Regulation

If days go by without a clear result, the uncertainty could lead to market volatility, put off talks for a stimulus plan and complicate bankers' planning for a potentially new regulatory environment.

Myra Toeppe, who had been serving as acting director since January, will take on that role permanently.

Businesses are looking for banks to help them shed paper and automate transactions, says FISPAN's Clayton Weir.

The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

The lawsuit filed on behalf of the National Association for Latino Community Asset Builders says the rule was based on “an invented evidentiary standard,” and failed to consider consumer protections mandated by Dodd-Frank.

The New York State Department of Financial Services says banks and credit unions under its supervision should limit loan concentrations in vulnerable geographic areas, avoid overexposure to fossil fuel and other legacy businesses and develop financial disclosures detailing climate-related risk.

U.K. fintech Currensea has launched its first open banking-based debit card for British small businesses trading internationally. The card, which links to users’ existing high street bank accounts, builds on the pre-open banking concept of a decoupled debit card.

The rule, which will go up for a 60-day comment period, codifies existing NCUA policies and is not expected to change how the agency operates.

The agency overreached in its proposal to revamp the Community Reinvestment Act when it should have simply required branchless banks to invest more in areas where deposits are taken.