’s planned revisions to Dodd-Frank, but banks are taking aim at another, potentially even more consequential regulatory framework: the rules and procedures around curbing money laundering and financial support of terrorism.

U.S. District Judge Gladys Kessler is set to rule next week on whether to halt the Justice Department's quest to force banks to cut ties to industries it considers to be at high risk for criminal activity.

A federal appeals court agreed Thursday to hear an appeal by the Consumer Financial Protection Bureau challenging a ruling last year that its single-director structure is unconstitutional, a victory for the embattled agency.

The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.

A protectionist banking policy could lead to reprisal from overseas regulators, financial instability and less cross-border business.

Yellen has good things to say about Volcker rule and CFPB, while Tarullo backs tighter reins on big banks; Trump said to be considering Mnuchin deputy as Comptroller of the Currency.

The Consumer Financial Protection Bureau is seeking feedback on the benefits and risks of using alternative data sources, such as rent or utility payments, that would allow lenders to build a credit history for unbanked consumers.

The Basel III capital requirements are making it hard for banks to stay in the servicing business, said David Motley, president of Colonial Savings. Their exodus from the market indirectly hurts consumers, he argued.

Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.

Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.