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They have asked the Financial Crimes Enforcement Network, the chief anti-money-laundering regulator, to let them collect customer information and verify it after the loan application is processed in order to speed approvals.
April 8
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Community advocates would like to see changes to the 1977 Community Reinvestment Act, but say regulators should suspend such efforts until the coronavirus pandemic has passed.
April 8
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Lenders and community groups say it's a mistake for the banking agencies to move forward during a national crisis. But Comptroller of the Currency Joseph Otting says updated Community Reinvestment Act rules would speed relief to neighborhoods and small businesses.
April 8
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OakNorth helps banks analyze credit, identify pandemic-related risks and forecast borrower issues before they turn into defaults.
April 8
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Measures that delay the Current Expected Credit Losses standard and reduce a community bank capital ratio are temporary, but the industry now sees an opening to argue that they should be permanent.
April 7
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Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.”
April 7
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The regulator must speed up its capital reform efforts while taking immediate steps to reduce the examination burden.
April 7
National Association of Federally-Insured Credit Unions -
The government should encourage community lenders to offer six-month loan repayment forbearances to struggling businesses before it’s too late.
April 7
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Parties talking about a temporary lift of Wells' asset cap; GDP would have to drop an “unlikely” 35% in Q2 before JPMorgan would be forced to stop payouts.
April 7
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Some regulators had started shifting to more remote oversight before the pandemic, though the initiatives haven't been a priority for credit unions and their advocates.
April 7
