Law and regulation

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

WASHINGTON — Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., are raising concerns about why independent audits of Wells Fargo's internal controls didn't discover fraudulent account openings by thousands of employees.

Many fully expected the agency to approve the significant overhaul of its field of membership rule, but the regulator went one better, issuing a new proposal that raises the population limit on well-defined communities from 2.5 million to 10 million.

WASHINGTON — The Consumer Financial Protection Bureau sent letters Thursday to 44 mortgage lenders warning them of potential reporting violations related to their mortgage lending activities — infractions the bureau is increasingly pushing lenders to take seriously.

A financial report due out soon could reignite a battle over whether the Federal Housing Administration should again reduce its annual premium.

Nearly a year and more than 10,000 comment letters after it was introduced, the National Credit Union Administration is expected to vote Thursday on a final rule that would make it easier for consumers to join a credit union.

One of the nation's biggest prepaid card issuers said that it expects to lose 10% to 12% of its current revenue as a result of new federal rules governing the industry.

Five banks in Kansas are putting together plans to share a compliance officer. While the move should save money, the banks are fully aware of the risks involved with the potential collaboration.

The Office of the Comptroller of the Currency is expanding efforts to encourage the development of new banking products, announcing Wednesday that it will establish an office of innovation to spearhead research and communication related to fintech.

The regulatory environment could be looking brighter for New York Community Bancorp as it is poised to cross an important regulatory threshold.