Regulation

President Biden and Democrats in Congress have backed plans to subject a broader array of companies to Community Reinvestment Act requirements. But there’s no guarantee such reforms will happen.

It would force national banks to make loans to high-risk industries that often pose dangers to vulnerable communities. The next comptroller of the currency should instead promote equal credit availability for consumers who need it most.

The new administration is wasting no time assembling a team of regulatory appointees and urging agencies to pause pending rules.

A bill updating the commonwealth's credit union act, signed into law on Jan. 12, is said to be the most comprehensive update of the state charter in 30 years.

The administration faces a slew of immediate financial policy tasks, such as passing a new round of small-business aid, charting a course for Fannie Mae and Freddie Mac and filling vacant agency leadership posts.

The agency used a notation vote to advance the final measure, the third time it has used that method in a month.

Former Fed Chair Janet Yellen told senators that as Treasury secretary she would create a “hub” to examine the effects of a changing climate on financial institutions and create a database of companies' true owners as required by a recent anti-money-laundering bill.

President-elect Joe Biden is scheduled to take the oath of office on Wednesday, but other changes that pertain to credit unions are also happening.

The nominees, strongly backed by progressive Democrats to lead two key Wall Street watchdogs, signal that the Biden administration is planning tough oversight after four years of light-touch policies under appointees of President Trump.

The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.