Regulation

National Credit Union Administration Chairman Mark McWatters called on lawmakers to further expand field-of-membership options for CUs and to permit the regulator to oversee third-party vendors, including fintech partners.

Financial regulators sought to walk a fine line Tuesday between reassuring Republican senators that they are quickly implementing regulatory relief and defending themselves against Democratic criticism that they are going too fast.

Shannon McGahn will depart the House committee next week and will join the National Association of Realtors as senior vice president of government affairs.

The senior Democratic lawmaker said the CFPB chief and the Trump administration "are doing everything in their power to roll back consumer protections."

The central bank is mulling measures to broaden the number of banks receiving reg relief; Lisa Stevens was a top deputy to the former retail chief during the phony accounts scandal.

Fed Vice Chairman of Supervision Randal Quarles said in written testimony that the central bank plans to move quickly to determine how to regulate banks between $100 billion and $250 billion of assets, and that it may provide also relief for banks over the $250 billion threshold.

Seven Republican senators urged regulators on Monday to consider additional changes to the Volcker Rule's "covered funds" definition.

As NCUA Chairman Mark McWatters heads to Capitol Hill, credit unions are facing new threats at the ATM and CU trade groups are writing big checks in advance of midterm elections.

The agency found that banks with less than $10 billion in assets were more prone than larger lenders to go beyond using standard criteria in evaluating borrowers.

NCUA liquidated LOMTO Federal Credit Union following years of significant losses due to poorly performing taxi medallion loans.