Regulation

Whoever wins the White House in November may have immediate agency openings to fill, while a key decision looms about who will run the Federal Reserve after Jerome Powell’s term expires in 2022.

The American Dream Down Payment Act would let states establish and manage accounts, which would be similar in structure to 529 college savings plans.

Kyle Hauptman is not likely to be confirmed to the National Credit Union Administration board until after Labor Day, though the regulator is not scheduled to meet again until mid-September.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.

Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.

Rep. Carolyn Maloney, D-N.Y., was finally declared the winner weeks after election day, while Rep. Lacy Clay of Missouri was defeated by a progressive challenger.

Lawmakers don't appear ready to relax requirements yet, but they may do so in future legislation in hopes of spurring more bank lending.

The Senate Banking Committee will vote this week on Kyle Hauptman's nomination to the NCUA board while the full chamber continues to debate additional coronavirus relief measures.

The mortgage giants will have to meet benchmarks for covering cash flow needs during stressed periods. The FHFA views the requirements as a prerequisite to the companies exiting conservatorship.

The regulator approved a proposal that mirrors a rule banking regulators implemented in February 2019 to cushion the Current Expected Credit Losses standard's impact on capital levels.