Compliance

Startups, including one in the virtual currency field, have approached the Office of the Comptroller of the Currency about applying for banking charters, the agency's chief counsel said Thursday.

Though it could signal that some presidential appointments might finally start to creep forward, NCUA Chairman Debbie Matz’s recent notice that she will step down at the end of next month could complicate things, including NCUA Board Member J. Mark McWatters’ nomination to the Export-Import Bank Board.

President Obama put pressure on regulators this week to finish their long-delayed rule governing executive compensation, but by the time it gets implemented, much of the work may have already been done.

It could take months before lawmakers approve a successor for departing NCUA Chairman Debbie Matz, and industry observers believe issues like supplemental capital could be on hold until that replacement takes office.

Sen. Sherrod Brown is pressing the Federal Communications Commission to limit the number of calls collectors of government-backed debt can make to delinquent borrowers. His appeal comes at a time when banking groups are challenging earlier robo-calling regulations that they say inhibit their ability to collect debt.

CFPB Director Richard Cordray said the agency has limited resources to go after bad actors for deception or fraud and consent orders are the most effective way to shape industry practices.

The fight between Apple and the FBI over the security protections on the San Bernardino, Calif., iPhone is about more than a single iPhone or Apple’s product line. This is a reality check for the entire tech industry, which has largely remained unchecked.

The Consumer Financial Protection Bureau is clamping down on student loan lenders and servicers that automatically default on loans when a co-signer declared bankruptcy or dies. Because private student loans are often sold and securitized, some companies' promises to eliminate so-called "auto defaults" are not being upheld.

The Federal Financial Institutions Examination Council has appointed Tennessee's state banking commissioner to its state liaison committee.

CFPB Director Richard Cordray said the agency has limited resources to go after bad actors for deception or fraud and consent orders are the most effective way to shape industry practices.

The Consumer Financial Protection Bureau is clamping down on student loan lenders and servicers that automatically default on loans when a co-signer declared bankruptcy or dies. Because private student loans are often sold and securitized, some companies' promises to eliminate so-called "auto defaults" are not being upheld.

Federal Reserve Board Gov. Lael Brainard's contributions to Hillary Clinton's 2016 presidential campaign is drawing the ire of some members of Congress who already question federal regulators' political autonomy.

Having served as a holdover since her term expired last spring, Debbie Matz announced she will be departing the agency at the end of next month.

There is an urgent need for the Financial Crimes Enforcement Network to bring its process for issuing civil money penalties and cease-and-desist orders in line with the other bank regulators.

Obtaining money transmitter licenses in every state has been a lengthy process for WorldRemit, but one that paid off big this month when the company became regulated in California.

Policymakers need to closely study whether new regulations are hampering liquidity in the fixed-income market, a prominent banker and regulators said Monday.

President Obama on Monday defended his administration's record on financial reform and the performance of officials he put in charge of implementing it, responding to critics in both parties who have claimed that the financial system is less safe since the 2008 financial crisis.

A Canadian lawmaker has introduced legislation to establish new ceilings for credit card interchange, and though it has the support of some retail groups, experts say the bill faces headwinds.

NCUA said on Friday it liquidated the Education Associations Federal Credit Union of Washington, D.C., making it the third federally-insured credit union to be closed thus far this year.

A new Federal Reserve Bank report opens the door for retailer groups to push again for even lower transaction fees by deflating the argument that small banks have been harmed by the Durbin amendment's reduced debit transaction fees for larger banks.