Regulation

The marketplace lender's application for an industrial bank charter is under fire from small banks and progressives, who say it could violate the barrier between banking and commerce and shut out middle-class and lower-income consumers.

House Republicans are ramping up their criticism of the Fed for making interest payments to member banks on excess reserves, and may have identified a way to counter claims that the payments are critical to monetary policy.

The Office of the Comptroller of the Currency is planning to ask for public feedback on a proposal on whether and how to change the Volcker Rule.

Acting Comptroller of the Currency Keith Noreika made it clear that he supports the creation of a federal charter for fintech firms while also arguing that abusive lending happens at state-chartered firms, not national banks.

Most U.S. voters, including those who identify as Republicans, support the Dodd-Frank financial reform law and the Consumer Financial Protection Bureau, according to a poll conducted in late June.

Senate Banking Committee leaders are hoping to pass the bill quickly ahead of a looming deadline of Sept. 30 when the program expires.

Federal regulators issued a proposal Tuesday that would increase the threshold at which commercial real estate transactions require an appraisal, a move that could give some lenders sizable relief.

The Department of Housing and Urban Development is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday.

House lawmakers including Jeb Hensarling are preparing to move on a series of targeted regulatory relief bills in an effort to give Senate Banking Committee Chairman Mike Crapo, R-Idaho, more leeway when he tries to craft a relief measure.

With a heavy focus on the granular details of compliance, bankers and regulators might miss the big picture — not unlike New York City’s approach to fighting crime in the 1990s.