Regulation

The Office of the Comptroller of the Currency’s proposal to require fintech charter applicants to draft and comply with a financial inclusion plan appears to have more teeth than similar Community Reinvestment Act requirements for banks.

The $19 million CU entered into conservatorship in August 2016

Sen. Pat Toomey, R-Pa., asked the Government Accountability Office to weigh in on whether two pieces of bank regulatory guidance are in fact rules for the purposes of the Congressional Review Act.

Nearly 40 current and former congressional Democrats — including the namesakes of the Dodd-Frank Act — challenged the notion that Congress may not dictate the organization of federal agencies.

The report in the New York Post alleges that the bank violated anti-money-laundering laws by filing incorrect call reports to hide loans made to foreign nationals.

In a speech, Consumer Financial Protection Bureau Director Richard Cordray said the agency enforces “with the principle of equal justice” so enforcement actions don’t seem random.

Policymakers speak of expanding consumer choice, but for the vast majority of borrowers and investors, standardizing choices that make the most financial sense has greater merit.

Readers sound off on airing political opinions at the office; putting banks and fintechs under the same regulatory umbrella; putting consumer needs first regardless of tech advancements; and more.

A full changeout of AML and KYC rules would stress compliance. Working to improve current practices would be better for the financial services and payments industries.

Senate Banking Committee Chairman Mike Crapo acknowledged Thursday that a broad Dodd-Frank relief package is likely out of reach, but said targeted reforms could still pass.